Transcript 결제기관으로서 예탁결제원의 역할정립 및 발전방향

VISION 2015
We bridge Asia and the rest of the world as
Global Partner with internationally compatible
investment services
STP In Korean Securities
Market
2008. 6. 2.
Korea Securities Depository
Table of Contents
Ⅰ. Overview
Ⅱ. STP in Front Office
Ⅲ. InSet System
Ⅳ. Statistics
Ⅴ. Future Plan
Ⅰ. Overview-KSD
 KSD is the only CSD providing custody, clearing
and settlement services in Korean Market
 Settlement services include
– Exchange and Non-exchange transactions
– Stock, Bond (Corporate, Government), Money Market
Instrument (CD, CP), Trust Unit, Mutual Fund, etc.
 Settlement Volume (KRW trillion)
– 2,168(’05)→ 2,233(’06)→ 2,430(’07)
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Ⅰ. Overview-Korean Market
Trade
Front
office
Non-exchange
Exchange
Orders (Tel, E-mail )
Investment
manager
Broker
Broker
Broker
Broker
Trade report
(Tel, Fax, E-mail )
Matching
Investment
manager
Allocation
(Fax, E-mail )
Back
office
Affirmation
(Fax, E-mail )
Trust bank
Settlement
Settlement
Bank
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Settlement
Bank
Ⅱ. STP In Front Office
 Samsung Investments introduced FIX System in
2003…
 43 Brokers, 11 Investment Managers
Broker1
Broker2
OMS
FIX
Engine
FIX
HUB
Broker3
Broker4
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Ⅲ. InSet-History
 KSD introduced InSet System (Institutional
Settlement System) in 1990…
4Stage
3 Stage
2 Stage
1 Stage
• Next Generation Sys(’10.5)
• FundNet (’04.4)
• Bond(’99.11)
• Introduction (’90.2)
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Ⅲ. InSet-Characteristics
 Linkage between matching system and bookentry system
– Stock (ETF, ELW), Bond (CD, CP)
 Delivery Versus Payment
– DVP1(Bond), DVP3(Stock)
 Central Bank Money
 Network
– CCF / Web
 Message format / Code
– Proprietary Message format / ISIN(ISO6166)
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Ⅲ. InSet – Stock (Institutional Investor)
Orders (Tel, E-mail )
Trade
Matching
Broker
Institutional
Investor
1.Trade report
(Web)
2.Affirmation
Institutional
(Web)
Investor
5. Settlement
statement (Web)
10.Settlement result
(Web)
Settlement
3. Matching
4. Netting
6. Blocking
9. Securities
transfer
7.Money transfer
instruction (CCF)
7.Money transfer
instruction
1.Trade report
(CCF)
5.Settlement
statement (Web)
Broker
10.Settlement result
(Web)
8.Money transfer
result (CCF)
7.Money transfer
instruction
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Ⅲ. InSet – Stock (Fund)
Orders (FIX, Tel )
Trade
Broker
Investment
manager
1.Trade report
(CCF)
Investment
manager
Matching
2. Allocation
(CCF)
4. Allocation
(CCF)
5. Affirmation
(Web)
Trust bank 8.Settlement
statement (Web)
13.Settlement result
(Web)
Settlement
FundNet
1.Trade report
(CCF)
3. Matching
(1.2)
6. Matching
(1.5)
Broker
7. Netting
9. Blocking
12. Securities
transfer
10.Money transfer
instruction (CCF)
10.Money transfer
instruction
8.Settlement
statement (Web)
13.Settlement result
(Web)
11.Money transfer
result (CCF)
10.Money transfer
instruction
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Ⅲ. InSet – Stock (Non-resident)
Orders (FIX, Tel )
Trade
Foreign
Institution
Matching
Broker
Foreign
institution
NOE
Allocation
Trade report
NOE
Trade report
1.Trade report
(Web)
2. Affirmation
(Web)
Local
5.Settlement
custodian
statement (Web)
1.Trade report
(CCF)
3. Matching
8.Settlement
statement (Web)
Broker
4. Netting
6. Blocking
10.Settlement result
9. Securities
(CCF)
transfer
7.Money transfer
8.Money transfer
instruction (CCF)
result (CCF)
10.Settlement result
(CCF)
Settlement
7.Money transfer
instruction
7.Money transfer
instruction
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Ⅲ. InSet – Bond (Institutional Investor)
Trade (Tel, E-mail )
Trade
Dearer
Institutional
Investor
1.Trade report
(Web)
Matching
Institutional
Investor
2. Matching
3.Settlement
statement (Web)
3. Settlement
statement (Web)
8.Settlement result
(Web)
Settlement
1.Trade report
(CCF)
4. Blocking
7. Securities
transfer
5.Money transfer
instruction (CCF)
4.Money transfer
instruction
Dealer
8.Settlement result
(Web)
6.Money transfer
result (CCF)
4.Money transfer
instruction
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Ⅲ. InSet – Bond (Fund)
Trade (Tel, E-mail )
Trade
Dealer
Investment
manager
1.Trade report
(CCF)
Investment
manager
Matching
FundNet
2. Allocation
(CCF)
4. Allocation
(CCF)
5. Affirmation
(Web)
7.Settlement
Trust bank
statement (Web)
3. Matching
(1.2)
6. Matching
(1.5)
1.Trade report
(CCF)
7.Settlement
statement (Web)
Dealer
8. Blocking
Settlement
12.Settlement result
12.Settlement result
11. Securities
(Web)
(Web)
transfer
9.Money transfer
10.Money transfer
instruction (CCF)
result (CCF)
9.Money transfer
instruction
9.Money transfer
instruction
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Ⅳ. Statistics-Stock
 Total 207 participants (2007)
Broker/Dealer
58
Others
24
Trust Bank
20
Investment
Manager
95
Custodian
10
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Ⅳ. Statistics-Stock
 Trading volume by InSet vs Settlement volume
by InSet
1600
Trillion
won
trading volume by InSet
settlement volume by InSet
trading volume for Institution
1400
1,368
1200
1,126 (82%)
1000
889
800
736(82%)
664
600
400
200
549(82%)
493
414
200(48%)
390(79%)
451
327
250
175
92
0
2003
2004
2005
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2006
2007
Ⅳ. Statistics-Bond
 Total 238 participants (2007)
Insurance
Company
14
Others
27
Commercial Bank
32
Trust Bank
17
Broker/Dealer
53
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Investment
Managers
95
Ⅳ. Statistics-Bond
 Trading volume by InSet vs settlement volume
by InSet
Trillion
won
trading volume by InSet
settlement volume by InSet
trading volume for Institution
4,000
3,500
3,427
3,143
3,000
2,500
3,058
2,610
2,899
2,541(74%)
2,284 (74%)
2,320(73%)
2,000
2,203 (76%)
1,571
1,500
1,286(49%)
1,457
1,404
1,403
1,000
751
500
0
2003
2004
2005
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2006
2007
Ⅴ. Future plan
 Next generation IT System project will be
completed in May 2010
 The project plans to introduces in InSet System
– CCF in all settlement processes
– ISO 15022
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Thank you !