Securities Services : fundamentals

Actors, services and challenges of a changing industry

Course objectives

  • Know the environment and stakeholders of securities services
  • Understand the role, organization and services of securities services providers
  • Understand the importance of risk management for the provider and the client

Introductory debate: Specialization, modeling and risk

What evolution for actors of Securities Services?

Securities Services actors

  • Providers of securities services: key players
  • Clients: institutions, pension funds, management companies, etc.
  • Regulatory and control authorities : AMF, Banking Commission, Basel 2 Committee
  • Relations with Central Banks
  • Relations with central depositories and European clearinghouses

Case Study: Building the process of securities treatment

Offer in securities administrative management

  • Clearing and Settlement/Delivery
  • Conservation of securities
  • Bank depositary service (depositary function)
  • Service to issuers

Offer of services to funds

  • Subcontracting of broker-dealers and asset managers
  • The administration and accommodation of funds
  • Management of assets and liabilities
  • Calculation and reporting of performance
  • Subcontracting of Middle Office

Offer of related services

  • Cash Management
  • Exchange of solutions
  • Lending / Borrowing of securities
  • Credit Financing
  • Debt Service
  • Securitisation and structured finance

Case Study: Analysis of the daily interactions of a Securities Services provider with a client

Settlement / Delivery Systems of international securities

  • National Settlement / Delivery: Eses (principles and operation)
  • International Clearing (Euroclear, Clearstream)

Means of payment: Target 2

Risk management and compliance in the securities business

  • Credit Risk
  • Market Risk
  • Operational Risk
  • Compliance

Case Study: Custodian control and risk analysis based on the activities of Securities Services

Prospects and challenges of the sector

  • Concentration or disappearance?
  • The future challenges of information systems
  • Responsibility of Securities Services

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