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SKDD
The Central Depository & Clearing Company (, SKDD) is the central securities depository (CSD) of Croatia. Overview The SKDD was established as CSD in 1997. As of 2016, the Croatian government held 41 percent of SKDD's equity capital, the rest being scattered among a range of private-sector participants. SKDD has also developed a central counterparty clearing service, branded SKDD-CCP Smart Clear, first tested in early 2015. The system went live in early 2022. In November 2022, SKDD-CCP Smart Clear d.d. joined the European Association of CCP Clearing Houses (EACH). In 2023, SKDD introduced a new platforms to support its connection to TARGET2-Securities (T2S), the Eurosystem's securities settlement system. The connection to T2S was successfully implemented on , simultaneously as Euroclear Bank, Euroclear Finland, Bulgaria's Central Depository AD, and the Bulgarian National Bank Government Securities Settlement System. See also * European Central Securities Depositories Associatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TARGET2-Securities
TARGET2-Securities, in shorthand T2S, is the Eurosystem's platform for securities settlement in central bank money. T2S offers centralised delivery-versus-payment (DvP) settlement across several European securities markets, without being itself a central securities depository (CSD) since it does not offer CSD services such as custody or asset servicing. T2S is one of the Eurosystem's TARGET Services, together with T2 and TARGET Instant Payment Settlement (TIPS) for cash payments. Background Historically, financial market infrastructures in Europe were created to meet the requirements of national financial markets. In most cases, there were one or two dominant players at each stage of the value chain: typically one stock exchange for trading, one central counterparty (CCP) for clearing and at least one CSD for settlement. Furthermore, these national infrastructures were primarily designed to manage securities denominated in the national currency. Securities settlement across ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Securities Depository
A central securities depository (CSD) is a specialized financial market infrastructure organization holding securities such as shares or bonds, either in certificated or uncertificated ( dematerialized) form, allowing ownership to be easily transferred through a book entry rather than by a transfer of physical certificates. This allows brokers and financial companies to hold their securities at one location where they can be available for clearing and settlement. In recent decades this has usually been done electronically, making it much faster and easier than was traditionally the case where physical certificates had to be exchanged after a trade had been completed. In some cases these organizations also carry out centralized comparison and transaction processing such as clearing and settlement of securities transfers, securities pledges, and securities freezes. In modern corporate debt markets, investors achieve collateralization through CSDs. The CSDs operate as trustee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Central Securities Depositories Association
European Central Securities Depositories Association (ECSDA) is the official trade association for the Central Securities Depository industry in Europe. The association provides a forum for Central Securities Depositories (CSDs) to exchange views and take forward projects of mutual interest. It aims to promote a constructive dialogue between the CSD community, European and Global public authorities and other stakeholders aiming at contributing to an efficient and risk-averse infrastructure for financial markets. It is one of five regional CSD associations oWorld Forum of CSDs History The history of the ECSDA dates back to the early 1990s, when CSD chief executives started to meet on a regular basis to exchange best practices and prepare for the adoption of the euro. The idea of formalising these contacts in an association emerged in 1995 at a meeting taking place at the European Monetary Institute in Frankfurt. The association was established in November 1997 with the signature ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Croatia
Croatia, officially the Republic of Croatia, is a country in Central Europe, Central and Southeast Europe, on the coast of the Adriatic Sea. It borders Slovenia to the northwest, Hungary to the northeast, Serbia to the east, Bosnia and Herzegovina and Montenegro to the southeast, and shares a maritime border with Italy to the west. Its capital and largest city, Zagreb, forms one of the country's Administrative divisions of Croatia, primary subdivisions, with Counties of Croatia, twenty counties. Other major urban centers include Split, Croatia, Split, Rijeka and Osijek. The country spans , and has a population of nearly 3.9 million. The Croats arrived in modern-day Croatia, then part of Illyria, Roman Illyria, in the late 6th century. By the 7th century, they had organized the territory into Duchy of Croatia, two duchies. Croatia was first internationally recognized as independent on 7 June 879 during the reign of Duke Branimir of Croatia, Branimir. Tomislav of Croatia, Tomis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Counterparty Clearing
A central clearing counterparty (CCP), also referred to as a central counterparty, is a financial market infrastructure organization that takes on counterparty credit risk between parties to a transaction and provides clearing and settlement services for trades in foreign exchange, securities, options, and derivative contracts. CCPs are highly regulated institutions that specialize in managing counterparty credit risk. CCPs "mutualize" (share among their members) counterparty credit risk in the markets in which they operate. A CCP reduces the settlement risks by netting offsetting transactions between multiple counterparties, by requiring collateral deposits (also called "margin deposits"), by providing independent valuation of trades and collateral, by monitoring the creditworthiness of the member firms, and in many cases, by providing a guarantee fund that can be used to cover losses that exceed a defaulting member's collateral on deposit. CCPs require a pre-set amount of c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurosystem
The Eurosystem is the monetary authority of the eurozone, the collective of European Union member states that have adopted the euro as their sole official currency. The European Central Bank (ECB) has, under Article 16 of its Statute,Statute of the ECB (PDF) the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand. The Eurosystem consists of the ECB and the national central banks (NCB) of the 20 member states that are part of the eurozone. The national central banks apply the monetary policy of the ECB. The primary objective of the Eurosystem is price stability. Secondary objectives are financial stability and financial integration. The mission statement of the Eurosyste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Euroclear Bank
Euroclear Bank is the international central securities depository (ICSD) of the Euroclear Group, based in Brussels, Belgium. It is one of the world's two main ICSDs, the other one being Clearstream Banking SA in Luxembourg. As of 2018, it was the third-largest CSD by value of securities held, behind only Fedwire Securities Service and the Depository Trust Company, and the world's leading CSD by value of delivery instructions. Overview On , Euroclear Bank took over the operation of the Euroclear System from Morgan Guaranty, which had initiated it in 1967-1968. As of 2023, Euroclear Bank maintained branches in Hong Kong, Kraków, and Tokyo as well as representative offices in Beijing, Dubai, Frankfurt, New York, and Singapore. Supervision As a licensed bank, Euroclear Bank is subject to European Banking Supervision and supervised as such by the National Bank of Belgium (NBB) under the oversight of the European Central Bank (ECB), having been designated by the latter as a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Euroclear Finland
Euroclear Finland is the central securities depository (CSD) of Finland, headquartered in Helsinki. It is a fully-owned subsidiary of the Euroclear Group. Overview In June 1989, the Bank of Finland, the Finnish government and the Helibor banks established Helsingin Rahamarkkinakeskus Oy (HRMK, ) as the national CSD for government bonds, other bonds, and bank certificates of deposit. The central bank was HRMK's controlling shareholder. That same year, Osakekeskusrekisteri Osuuskunta (OKR, ) was established as a CSD for shares listed on the Helsinki Stock Exchange. Both HRMK and OKR started operations in the spring of 1992. They were both replaced in 1995-1996 by Arvopaperikeskus Oy (APK, ), a single system fostered by the Finnish government, which took over the operations of both HRMK and OKR. In December 1998, APK merged into the Helsinki Exchange, by then known as HEX. On , OM HEX AB, by then the owner of both the Finnish and Swedish stock exchanges, announced that APK would merg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Depository AD
The Central Depositary AD or CDAD, is one of two central securities depositories in Bulgaria, the other being the Bulgarian National Bank Government Securities Settlement System. Overview CDAD was established as a joint-stock company on . It committed to connecting to the TARGET2-Securities (T2S) securities settlement platform of the Eurosystem in October 2022. CDAD's shareholders include the Bulgarian Ministry of Finance, the country's main banks and investment firms, and the Bulgarian Stock Exchange. The Ministry of Finance has the largest single stake at 43.7 percent. The Bulgarian National Bank The Bulgarian National Bank (, , BNB) is the central bank of the Republic of Bulgaria. It has also been Bulgaria's national competent authority within European Banking Supervision since 2020. Headquartered in Sofia, the bank was established in ... was a shareholder until 2011, when it sold its 20 percent stake to the Ministry of Finance. Other shareholders may not hold more than ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bulgarian National Bank Government Securities Settlement System
The Bulgarian National Bank Government Securities Settlement System or BNBGSSS, sometimes referred to as the Government Securities Depository (GSD), is one of two central securities depositories (CSDs) in Bulgaria, together with Central Depository AD. The main CSD for Bulgarian government securities, it is owned and operated by the Bulgarian National Bank. BNBGSSS is one of three remaining central-bank-operated CSDs in the European Exchange Rate Mechanism that are mainly aimed at deposits of government securities, together with the National Bank of Belgium Securities Settlement System (NBB-SSS) and the Bank of Greece Securities Settlement System (BOGS). Other euro-area countries had similar systems in the past but have phased them out, e.g. France in 1995, Finland in 1996, Italy in 2000, and Spain in 2003. Overview BNBGSSS was established in 1992. As it is operated by a National Central Bank of the Eurosystem, the BNBGSSS is exempt from authorization requirements that apply to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
