Towards international standards and references :
In order to comply with the best practices in the securities field and apply international standards on securities market infrastructures, Tunisie Clearing closely follows up the publications of the Bank of International Settlements (BIS) and the International Organization of Securities Commissions (IOSCO).
In this context, CPMI-IOSCO have published in April 2012, 24 Principles for Financial Markets Infrastructures, an assessment methodology and a disclosure report. Given their importance in the design an exhaustive risk management framework for Central Securities Depositories and Securities Settlement Systems, these publications are a reference to Tunisie Clearing.
Tunisie Clearing has fulfilled a first exercise with the French firm « ATOS » in order to:
- Assess its positioning with regard to BIS recommendations (2001) and international practices in the securities field,
- Identify potential gaps.
For further information, please visit: www.bis.org
Towards a more secure and attractive market:
Taking into consideration the systemic importance of Central Securities Depositories in the securities markets and their essential role in the strengthening of markets security, these infrastructures are often solicited by investors, mainly foreigners, who are concerned with the existence of effective mechanisms and controls protecting their transactions and assets.
In this context, Tunisie Clearing annually updates:
- The Association of Global Custodians (AGC) questionnaire:
The AGC is a group of 11 financial institutions providing securities safekeeping services and asset-servicing functions to primarily institutional cross-border investors worldwide. The group represents the common interests on financial markets matters in particular those in relation with custodian banks. The AGC has established a questionnaire that provides insights into the key factors in relation with the functioning of Central Securities Depositories.
The questionnaire is annually submitted to Tunisie Clearing for review.
For further information, please visit: www.theagc.com
- Thomas Murray Report:
Thomas Murray is a rating and risk management agency that also supplies information on the securities field. The company provides Central Securities Depositories with a report that assesses the most relevant applicable risks.
The report is annually reviewed. The rating which comprises a general rating and a specific risk rating is updated after each review.
For further information, please visit: www.thomasmurray.com
- Association of National Numbering Agencies:
Furthermore, Tunisie Clearing ensures since 1998 the codification of securities for the Tunisian financial market. In fact, Tunisie Clearing is member of Association of National Numbering Agencies (ANNA) and is in charge of the promotion and implementation of international standards for securities and financial instruments and of the codification in a uniform and precise structure with the aim to improve the efficiency of domestic markets and the global securities industry.
Towards more cooperation with our peers:
The evolving complexity of capital markets and CSDs activities makes it significant to cooperate and exchange information between market infrastructures. Aware of its business challenges and in order to best serve the Tunisian market, Tunisie Clearing has been involved in many activities including:
- Africa and Middle East Depositories Association (AMEDA):
AMEDA is an organization whose members are central depositories of Africa and Middle East region. AMEDA’s goal is to promote the exchange of experiences and information as well as mutual cooperation between members. AMEDA addresses issues in relation with post trade services in particular deposit, clearing and settlement services. Tunisie Clearing is member of AMEDA since 2005.
For further information, please visit : www.ameda.org.eg
- World Forum of CSDs (WFC):
Established in 2011 to promote information exchange among regions, WFC is a forum that groups 5 regional associations of Central Securities Depositories: Europe, Asia Pacific, the Americas, Africa & Middle East and Eurasia. WFC organizes periodic conferences with representatives of the various regions.
For further information, please visit : worldcsds.wordpress.com
- Memorandum Of Understanding:
In order to promote the Tunisian financial market internationally, Tunisie Clearing signed cooperation agreements with:
- Maroclear (Moroccan Central Depository) framing the dual listing of a Tunisian company shares.
- MKK (Turkish Central Depository) framing the exchange of information and experiences.
- Takasbank (Turkish Securities Settlement System) framing the exchange of information and experiences.