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Market participants (Local-sub-custodian (Safekeeping local market, Low…
Market participants
Local-sub-custodian
Safekeeping local market
Low costs
Specific local market knowledge
Time difference
Global Custodian
World wide scale, network subcustodians
One-stop-shop
Direct link to CSD
Link to CSD through local/sub custodian
Clearing
Central Counterparty (CCP)
Central counterparty for all sales/purchases executed on the stock exchange
Takes care of the administrative settlement of all on-exchange transactons
Decrease of counterparty risk
Guaranteed settlement
General Clearing Member (GCM)
Settlement of on-exchange transactions of clients
Guaranteees settlement of all its clients
Additional functions, settlement, safekeeping, corporate actions (onderdeel custodian)
MTF Multilateral Trading Facility
Direct Clearing Member (DCM)
Only own books
CSD
Central Securities Depository
Central safe keeping of securities in a local market
Can be privately and publicly owned
Custodian
Safekeeper of securities
Basic product offering Settlement & Custody
Add-on product offering
Securities Lending
Collateral Management
Tax
Payments
Management Reporting
Treasury
I-CSD
International Central Securities Depository
Settlement platform for securities issued in multiple countries