存, 通过其储存库, 存托信托公司(直接转矩), plans to enhance its current settlement model to eliminate risks associated with intraday reversals of transactions in 直接转矩’s MMI system that are the result of issuer failure. The proposed MMI settlement model will require changes to 直接转矩’s “refusal to pay” procedures and to current market practices by investors, 发行人, 托管人, placement agents dealers and Issuing Paying Agents (帕斯). These changes will allow MMI transactions to be processed intraday without the risk of transaction reversal prior to end-of-day settlement. Phased-in implementation is planned for Q4 2016/Q1 2017.
经CPSS-IOSCO鉴定, the new model will further align 直接转矩 and the industry with the committee’s recommendations as it pertains to intraday settlement finality for Depositories. It will reduce MMI systemic risk and provide MMI intraday settlement finality through the elimination of transaction reversals that may occur when an IPA refuses to pay for an issuer's maturing obligations at 直接转矩. It will allow more transparency for all industry participants when settling MMIs at 直接转矩 with minimal changes for our clients. The new model offers a constructive solution to move towards increased intraday finality and reduced systemic risk associated with reversals from issuer failure without changing the processing throughput that we see today. A key change to the current model is that all transactions approved by receivers of MMI issuance and deliver order transactions, 还有成熟的陈述, 收入呈报和重组付款, 会否被“搁置”以待确认处理, 这将基于发行人的融资如下:
- Once the aggregate value of new issuance transactions that are approved by the receiver exceed the settlement value of the maturing obligations of an issuer.
- Once the IPA has indicated to 直接转矩 that it has been funded, for the difference between the value of the MPs and new issuances. 这可能以两种方式之一发生:
- The IPA has been fully funded for the total value of the maturing obligations of the issuer regardless of any offsetting issuance instructions being processed; or
- The IPA has indicated to 直接转矩 that it has been partially funded directly from the issuer and the remaining financing will come from the receiver-approved issuance instructions processed by the IPA.
- Once the IPA has indicated to 直接转矩 that they will fully fund for the total value of 收入呈报和重组付款.
好处
Improved Money Market process will bring benefits to the U.S. 市场,包括:
- 降低直接转矩的信用和流动性风险, 帕斯, Custodians and Dealers associated with intraday MMI transaction reversals.
- Mitigate system risk/overriding controls and increase intraday settlement finality.
- Maintain the current levels of intraday settlement throughput and client funding requirements.
- Reduce risk control blockage within the system by no longer needing to make credits "provisional" e.g., withholding the two Largest Provisional Net Credits ("LPNC2") in the system. Currently, 直接转矩 holds an average of $150 billion of LPNC daily in the system across all clients.
- Leverage existing infrastructure and technology to minimize the changes necessary to participant’s procedures or systems.
- Increase transparency in the system for all clients and issuer funding for 帕斯, 投资者及其保管人.
- Maintain how and when non-MMI transactions are processed.
通过优化里程碑实现MMI最终性
测试可用................ Q3 2016
中长期逐步实现 ............................. Q1 2017/Q2 2017
For more information on MMI Finality through Optimization: please contact your Relationship Manager, 客户代表或Bob Cavallo, 据导演, 结算vnsr威尼斯城官网登入管理 (电子邮件保护) or (212) 855-1483.