Latest Market Intelligence on Global Capital Market Infrastructures

July, 2011

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Thomas Murray - Monthly Newsletter

As a local market infrastructure entity or interested participant, Thomas Murray is pleased to send you our July newsletter. This newsletter provides access to the top stories we reported on as part of our on-going surveillance of local capital markets worldwide. We currently track over 100 securities markets, 150 Central Securities Depositories and have Capital Market Infrastructure Risk Rating Reports on over 90 markets worldwide, assessing the post trade risk exposures faced by international investors.

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Top Stories

Brazil - Integration Process at BM&FBOVESPA

BM&FBOVESPA will unify its four clearing houses by creating a unique risk management system, which will be designed to reduce the guarantees deposited as well as to cut operational costs for market participants. The new system will...

Poland - Creation of a CCP in Poland - Update

>Further to our previous newsflashes, KDPW, the Polish CSD, has confirmed that it will transfer its clearing functions for transactions executed in both the regulated market and the alternative trading system to KDPW_CCP, as of 1 July 2011.

Thailand - SET to Introduce Third Party Clearing Model

The Stock Exchange of Thailand will introduce third party clearing in July 2011. Clearing members will be divided into two types, Non-Clearing Member and Clearing Member, i.e. Third Party Clearer. A clearing member can clear for many NCMs...

Ukraine - SCSSM's Draft Regulation on Margin Agreements

The State Commission for Securities and Stock Market (SCSSM) has adopted a draft regulation on margin agreements. The draft allows brokers to lend securities or cash to their clients and defines the requirements for this activity. According to the draft...

United Arab Emirates - Penalty Structure for Late Confirmation of Trades at DFM and ADX

Abu Dhabi Exchange (ADX) and Dubai Financial Market (DFM) have announced the penalty structure for late confirmation of trades under the new DVP settlement arrangements. The penalty structure will take effect from 4 September 2011...

Total Number of Thomas Murray Flashes Issued: June 2011

Depository/CSD Risk Flashes: 84 (921 year on year)
Capital Market Infrastructure Risk Flashes: 79 (927 year on year)

Worth Knowing

Depository Risk Flashes

Botswana - Dematerialisation of Corporate Bonds

Chile - DCV Authorised to Provide Internationa Custody Services to Pension Funds

Kuwait - KCC Increases its Paid-up Capital to KWD 20 million

Norway - Implementation of New Mandatory Matching Criteria

Singapore - CDP Amends Buy-in Proceeds Payment Timing

Capital Market Infrastructure Risk Rating Flashes

Australia - Clearing and Settlement Arrangements for Chi-X Australia

Canada - CSA's New Proposal on Proxy Voting System

Lebanon - ISIN Codes to Be Issued for Treasury Bills

Nigeria - Investment Restrictions on Government Bonds and T-Bills to Be Removed

Portugal - Introduction of Interbolsa Funds Platform

Russia - New Regulation on Circulation of Qualified Securities

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