'Clearing, Settlement and Custody' focuses on the clearing,
settlement and custody functions by analyzing how they work and the
interaction between the organizations involved. The author examines
the roles of clearing houses, central counterparties, central
securities depositories and the custodians, as well as, assessing
the impact on the workflow and procedures in the operations
function at banks, brokers and institutions. The changes that are
taking place in the industry are explored and the impact for
operations managers and supervisors assessed.
Clearing, settlement and custody is at the heart of everything
that happens in the financial markets. The evolution of clearing
and settlement is one that is still happening and as such, it is
impacting on the operations function through both new practices but
also, increasingly, in terms of regulation, risk and
In essence the efficient clearing and settlement operation is
managing risk, not because it is a direct part of the process but
more because it is a bi-product. The routine procedures relate to
reconciliation and record keeping. If these are performed
efficiently and accurately it will result in accurate records of
activity and profit and loss.
The settlement process is a key element in identifying and
correcting errors made by dealers and traders. Failure to identify
the error or act promptly will result in potentially serious
financial loss, as well as worrying audit and the regulators.
In addition to these concerns the financial service sector is also
undergoing a massive rationalization of the structure of clearing
and settlement and seeking the twin goals of automation and
shortening settlementcycles. The challenge for operations managers
is considerable: manage costs, eradicate inefficiencies, create an
environment to be competitive, and implement the procedures to meet
future changes that will occur.
In this book the author looks at some of the different roles, the
processes and procedures, and the key issues, in order to help
those in operations meet the challenge.
The definitive series of professional references for those finance
professionals concerned with "Back office" or operations management
unique to this industry.Presents concise references on the
essential management functions such as technology, client services,
and risk management for financial operations management
professionals.A comprehensive resource from a leading financial
management consultant for global banks and institutions.
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