New Infrastructures for OTC Derivatives Central Repository for Forward Contracts November 2011

  • View
    44

  • Download
    0

Embed Size (px)

DESCRIPTION

New Infrastructures for OTC Derivatives Central Repository for Forward Contracts November 2011. DCV in figures In detail, Central Repository for Forward Contracts The Derivatives Market in Chile Overview Central Repository for Forward Contracts Background - PowerPoint PPT Presentation

Text of New Infrastructures for OTC Derivatives Central Repository for Forward Contracts November 2011

  • New Infrastructures for OTC DerivativesCentral Repository for Forward ContractsNovember 2011

  • *DCV in figures

    In detail, Central Repository for Forward Contracts

    The Derivatives Market in ChileOverview

    Central Repository for Forward ContractsBackgroundCurrent issues with existing operating proceduresFeatures of the new serviceService modelSome statisticsPhase 2 & Phase 3Conclusions

  • *DCV in figuresChiles national CSD with 18 years of experience in the market

    176 participants

    Shareholders:Pension Funds27%Banks27%Santiago Stock Exchange21%DTCC holding ILLC10%Life Insurance Cos. 9%Electronic Exchange5%Others1%

    US$ 250 billion under custody in local securities

    Transactions registered in 2011 (sept): US$1,037 billion

    Transactions registered in 2011 (sept): 1,2 million

    Through DCV Registros (subsidiary) maintains Corporations shareholders registries

    Role of NNA, issuing ISINs for Chilean securities

    International custody services for local participants investing abroad

  • *The Derivatives Market in ChileOverview:Active OTC derivatives market in ChileForwards (82%)Swaps (18%)

    Currencies in Forwards ContractsCLP - US dollar (95%)Euro US dollar (2%)US Dollar Yen (2%)Others (1%)

    Volumes in Forwards ContractsNotional amounts: US$ 1,5 billion (daily average) # of CLP US dollar contracts: 70,000 annual basis

    Potential new gross income2012 USD 100,0002013 USD 150,000*

  • *Central Repository for Forward ContractsBackground:

    The idea was originated from the need to provide a comprehensive and centralized solution for pension funds / banks regarding their forward contracts: subscription, registration and custody

    This is an opportunity to generate a new source of funds for DCV

    We worked together to define the scope, objectives and commitments

    An agreement between Pension Funds and Banks took place in March 2010; this became the business reason for the project

    The potential market considers the rest of current participants and also their institutional customers

  • *Central Repository for Forward ContractsCurrent issues with existing operating procedures

    Lack of standard procedures

    Too many administrative procedures (Too much time-consuming paperwork)

    Need to keep updated records of representatives authorized to sign the contracts

    Receiving contracts with inaccurate data

    Receiving signed contracts several days after the respective operations agreements

    Involved many operational and financial risks

    High operating costs

    *

  • *Central Repository for Forward ContractsFeatures of the new serviceElectronic and centralized subscription, registration and custody

    Official legal record

    Digital certificate with an advanced electronic signature

    Control of expiration dates

    On-line information (100% reliable)

    Pension Fund Services: Daily reports to the Pension Funds Superintendence

    STP with the Electronic Stock Exchange

  • *Central Repository for Forward Contracts

  • Some Statistics

    21 Participants have adhered the service8 Participants operating13 Participants in the road to activate their accounts

    Up to september 984 contracts registered

    Up to september 161 contracts matured

    Central Repository for Forward Contracts*

    Grfico2

    Marzo2

    5102

    20148

    45200

    41136

    21178

    29218

    Vencimiento

    Suscripcin

    N Total de Registros por Mes

    Facturacin

    MesTotal en UFTotal acumulado en UFN Contratos SuscritosN de VencimientosN ModificacionesN AnulacionesN AnticiposN de Clientes Facturados

    Apr-115.4755.485150002

    May-118.90014.3874200004

    Jun-1113.37527.75100450004

    Jul-119.87537.6368410004

    Aug-1110.57548.2089210015

    Sep-1113.17561.381092916

    Oct-11

    Nov-11

    Dec-11

    Jan-12

    Feb-12

    Mar-12

    Apr-12

    May-12

    Totales614911610.00.02

    PresupuestoRealVar. MensualVariacin UF

    Enero8300-83

    Febrero3300-33

    Marzo16700-167

    Abril25050-245

    Mayo250980%-241

    Junio3171344%-304

    Julio31710-23%-307

    Agosto4141110%-403

    Septiembre3961318%-383

    Octubre445-445

    Noviembre475-475

    Diciembre475-475

    Total general3,62261-3,561

    Facturacin

    00

    00

    00

    00

    00

    00

    00

    00

    00

    Presupuesto

    Real

    Operaciones

    Suma de TotalMotivo

    DepositanteBeneficio por vencimientoSuscripcin de AnticipoSuscripcin de ContratoTotal general

    BANCO DE CHILE68386454

    BANCO SANTANDER - CHILE59367426

    DEUTSCHE BANK (CHILE) S.A.1125669

    AFP CUPRUM S.A. FONDO TIPO A614047

    AFP CUPRUM S.A. FONDO TIPO C43943

    AFP CUPRUM S.A. FONDO TIPO B412833

    JP MORGAN CHASE BANK22527

    AFP CUPRUM S.A. FONDO TIPO E32124

    AFP CUPRUM S.A. FONDO TIPO D41115

    BANCO BILBAO VIZCAYA ARGENTARIA CHILE1010

    AFP CAPITAL S.A. FONDO TIPO A11

    Total general16149841149

    DepositanteBeneficio por vencimientoSuscripcin de AnticipoSuscripcin de ContratoMesVencimientoSuscripcin de AnticipoSuscripcin

    BANCO DE CHILE68386Marzo2

    BANCO SANTANDER - CHILE59367Abril5102

    AFP CUPRUM212139Mayo20148

    DEUTSCHE BANK (CHILE) S.A.11256Junio45200

    JP MORGAN CHASE BANK225Julio41136

    AFP CAPITAL1Agosto212178

    BBVA10Septiembre292218

    161498411491614984

    492

    Operaciones

    0

    0

    0

    0

    0

    0

    Suscripcin de Contrato

    N Total de Registros de Suscripcin de Contratos por Cliente

    Data

    00

    00

    00

    00

    00

    00

    00

    Vencimiento

    Suscripcin

    N Total de Registros por Mes

    MesDepositanteCODDEPMotivoTotalPrecioMonedaPrecio Total

    MarzoBANCO DE CHILE1001Suscripcin de Contrato10.050UF0.050

    MarzoBANCO SANTANDER - CHILE1037Suscripcin de Contrato10.050UF0.050

    AbrilBANCO DE CHILE1001Beneficio por vencimiento40.075UF0.300

    AbrilBANCO DE CHILE1001Suscripcin de Contrato510.050UF2.550

    AbrilBANCO SANTANDER - CHILE1037Beneficio por vencimiento10.075UF0.075

    AbrilBANCO SANTANDER - CHILE1037Suscripcin de Contrato510.050UF2.5505.475

    MayoBANCO DE CHILE1001Beneficio por vencimiento90.075UF0.675

    MayoBANCO DE CHILE1001Suscripcin de Contrato730.050UF3.650

    MayoBANCO SANTANDER - CHILE1037Beneficio por vencimiento100.075UF0.750

    MayoBANCO SANTANDER - CHILE1037Suscripcin de Contrato690.050UF3.450

    MayoAFP CAPITAL S.A. FONDO TIPO A26010Suscripcin de Contrato10.050UF0.050

    MayoAFP CUPRUM S.A. FONDO TIPO A26003Beneficio por vencimiento10.075UF0.075

    MayoAFP CUPRUM S.A. FONDO TIPO A26003Suscripcin de Contrato20.050UF0.100

    MayoAFP CUPRUM S.A. FONDO TIPO C5003Suscripcin de Contrato30.050UF0.1508.900

    JunioDEUTSCHE BANK (CHILE) S.A.1052Beneficio por vencimiento10.075UF0.075

    JunioDEUTSCHE BANK (CHILE) S.A.1052Suscripcin de Contrato210.050UF1.050

    JunioBANCO DE CHILE1001Beneficio por vencimiento190.075UF1.425

    JunioBANCO DE CHILE1001Suscripcin de Contrato790.050UF3.950

    JunioBANCO SANTANDER - CHILE1037Beneficio por vencimiento250.075UF1.875

    JunioBANCO SANTANDER - CHILE1037Suscripcin de Contrato770.050UF3.850

    JunioAFP CUPRUM S.A. FONDO TIPO A26003Suscripcin de Contrato60.050UF0.300

    JunioAFP CUPRUM S.A. FONDO TIPO B27003Suscripcin de Contrato30.050UF0.150

    JunioAFP CUPRUM S.A. FONDO TIPO C5003Suscripcin de Contrato70.050UF0.350

    JunioAFP CUPRUM S.A. FONDO TIPO D28003Suscripcin de Contrato10.050UF0.050

    JunioAFP CUPRUM S.A. FONDO TIPO E19003Suscripcin de Contrato60.050UF0.30013.375

    JulioDEUTSCHE BANK (CHILE) S.A.1052Suscripcin de Contrato50.050UF0.250

    JulioBANCO DE CHILE1001Beneficio por vencimiento160.075UF1.200

    JulioBANCO DE CHILE1001Suscripcin de Contrato630.050UF3.150

    JulioBANCO SANTANDER - CHILE1037Beneficio por vencimiento150.075UF1.125

    JulioBANCO SANTANDER - CHILE1037Suscripcin de Contrato520.050UF2.600

    JulioAFP CUPRUM S.A. FONDO TIPO A26003Beneficio por vencimiento40.075UF0.300

    JulioAFP CUPRUM S.A. FONDO TIPO A26003Suscripcin de Contrato60.050UF0.300

    JulioAFP CUPRUM S.A. FONDO TIPO B27003Beneficio por vencimiento10.075UF0.075

    JulioAFP CUPRUM S.A. FONDO TIPO B27003Suscripcin de Contrato30.050UF0.150

    JulioAFP CUPRUM S.A. FONDO TIPO C5003Beneficio por vencimiento20.075UF0.150

    JulioAFP CUPRUM S.A. FONDO TIPO C5003Suscripcin de Contrato30.050UF0.150

    JulioAFP CUPRUM S.A. FONDO TIPO D28003Beneficio por vencimiento20.075UF0.150

    JulioAFP CUPRUM S.A. FONDO TIPO D28003Suscripcin de Contrato20.050UF0.100

    JulioAFP CUPRUM S.A. FONDO TIPO E19003Beneficio por vencimiento10.075UF0.075

    JulioAFP CUPRUM S.A. FONDO TIPO E19003Suscripcin de Contrato20.050UF0.1009.875

    AgostoDEUTSCHE BANK (CHILE) S.A.1052Beneficio por vencimiento50.075UF0.375

    AgostoDEUTSCHE BANK (CHILE) S.A.1052Suscripcin de Anticipo10.050UF0.050

    AgostoDEUTSCHE BANK (CHILE) S.A.1052Suscripcin de Contrato110.050UF0.550

    AgostoBANCO DE CHILE1001Beneficio por vencimiento90.075UF0.675

    AgostoBANCO DE CHILE1001Suscripcin de Contrato670.050UF3.350

    AgostoBANCO SANTANDER - CHILE1037Beneficio por vencimiento40.075UF0.300

    AgostoBANCO SANTANDER - CHILE1037Suscripcin de Contrato620.050UF3.100

    AgostoJP MORGAN CHASE BANK1041Suscripcin de Contrato60.050UF0.300

    AgostoAFP CUPRUM S.A. FONDO TIPO A26003Beneficio por vencimiento10.075UF0.075

    AgostoAFP CUPRUM S.A. FONDO TIPO A26003Suscripcin de Anticipo10.050UF0.050

    AgostoAFP CUPRUM S.A. FONDO TIPO A26003Suscripcin de Contrato70.050UF0.350

    AgostoAFP CUPRUM S.A. FONDO TIPO B27003Beneficio por vencimiento10.075UF0