MONTEVIDEO
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Transcript of MONTEVIDEO
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MONTEVIDEO
Benefits of the Montevideo Stock Exchange
Clearing, Settlement & Custody System
October 2005Patricia Torrado
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Uruguayan Security Market
• Market Regulator and Controller: Banco Central del Uruguay • 2 Stock Exchange Entities Montevideo Stock Exchange: 138 years 76 members (artificial persons and Stock Firms) 10 Special Members (6 Banks, National Insurance Bank “Banco de Seguros del Estado” and 3 semi-private banks) Electronic Stock Exchange: 12 years 24 Operators: 19 Banks and Foreign Currency Brokers 4 PFTs and 1 Semi-private Bank)
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Uruguayan Security Market
• Public Bond Market:
• Private Bond and Share Market: almost non-existent
LOCAL PUBLIC DEBT BY 30/09/05
23%
77%Dematerialized
Physical
LOCAL vs INTERNATIONAL PUBLIC DEBTBY 30/09/05
40%
60%
International
Local
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Uruguayan Security Market
• 2 Clearing, Settlement and Custody Systems: 1) Banco Central del Uruguay: Custody of local dematerialized public debt Settlement of same-day foreign currency exchange operations and local dematerialized securities of the Electronic Stock Exchange Settlement of local dematerialized securities operations between the MSE’s CSCS and the financial institutions that do not participate in it
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Uruguayan Security Market
2) Montevideo Stock Exchange: Custody of Uruguayan public and private (physical and dematerialized) securities and foreign securities Clearing and Settlement of operations between MSE members. Settlement of MSE members’ dematerialized local securities and the rest of the financial system through the BCU Settlement of cross border operations
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MSE’s CSCS
• Immobilization and DematerializationPhysical and Dematerialized Securities Held in
Safekeeping
0
100
200
300
400
500
600
700
800
Mill
ions
FISICOS DESMATERIALIZADOS
1998 1999 2000 2001 2002 2003 2004 30/09/05
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MSE’s CSCS
• Custody Certificate Issued for Investors
Compensation, Settlement andCustody System
System Participants
Investors
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MSE’s CSCS
• Settlement of cross border operations
OPERATED VOLUMES BY TYPES OF SECURITIES
0
100
200
300
400
500
1998 1999 2000 2001 2002 2003 2004 30-9-05
Mill
ions
EXTERIOR LOCALES
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MSE’s CSCS
• Local and International Uruguayan Debt Swap in 2003• Tool in the bank liquidation processes after the 2002
crisis, as well as debt settlement of the financial system’s debtors
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MSE’s CSCS
• Who benefits from MSE’s CSCS?
Investors MSE Operators Montevideo Stock Exchange Banco Central del Uruguay
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MSE’s CSCS
• What are the Uruguayan CSCSs lacking? Unification of operations settlement Further reduction of settlement-related risks Legal framework concerning physical securities, etc. etc. .......• Is there a potential way? Cooperation
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Thank you