CPSS-IOSCO Technical Committee

Recommendations for Securities Settlement Systems

CPSSIOSCO技術委員會證券清算系統建議準則

 

Committee on Payment and Settlement Systems

支付暨清算系統委員會

Technical Committee of the International Organization of Securities Commissions

國際證券管理組織技術委員會

 

November 2001

200111

 

Legal risk 法規風險

1. Legal framework法規架構

Securities settlement systems should have a well founded, clear and transparent legal basis in the relevant jurisdictions.

證券清算系統在相關司法管轄區內均應具備健全、清楚及透明之法規基礎。

 

Pre-settlement risk清算前風險

2. Trade confirmation交易確認

Confirmation of trades between direct market participants should occur as soon as possible after trade execution, but no later than trade date (T+0). Where confirmation of trades by indirect market participants (such as institutional investors) is required, it should occur as soon as possible after trade execution, preferably on T+0, but no later than T+1.

直接市場參加者之交易確認,應在交易後儘速執行,最遲不超過交易當日(T+0);市場間接參加者(如機構投資人)之交易如屬必須確認者,應在交易後儘速執行,最好在T+0完成,最遲不超過交易日之次日(T+1)

 

3. Settlement cycles清算週期

Rolling settlement should be adopted in all securities markets. Final settlement should occur no later than T+3. The benefits and costs of a settlement cycle shorter than T+3 should be evaluated.

所有證券市場均應採取循環清算,最終清算應不超過交易日後第三個營業日(T+3),並應評估縮短T+3清算週期之成本與效益。

 

4. Central counterparties (CCPs) 集中交易對手

The benefits and costs of a CCP should be evaluated. Where such a mechanism is introduced, the CCP should rigorously control the risks it assumes.

應評估集中交易對手機制之成本與效益。引進此類機制者,集中交易對手應嚴格控管其所承擔之風險。

 

5. Securities lending借券

Securities lending and borrowing (or repurchase agreements and other economically equivalent transactions) should be encouraged as a method for expediting the settlement of securities transactions. Barriers that inhibit the practice of lending securities for this purpose should be removed.

應鼓勵證券借貸(或附買回協議或其他同樣經濟性質之交易),藉以加快證券交易清算,並應排除任何限制此類借券作業之障礙。

 

Settlement risk清算風險

6. Central securities depositories (CSDs) 證券集中保管機構

Securities should be immobilised or dematerialised and transferred by book entry in CSDs to the greatest extent possible.

證券應予不移動化或無實體化,並儘可能地透過證券集中保管機構,以登錄方式辦理移轉。

 

7. Delivery versus payment (DVP) 款券同步交割

CSDs should eliminate principal risk by linking securities transfers to funds transfers in a way that achieves delivery versus payment.

證券集中保管機構應聯結證券移轉與資金移轉,達到款券同步交割,藉以消除本金風險。

 

8. Timing of settlement finality清算終局效力確定時點

Final settlement should occur no later than the end of the settlement day. Intraday or real-time finality should be provided where necessary to reduce risks.

終局清算最遲不應超過清算日截止時間。必要時,應提供日間或即時終局清算,以降低風險。

 

9. CSD risk controls to address participants’ failures to settle

證券集中保管機構處理參加者無法履行清算之風險控管措施

CSDs that extend intraday credit to participants, including CSDs that operate net settlement systems, should institute risk controls that, at a minimum, ensure timely settlement in the event that the participant with the largest payment obligation is unable to settle. The most reliable set of controls is a combination of collateral requirements and limits.

對參加者提供日間融資之證券集中保管機構(包括經營淨額清算系統之證券集中保管機構),應建立風險控管措施,至少應能確保在負擔最大支付債務之參加者無法履行其清算債務時,仍能及時完成清算。最可靠之風險控管措施是結合擔保品徵提與各種限額規定。

 

10. Cash settlement assets

Assets used to settle the ultimate payment obligations arising from securities transactions should carry little or no credit or liquidity risk. If central bank money is not used, steps must be taken to protect CSD members from potential losses and liquidity pressures arising from the failure of the cash settlement agent whose assets are used for that purpose.

用於清算證券交易所產生之最終支付債務之資產,應不具或僅有很小之信用或流動性風險。若不使用存放於中央銀行之資金,則必須採取措施,保障證券集中保管機構之參加會員,使其不致因現金清算代理機構(其資產用於證券款項清算)倒閉,而產生潛在損失及流動性壓力。

 

Operational risk 作業風險

11. Operational reliability作業可靠性

Sources of operational risk arising in the clearing and settlement process should be identified and minimised through the development of appropriate systems, controls and procedures. Systems should be reliable and secure, and have adequate, scalable capacity. Contingency plans and backup facilities should be established to allow for timely recovery of operations and completion of the settlement process.

結算與清算過程中之作業風險來源,應予辨識,並藉由設計適當的系統、控管措施及作業流程,儘量降低風險。各項系統必須安全可靠,且具備適度之擴充能力;亦應建立緊急應變計畫及備援設施,俾能及時恢復作業及完成清算程序。

 

Custody risk保管風險

12. Protection of customers’ securities 客戶證券之保障

Entities holding securities in custody should employ accounting practices and safekeeping procedures that fully protect customers’ securities. It is essential that customers’ securities be protected against the claims of a custodian’s creditors.

保管中證券之持有機構應採用能充分保護客戶證券之會計實務及安全保管作業程序,並且必須防止客戶之證券遭到保管機構債權人之請求。

 

Other issues其他議題

13. Governance 治理

Governance arrangements for CSDs and CCPs should be designed to fulfil public interest requirements and to promote the objectives of owners and users.

證券集中保管機構及集中交易對手之治理安排,其設計應能滿足公共利益需要,及促進實現其所有者與使用者之目標。

 

14. Access參加標準

CSDs and CCPs should have objective and publicly disclosed criteria for participation that permit fair and open access.

證券集中保管機構及集中交易對手應有客觀、公開揭露之參加標準,容許公平及公開加入。

 

15. Efficiency效率

While maintaining safe and secure operations, securities settlement systems should be cost-effective in meeting the requirements of users.

除維護作業安全可靠之外,證券清算系統在迎合使用者需求時,應符合成本效益原則。

 

16. Communication procedures and standards通訊程序與標準

Securities settlement systems should use or accommodate the relevant international communication procedures and standards in order to facilitate efficient settlement of cross-border transactions.

證券清算系統應採用相關國際通訊程序與標準,或與其相容,以促進跨國交易清算之效率。

 

17. Transparency透明化

CSDs and CCPs should provide market participants with sufficient information for them to identify and evaluate accurately the risks and costs associated with using the CSD or CCP services.

證券集中保管機構及集中交易對手應提供市場參加者充分資訊,使其能準確地辨識及評估其使用該證券集中保管機構或集中交易對手所提供服務的風險與成本。

 

18. Regulation and oversight監理與監管

Securities settlement systems should be subject to transparent and effective regulation and oversight. Central banks and securities regulators should cooperate with each other and with other relevant authorities.

證券清算系統應接受透明、有效之監理及監管。各中央銀行及證券監理機構應互相合作,並與其他相關主管當局合作。

 

19. Risks in cross-border links跨國聯結風險

CSDs that establish links to settle cross-border trades should design and operate such links to reduce effectively the risks associated with cross-border settlements.

證券集中保管機構建立聯結以清算跨國交易者,應設計及經營能有效降低跨國清算相關風險之聯結。

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