Le modèle intégré de CACEIS : Quand l Asset Servicing enrichit sa gamme par des activités d Exécution. Jeudi 20 novembre Hôtel Le Bristol

Transcription

1 Le modèle intégré de CACEIS : Quand l Asset Servicing enrichit sa gamme par des activités d Exécution Jeudi 20 novembre Hôtel Le Bristol

2 AGENDA Introduction Joe Saliba - Directeur général délégué CACEIS Les optimisations opérationnelles attendues par une société de gestion Yves Choueifaty - Président de TOBAM Le modèle «Execution to Custody» de CACEIS Hubert Montcoudiol - Membre du comité exécutif du groupe CACEIS, directeur commercial en charge de la clientèle française Marc Giannoccaro - Responsable de la ligne métier Prime Fund Solutions CACEIS Le Middle Office Engineering Philippe Bourgues - Directeur Général Délégué CACEIS Bank France & CACEIS Fund Administration

3 Introduction Joe Saliba - Directeur général délégué CACEIS

4 Les optimisations opérationnelles attendues par une société de gestion Yves Choueifaty - Président de TOBAM

5 Le modèle «Execution to Custody» de CACEIS Hubert Montcoudiol - Membre du comité exécutif du groupe CACEIS, directeur commercial en charge de la clientèle française Marc Giannoccaro Responsable de la ligne métier Prime Fund Solutions CACEIS

6 AGENDA 1. CACEIS, a Leading Asset Servicer 2. Execution to Custody: an Integrated Model 3. Execution Services 4. Clearing Capabilities 5. Reporting Capabilities Focus on Execution and Clearing

7 1 CACEIS, a leading asset servicer

8 CACEIS PROFILE CACEIS a leader in the Asset Servicing world Key indicators Solid and Innovative Services $1.8tr 1.3tr Assets Under Administration N 1 Fund Administrator in Europe $1tr 760bn Assets on Depositary N 2 Depositary Bank in Europe $3.2tr 2.3tr Assets Under Custody CACEIS Bank France is a banking group dedicated to institutional and corporate clients, offering a complete and innovative E to C asset servicing offer : Execution N 7 Worldwide Custodian 803 M Net Banking Income Middle Office engineering Collateral Management Risk Management Clearing Fund Services Regulatory Reportings 3150 Employees in 12 countries Standard & Poor s A/A-1 Industry recognition- Securities Lending Awarded Industry recognition / Service Offer quality Top Rated Industry Awards Custody Procedure and Control optimisation Type II Audited Quality Management System ISO 9001 Certified 8

9 LOCATIONS A Global Player with an International Footprint 80 countries coverage for the custody of securities 60 Cash and Derivatives markets connection AEX ASX C2 Options CBOE CBOT CFE CME COMEX DGCX DME Eurex HKeX ICE Futures Canada ICE Futures Europe ICE Futures US IDEM ISE JSE KCBT LME MEFF MATIF MONEP Nasdaq OMX NYSE.LIFFE NMEX OSE SGX TOCOM TFX TSE BATS BOX BXS MX NYSE ARCA 9

10 2 An integrated model

11 AN INTEGRATED MODEL An Innovative Integrated Operating Model 11

12 A SIMPLE AND EFFICIENT OPERATING MODEL CACEIS simplifies the way you approach your business Traditional Clearing model Clearing through CACEIS SIMPLICITY One stop shopping : one single settlement account one onboarding process no extra administrative workload no external flow management one single & full range reporting one single entry point Unified technology platform Liquidity facilities Simplified depositary control Simplified audits COST EFFICIENCY More efficient use of capital Cash management optimisation, no transfer required Operational and administrative burden relieved Collateral managed solutions Economy of scales in reducing capital and infrastructure requirements Financing capabilities 12

13 3 Execution Services

14 Execution Platform CACEIS Open Architecture Connectivity Risk Management Streamlined Middle Office FIX connectivity between Client s architecture and Markets Availability of Vendor s systems : Fidessa, TradingScreen, Sungard, TT, CQG, Bloomberg, etc. Large brokers connectivity on all Futures & Options and Cash Equity markets Order Management System allowing to control order flows and react on any technical issues. Risk Control monitoring client exposures and market impacts (pretrade risk) Middle Office s tools able to aggregate orders, to allocate on clients accounts, to compute commissions and taxes and to send automatically electronic confirmations 14

15 Execution Platform CACEIS Trading Platform Full Markets coverage General Execution Services Global Market Access and Algorithmic Trading Capabilities Centralized Execution Support for Cash Equity markets and Futures & Options products End to end Trading Services Fully Integrated cross Products Execution and Post Trade solutions CLIENTS Vendor s system open architecture Fidessa, Tradingscreen, TT, Bloomberg, OMSX, CQG Added Values Execution Services Market Abuse Reportings Commission Sharing Agreement Trade Confirmation Access to Liquidity Pools and Security Lending Program Trading Algos Forex ETF Fix Bridge (Order input) OMS (Order Management System) Risk Monitoring Pre-trade MARKETS 15

16 4 Clearing capabilities

17 CLEARING CAPABILITIES Robust infrastructure with Value Added services Market standard technology Volume absorption capacity 98% STP rate Orders Execution Platforms CLEARVISION MARKETS Intraday Risk monitoring Day+1 Risk management Alert capabilities UBIX INSTANT CONTROL SUNGARD Backbone CCP Reports ClearBox Olis Web portal CACEIS Toolbox Hub & Spokes Model Process Optimisation Tailor Made Solutions Dedicated team with a 14 years history Local support Follow the sun Dedicated web Portal functionalities Robustness of systems : UBIX & ClearVision Flexible account structure Full STP capabilities top day & T+1 Collateral Optimization Intraday Risk Monitoring Average pricing processes Broker invoices management Single currency margining Specific close outs Tailor made reporting 17

18 CLEARING CAPABILITIES Pro-Active to New Regulation Thanks to its extensive involvement in industry working groups, CACEIS anticipated the expansion of its responsibilities in terms of restitution of assets under depository and has made their security its priority. EMIR - European Market Infrastructure Regulation CACEIS Bank France is EMIR compliant and offer all segregation models available: Full Segregation, Gross Omnibus, Net Omnibus. We report on a daily basis to DTCC Trade Repository. Our clearing offer may include this delegation. CACEIS Bank France is also finalizing the setup of an OTC Clearing service offering, FATCA Foreign Account Tax Compliance Act All the CACEIS entities are FATCA compliant and registered as Registered Deemed Compliant FFI-Model 1 Reporting FI or Registered Deemed Compliant FFI Model 2. Our KYC had been amended to include the latest version of the W-8BEN-E detailing the final beneficiary and US non-resident status. AIFMD - The Alternative Investment Fund Managers Directive AIFMD has set up new rules for the Depositary which have to be translated in CACEIS environment. The general principles are: An harmonized regulatory framework for the management and distribution of AIFs (Alternative Investment Funds) in the EU Organizational rules and rules of conduct for AIFM activities Obligation for AIFs to use a depositary as part of the harmonization of responsibilities within the EU. CACEIS is already helping some fund managers to evaluate the implications of the AIFM Directive by providing operational support for adapting their organization and internal procedures, in particular concerning the delegation of functions, risk management and the new regulatory reporting format. 18

19 5 Reporting capabilities

20 REPORTING CAPABILITIES Multi Format Reporting A ready-to-start engine through internet access A secured and confidential area A full coverage of all asset classes and online dedicated services Web services allow us to directly post information on the positions, transactions, rates and data instruments in your own systems : Portfolio Management: middle office functionalities for trade confirmations, cash monitoring, Custody: Securities and Cash consulting, Subscription/redemption, SSI, and Cash orders entries Corporate Action follow-up Taxation information Cash: online payment system Fund Administration: NAV validation, Audit trail and reportings Positions and Transactions: online Reportings for all asset classes, intraday and historical data Direct push mode Information on positions, transactions, rates and data instruments can also be sent to you in «direct push» mode using batches 20

21 REPORTING CAPABILITIES Reporting CACEIS Bank France will provide you with a set of reports allowing intraday day and Day+1 reconciliation of your cash and position accounts. All the reports are available in different format (xls, csv ) and can be sent per , FTP, CSV or retrievable from the internet platform. Standard Reports Reporting Name File Detaills Reporting Format Media Timing Statement Detailed financial report PDF Daily - Before 08:00 AM CET Open Positions Listing of non expired contracts / open positions EXCEL, CSV,TXT , FTP, CFT, OLIS Daily - Before 08:00 AM CET Transactions Details of previous day transactions EXCEL, CSV,TXT , FTP, CFT, OLIS Daily - Before 08:00 AM CET Cash Balance Previous day Financial movements EXCEL, CSV,TXT , FTP, CFT, OLIS Daily - Before 08:00 AM CET Securities on deposit Securities & Cash Collateral reporting EXCEL, CSV,TXT , FTP, CFT, OLIS Daily - Before 08:00 AM CET Intraday transactions Intraday trades Intraday reporting 2 h00 vacation (standard timing) Swift orders status Matched / unmatched status of the confirmed transactions SWIFT SWIFT Intraday Customized Reports CACEIS Bank France can build on-demand reports to match your own requirements. Each Client request is analyzed, and considered as a project with a time schedule, test period and delivery notice prior to any development. 21

22 ANNEXES

23 CASH EQUITIES MARKETS European coverage (1/2) Country Stock exchange Type Direct Market Access Algorithmic trading Smart Order Routing Austria Vienna Stock Exchange Primary market Belgium Euronext (Brussels) Primary market Bulgaria Sofia Stock Exchange Primary market Cyprus Cyprus Stock Exchange Primary market Czech Republic Prague Stock Exchange Primary market Denmark Copenhagen Stock Exchange Primary market Finland Helsinki Stock Exchange Primary market France Euronext (Paris) Primary market Germany Frankfurt Stock Exchange Primary market Greece Athens Stock Exchange Primary market Hungary Budapest Stock Exchange Primary market Ireland Irish Stock Exchange Primary market Italy Milan Stock Exchange Primary market Netherlands Euronext (Amsterdam) Primary market Norway Oslo Stock Exchange Primary market Pan-European BATS Dark Dark Pool, MTF, ECN, Pan-European BATS Europe Dark Pool, MTF, ECN, Pan-European CHI-Delta Dark Pool, MTF, ECN, Pan-European CHI-X Europe Dark Pool, MTF, ECN, Pan-European Nasdaq OMX Europe Dark Pool, MTF, ECN, 23

24 CASH EQUITIES MARKETS European coverage (2/2) Country Stock exchange Type Direct Market Access Algorithmic trading Smart Order Routing Pan-European NYSE Arca Europe Dark Pool, MTF, ECN, Pan-European Smartpool Dark Pool, MTF, ECN, Pan-European Turquoise Dark Pool, MTF, ECN, Pan-European Turquoise Mid-Point Dark Pool, MTF, ECN, Pan-European Xetra Mid-Point Dark Pool, MTF, ECN, Poland Warsaw Stock Exchange Primary market Portugal Euronext (Lisbon) Primary market Romania Bucharest Stock Exchange Primary market Spain Madrid Stock Exchange Primary market Sweden Stockholm Stock Exchange Primary market Switzerland SIX Swiss Exchange Primary market Turkey Istanbul Stock Exchange Primary market United Kingdom London Stock Exchange Primary market Pan-European ITG Posit Dark Pool, MTF, ECN, Pan-European Knight Link Dark Pool, MTF, ECN, Russia MICEX Primary market 24

25 CASH EQUITIES MARKETS US + Latam coverage (1/2) Country Stock exchange Type Direct Market Access Algorithmic trading Smart Order Routing Canada Canadian Stock Exchange Stock Exchanges Canada Canadian DarkPools Dark Pool, ECN, USA NYSE DOT Stock Exchanges NYSE BBSS Stock Exchanges NYSE Arca Stock Exchanges NASDAQ Stock Exchanges NASDAQ BX Stock Exchanges BATS Stock Exchanges AMEX (via NYSE) Stock Exchanges TRAC Stock Exchanges CBOE Stock Exchanges ISE Stock Exchanges EDGX / EDGA Stock Exchanges FLOW Stock Exchanges NSX Stock Exchanges CHX Stock Exchanges Aqua Securities Dark Pool, MTF, ECN, ARCX Hidden Book Dark Pool, MTF, ECN, ATD Liquidity Ping Dark Pool, MTF, ECN, 25

26 CASH EQUITIES MARKETS US + Latam coverage (2/2) Country Stock exchange Type Direct Market Access Algorithmic trading Smart Order Routing USA BATS Hidden Book Dark Pool, MTF, ECN, BONY Vortex Dark Pool, MTF, ECN, Credit Suisse Crossfinder Dark Pool, MTF, ECN, EDGX / EDGA Hidden Book Dark Pool, MTF, ECN, Fidelity CrossStream Dark Pool, MTF, ECN, FLOW Hidden Book Dark Pool, MTF, ECN, Getco ATS Dark Pool, MTF, ECN, INET Hidden Book Dark Pool, MTF, ECN, ITG Posit Dark Pool, MTF, ECN, Knight Link Dark Pool, MTF, ECN, Knight Match Dark Pool, MTF, ECN, LevelATS Dark Pool, MTF, ECN, MS Pool Dark Pool, MTF, ECN, NYFIX Millenium Dark Pool, MTF, ECN, NYSE Matchpoint Dark Pool, MTF, ECN, Pipeline Dark Pool, MTF, ECN, TRAC Hidden Book Dark Pool, MTF, ECN, Brazil São Paulo Stock Exchange Primary market Mexico Bolsa Mexicana de Valores Primary market 26

27 CASH EQUITIES MARKETS EMEA coverage Country Stock exchange Type Direct Market Access Algorithmic trading Smart Order Routing Australia Australian Stock Exchange Primary market China Hong Kong Stock Exchange Primary market Singapore Singapore Stock Exchange Primary market Japan Osaka Stock Exchange Primary market Japan Tokyo Stock Exchange Primary market New Zealand New Zealand Stock Exchange Primary market South Africa Johannesburg SE Primary market Egypt Egyptian Exchange (EGX) Primary market Morocco Casablanca Stock Exchange Primary market UAE Abu Dhabi Securities Market Primary market Bahrain Bahrain Stock Exchange Primary market UAE Dubai Financial Market Primary market UAE Nasdaq Dubai Primary market Kuwait Kuwait Stock Exchange Primary market Oman Muscat Securities Market Primary market Qatar Doha Securities Market Primary market Saudi Arabia Saudi Stock Exchange Primary market Israel Tel-Aviv Stock Exchange Primary market 27

28 FUTURES AND OPTIONS MARKETS CACEIS is present on every market Area Country Market Contract s currency DMA Netherlands AEX EUR Greece ADEX EUR Hungary BDP EUR Belgium BELFOX EUR Germany EUREX EUR, CHF, GBP Italy IDEM EUR UK LIFFE GBP, EUR, JPY, CHF Europe UK LTOM GBP, EUR, USD, CHF, SEK Spain MEFF EUR France MONEP Opt EUR France MONEP Fut EUR UK OMLX SEK, NOK, DKK UK ICE Europe EUR Austria WBAG USD, EUR Poland WSE PLN Area Country Market Contract s currency DMA North America Asia - Pacific USA AMEX USD USA OCC (ex CBOE) USD USA CBOT USD USA CME USD, JPY, GBP USA ICE USD, EUR Mexico MEXDER MXN Canada ME CAD USA NYSE JPY, SEK, CHF, USD, NZD USA PHLX USD, EUR Philippines PSE USD Hong Kong HKFE HKD Japan OSE JPY Australia SFE AUD New Zealand NZFOE NZD Australia ASE AUD Singapore SIMEX JPY, SGD, USD Japan TIFFE JPY Japan TSE JPY 28

29 Le Middle Office Engineering Philippe Bourgues Directeur Général Délégué CACEIS Bank France & CACEIS Fund Administration

30 Opérations vanille LE MIDDLE OFFICE ENGINEERING - LES TENDANCES DE MARCHÉ Des grandes tendances de stratégies opérationnelles se dégagent sur le marché Actif sous gestion (Md ) / Nbre de portefeuilles / Diversification 0-2 Md 2-25 Md Md > 100 Md Trade Management Tenue de Position Valorisation Opérations complexes Opérations transverses Perf & DistributionRisques Trade Management Tenue de Position Valorisation Collateral Management Gestion de Trésorerie Share Class Hedging Performance monitoring Gestion des Risques S/R pour clients marquables Distribution Management & Trailer fees Internalisé Externalisé Pas de tendance générale Société de gestion entrepreneuriale / startup Spécialisée sur une classe d actif Société de gestion de taille moyenne. Grande tendance à l externalisation Société de gestion de grande taille. Tendance à l externalisation Grosses entreprises de gestion. Taille critique et grande part de processus gérés en internes 30

31 LE MIDDLE OFFICE ENGINEERING LES PRINCIPES DE FONCTIONNEMENT La gestion des flux Prime MO La plateforme de gestion des flux de CACEIS: Un point d entrée unique pour les opérations des clients sur tous les types d actifs : Pleinement intégrée aux autres prestations de CACEIS, Totalement interfacée avec les parties externes (Cleraing Brokers, Conservateurs, Administrateurs de Fonds, etc.), Organisation personnalisée en fonction des besoins des clients. Exécute les tâches suivantes: Contrôles de cohérence Enrichissement des SSI du Broker Enrichissement des commissions, Matching: interface avec des plateformes telles que OMGEO, DTCC/Markitwire, IceLink, CitiNetwork, Fxall Routage automatique des transactions vers d autres applications de CACEIS ou vers d autres tiers Permet un suivi de statut des ordres Exécution des transactions Executing Prime Broker/ Contrepartie Prime Prime Broker Broker Broker Prime de Broker compensation Autres Prime Prime Broker Conservateurs Broker ou tout autre tiers Rapprochement des infrastructures Plateforme de gestion des flux du groupe CACEIS Commissions de transaction CLIENT Détails des flux Capture de la Transaction Dénouement de la transaction (SSI du Broker) Routage de la transaction Les principales applications métier de CACEIS Autres applications métier Administrateur de fonds Confirmation de la transaction Conservation 31

32 MIDDLE OFFICE FRONT OFFICE Instruments vanille Instruments complexes Instructions Cash ACTIFS VANILLE Trade Management Tenue de Position LE MIDDLE OFFICE ENGINEERING LES MODELES D EXTERNALISATION Modèle 1: Trade Management GESTION DE PORTEFEUILLES (Tracker, Bloomberg AIM, Density, ) Interfaces automatisées (SWIFT, fichiers propriétaires) Statut de transaction Statut de position MIDDLE OFFICE CLASSIQUE Trade Management Tenue de Position ACTIFS COMPLEXES Valorisation Collateral Management CITY NETWORKS OMGEO Gestion de Trésorerie Performance Monitoring S/R pour clients remarquables BROKERS MARKITWIRE DTCC Share Class Hedging Gestion des Risques Distribution & TF Management Trade confirmation AUTRES SERVICES COMPLEMENTAIRES Reporting Fund Structuring AUTRES SERVICES COMPLEMENTAIRES Execution FX Compliance EMIR Compliance AIFM Prêt/EmpruntTit res Interfaces automatisées (SWIFT, fichiers propriétaires ou fax) BACK OFFICE CONSERVATION ADMINISTRATION DE FONDS Internalisé Externalisé 32

33 LE MIDDLE OFFICE ENGINEERING LES MODELES D EXTERNALISATION Modèle 2: Trade Management & Tenue de Position MIDDLE OFFICE FRONT OFFICE Instruments vanille Instruments complexes Instructions Cash ACTIFS VANILLE Trade Management Tenue de Position GESTION DE PORTEFEUILLES (Tracker, Bloomberg AIM, Density, ) Interfaces automatisées (SWIFT, fichiers propriétaires) Statut de transaction Statut de position MIDDLE OFFICE CLASSIQUE Trade Management Tenue de Position ACTIFS COMPLEXES Valorisation Collateral Management CITY NETWORKS OMGEO Gestion de Trésorerie Performance Monitoring S/R pour clients remarquables BROKERS MARKITWIRE DTCC Share Class Hedging Gestion des Risques Distribution & TF Management Trade confirmation AUTRES SERVICES COMPLEMENTAIRES Reporting Fund Structuring AUTRES SERVICES COMPLEMENTAIRES Execution FX Compliance EMIR Compliance AIFM Prêt/EmpruntTit res Interfaces automatisées (SWIFT, fichiers propriétaires ou fax) BACK OFFICE CONSERVATION ADMINISTRATION DE FONDS Internalisé Externalisé 33

34 LE MIDDLE OFFICE ENGINEERING LES MODELES D EXTERNALISATION Modèle 3: Externalisation Middle Office complète MIDDLE OFFICE FRONT OFFICE Instruments vanille Instruments complexes Instructions Cash ACTIFS VANILLE Trade Management Tenue de Position GESTION DE PORTEFEUILLES (Tracker, Bloomberg AIM, Density, ) Interfaces automatisées (SWIFT, fichiers propriétaires) Statut de transaction Statut de position MIDDLE OFFICE CLASSIQUE Trade Management Tenue de Position ACTIFS COMPLEXES Valorisation Collateral Management CITY NETWORKS OMGEO Gestion de Trésorerie Performance Monitoring S/R pour clients remarquables BROKERS MARKITWIRE DTCC Share Class Hedging Gestion des Risques Distribution & TF Management Trade confirmation AUTRES SERVICES COMPLEMENTAIRES Reporting Fund Structuring AUTRES SERVICES COMPLEMENTAIRES Execution FX Compliance EMIR Compliance AIFM Prêt/EmpruntTit res Interfaces automatisées (SWIFT, fichiers propriétaires ou fax) BACK OFFICE CONSERVATION ADMINISTRATION DE FONDS Internalisé Externalisé 34

35 LE MIDDLE OFFICE ENGINEERING LES PRINCIPAUX CHANTIERS Des chantiers prédéfinis sur le Trade Management et la Tenue de Positions Acquisition et Transmission des données Trade Management Règlementaire et compliance Positions et lignes hors TM Tenue de Positions Dépositaire et Valorisateur Mode de communication et format de fichiers Règles de routages et transmission aux tiers (Par instruments, entités etc..) Mode de gestion des ordres (Ordres blocs, simple etc..) Veille règlementaire et étude d impacts Rapports d exigences en terme de compliance Plan général du SLA Mode d alimentation des positions Processus de récupération des lignes hors Trade Management Centralisation TA Rapprochement Mode opératoire Fichiers et SWIFT nécessaires au rapprochement Processus et Workflow Processus Opérationnel Gestion opérationnelle Compensateurs et Prime Broker Gestion des Opérations sur Titres Cartographie par instrument et pôle de gestion Rôles et responsabilités Gestion des relances Règles de matching et mode de confirmation des opérations Rapprochement Mode d alimentation et responsabilité avec le compensateur Statements Réception du fichier des déposits et Appel de marge Rôle et responsabilité en matière d OST Traitement des OST (Conditionnelle et automatique) Rapprochement Accompagnement au changement Restitution de la Tenue de Position Accompagnement au changement Mode de gestion des Failed Trades Mode de Rapprochement FO/ MO et MO/ BO Formation (Support& Animation) Plan de communication Type de données souhaitées (Transactions, Positions, Référentiel..) Format et fréquence des fichiers de restitution Formation (Support& Animation) Plan de communication Business Continuity Plan Reporting et KPI Collateral Management Reporting et KPI Règles de déclenchement Procédure de Backup BCP CACEIS Reporting d activité Suivi des KPI Mode de gestion du collatéral et alimentation en positions Reporting d activité Suivi des KPI 35

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