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Integrated Collateral Management

Integrated Collateral Management. Thailand Securities Depository ACG Cross Training 11 th. Agenda. Current Architecture Conceptual Framework Benefit Obstacles. Current Architecture. Market Structure. Cash Market. Derivatives Market. Exchange. Clearing House. CSD.

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Integrated Collateral Management

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  1. Integrated Collateral Management Thailand Securities Depository ACG Cross Training 11th

  2. Agenda • Current Architecture • Conceptual Framework • Benefit • Obstacles

  3. Current Architecture • Market Structure Cash Market Derivatives Market Exchange Clearing House CSD

  4. Current Architecture • Account Structure TSD/TCH Cash Market SBL/REPO Market Derivatives Market House Client House Client House Client

  5. Current Architecture • Excess Collateral are manually moved by the member Derivatives Market Cash Market Member Excess Collateral Excess Collateral Excess Collateral Excess Collateral

  6. Conceptual Framework • Excess Collateral will be automatically moved to deficit account by Clearing House Derivatives Market Cash Market Clearing House Excess Collateral Excess Collateral Excess Collateral Excess Collateral

  7. Conceptual Framework Derivatives Market Fixed Income Market CollateralManagement SBL/Repo Market Equity Market

  8. Conceptual Framework Clearing House Member Member Asset Asset • Asset Class • Cash • Equity • Government Bond Collateral Pool Cash Settlement SBL/Repo Margin Derivatives Margin

  9. Conceptual Framework • Excess Collateral can be moved from House A/C to Client A/C but not vice versa Market B Market A House A/C House A/C OmnibusClientA/C OmnibusClientA/C

  10. Conceptual Framework • Excess Collateral can be used in • Collateral Process • Clearing & Settlement Process for Cash Market • Margining Process for Derivatives Market Collateral Others Others Cash Cash House A/C Client A/C Collateral Pool Clearing & Settlement Securities Cash Cash Securities Client A/C House A/C

  11. Benefit • Enhance Efficiency • Reduce back-office work • Reduce Cost • Reduce Risk

  12. Obstacles • Regulation Rules

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