什么是存管信托及结算公司(存)?
存是一个 金融市场效用 (FMU) that was established more than 45 years ago to provide clearing and settlement services for the financial markets. While the investing public is very familiar with the front end of trading, 比如经纪人和交易所, fmu是组织, systems and networks that provide the underlying infrastructure to enable the financial markets to operate seamlessly. They can include payment and settlement systems, clearinghouses, and depositories.
存在金融市场中的作用是什么?
在美国.S.，设有三间结算机构:
-国家证券结算公司(NSCC)
-固定收益结算公司(FICC)
-存托信托公司(直接转矩)
These subsidiaries deliver highly efficient clearing services across the U.S. 股票和固定收益市场, 降低金融公司的风险和成本, 最终, 终端投资者, 同时确保市场的安全性和可靠性. 直接转矩为几乎所有股权提供清算和结算服务, 美国公司和市政债券交易和货币市场工具.S.
Because 存 plays a critical role in the financial markets, who regulates these businesses?
我们受到全球20多个不同监管机构的监管. 在美国.S. alone, different parts of our core business are regulated by the Federal Reserve, the U.S. Securities and Exchange Commission and the NYS Department of Financial 服务. 我们的三家结算机构也被指定为 具有系统重要性的金融市场效用 (SIFMUs)根据美国《vnsr威尼斯城官网登入》第八章成立.
被指定为SIFMU究竟意味着什么?
多德-弗兰克法案创造了 U.S. 金融稳定监督委员会 (FSOC)在美国.S. Treasury Department with a mandate to monitor the stability of the financial system. The SIFMU designation is a recognition of the criticality of these services to the smooth functioning of US financial markets. 结果是, we are required to meet strictly prescribed risk management standards and face heightened oversight by U.S. 监管当局. These rules were implemented to protect the global economy and the investing public from a financial crisis similar to, 或者更糟, 2008年世界经历了什么.
You mentioned earlier that 存 provides clearing and settlement services. 这到底是什么意思?
When an investor buys or sells shares in a stock, that transaction is routed to a clearinghouse. 在交易经过比较和核实之后, 票据交换所位于双方之间, 不管任何一方发生了什么, 它保证了交易的完成. This provides certainty for investors and improves market safety by lowering exposure to settlement failure.
Our most important responsibility is guaranteeing trade completion in the event that one or both parties to that transaction defaults.
你能举个例子吗?
If you think back to the financial crisis of 2008 and the bankruptcy of Lehman Brothers, 它是美国第四大投资银行.S. 当时, we made sure those trade were completed and that every buyer received their securities and every seller got their money.
在雷曼兄弟破产后的几周内, 存 successfully closed out more than $500bn in market participants' exposure from the bank's collapse, 这是存有史以来规模最大的一次关闭. 雷曼兄弟的清算是复杂的, involved multiple asset classes and required a methodical approach to mitigate potential losses from outstanding trading obligations. If you were a client of Lehman or traded with them 当时 of their default, you didn’t need to worry about receiving your securities or money because 存 had guaranteed your trade.
存是如何做到这一点时，有, 平均, more than 100 million broker-to-broker transactions per day with a value of nearly $1.2万亿年?
Many in the financial industry know that 存’s role is to provide stability during times of crises.
9/11事件后, 例如, 存 was able to steady a shaken financial system by clearing and settling trillions of dollars of trades. But this stability and risk mitigation is what we provide to firms and the industry every day. 银行, brokerages and other members of our clearinghouse deposit margin with us to protect against the risk that a member defaults on its obligations to settle its transactions. 这可能是现金，美元.S. 国债和其他高流动性资产. Margin is the core risk management tool that protects against the risk of a member default.
保证金流程究竟是如何运作的?
我们的结算会员每天都要向我们交保证金. 保证金金额, 哪些是每个成员公司和风险状况所独有的, 形成我们所谓的清算基金. Margin is collected at the start of each day and in some cases can be collected intraday if there is a lot of market volatility. The margin we collect is primarily based on established calculations that are subject to our rules, and we provide reporting and other tools to our clearing members to help them anticipate their margin requirements for a particular portfolio. 澳门赌场的保证金要求是与利益相关者的反馈发展, 其中包括清算会员参与度, 还需要监管部门的参与和批准.
Margin plays a critical role during these times because extreme volatility can generate substantial risk exposures at firms that clear trades with us. 随着清算成员投资组合风险的增加, 收取的保证金金额也会增加, 在一个叫做“VaR”的计算中,或风险价值. This margin capacity allows us to protect investors by efficiently and safely winding down positions in the event of a member default without the industry or investors suffering losses. This mitigates risk for the global financial marketplace by ensuring that a single firm’s default does not spread into a market-wide contagion.
在市场震荡时期, 存会告诉银行或经纪商他们不能交易某些证券吗?
No, 存 does not impose restrictions on clearing members as to what securities they may trade or what types of trades they may accept. 清算 members that are concerned about the margin requirements they will face may choose to impose risk controls or other trading restrictions on their clients to limit the risk in their clearing portfolios and the margin requirements they are likely to have at the clearinghouse.
了解更多 about how market infrastructures like 存 are leading change to protect and shape the future of capital markets.
Please click on this image to download an infographic on the lifecycle of a trade