Transcript Maroclear EclearSettle TCS Banks infrastructure

CO NT E NT S
 Maroclear in brief
 Key figures
 Milestones
 The new platform : an overview
 Prospects
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MAROCLEAR IN BRIEF
 Unique Central Securities Depository in Morocco
 Started operation : July 1997
 Centralization of custody of all eligible securities
 Full dematerialization
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MAROCLEAR IN BRIEF
 Scope of business : Equities, Government debt,
Debentures, Money-market instruments and Mutual
funds
 « Omnibus accounts model » : accounts held
exclusively in the name of sub-custodians (banks,
broker-dealers and issuers) : no direct interaction
with beneficial owners
 N.N.A (ISO 6166 compliant)
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MAROCLEAR IN BRIEF
 Exchange and OTC settle DVP
 Cash accounts held at CB
 MCL sends cash instructions to CB CB reports back
to MCL before debit/credit of securities accounts
 Settlement cycle :
. Exchange :T+3
. OTC : T+0
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KEY FIGURES
 Total outstanding under custody : 1200 Billion MAD
Equities : 50 %
Govies : 25 %
Mutuals : 17 %
Money Market Instruments : 8 %
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KEY FIGURES
 Number of issues : 993
. Equities : 86
. Govies : 170
. Mutuals : 323
. MMI : 414
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KEY FIGURES
 Participants : 150
. Broker-dealers : 17
. Banks : 15
. Issuers : 113 (Indirect for most of them)
. Others : 5
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KEY FIGURES
 Number of trades
: 4 200
 Value of trades settled : 28 Billion MAD
. Exchange : 1 Billion
. Off-Exchange : 27 Billion
(NB : Repo’s = 80%)
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MILESTONES
1997
Inception
1998
1999
Demat of
listed
securities
Admission
of Govies
2000
Admission
of mutual
funds
2001
2002
Proprietary
network
DVP All
segments
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MILESTONES
2006
2007
Securities
museum
Enhancement
of DR site
2008
Launching of
the new
platform
project
2009
Data
encryption
2010
New
platform
goes live
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THE NEW PLATFORM (ARCHITECTURE)
 Four-tier Architecture (4 layers) :
1-User interface & presentation layer (Multibrowser)
2-Application layer (Business logic)
3-Communication service layer (Swift & others)
4-Database layer (2 DB : operation & reporting)
 Redundancy is key Business continuity
- All critical devices are duplicated (servers, routers,
switches) and under close monitoring
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THE NEW PLATFORM (ARCHITECTURE)
 hot stand-by on main site (HACMP cluster
providing high availability in case of failover)
 Periodic synchronization between main and DR
 Synchronous replication mechanism between
Production and DR is considered
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THE NEW PLATFORM (NETWORK)
 High performance and high availability network
(Dedicated leased lines+VPN SSL)
 All flows , incoming and outgoing, encrypted
 Enhanced safety (RSA authentication)
 On-line monitoring solution implemented lately
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THE NEW PLATFORM (FUNCTIONS)
 Clear separation between Exchange and
OTC
 Single batch settlement for Exchange trades
 Real-time gross settlement for OTC
 Interface dedicated to Repo’s
 One single instruction covering both legs of repo’s
 Additional functions : collateral swap, termination…
 Real-time monitoring of all instructions status
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THE NEW PLATFORM
 Ability to cope with high volume spikes
 Flexible and upgradable JEE based core-application
 Long-term AMC with high profile provider
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CUSTOMER’S SURVEY FINDINGS (1)
 Conducted mid-2011
 To be performed regularly
 Valuable source of insights
 Interesting approach to sound out users needs and stay
tuned in with their expectations
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CUSTOMER’S SURVEY FINDINGS (2)
 Overall positive perception of users in terms of
functions, performances, reliability and business
continuity (85/100 rating)
 Users highly value :
1-the benefits of real-time settlement for OTC
2-the flexibility of the interface (Files/creens)
3-the on-line monitoring of all settlement processes
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CUSTOMER’S SURVEY FINDINGS (3)
 As expected, users demand various enhancements :
1-Corporate actions
2-Clients details
 Besides, they request additional services such as
1-SLB
2- More STP …
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THOMAS MURRAY RATING
 Overall risk rating upgraded from A- to A in March
2011 risk evaluation review
 Ratings given range from A- (low risk) to A+ (very low risk)
 Rating upgrade expected soon
 Clarifications to be provided
 Improvement measures under way….
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WHAT’ NEXT
Continuity procedures redesigning
Real-time replication on DR
BCP to be tested in 2012
SLB legal framework on the table
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