2014 Annual Report Summary - Tunisie Annual report.pdf 2014 Annual Report Summary TUNISIE CLEARING 2

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Transcript of 2014 Annual Report Summary - Tunisie Annual report.pdf 2014 Annual Report Summary TUNISIE CLEARING 2

  • 2014

    Annual Report

    Summary

  • TUNISIE CLEARING

    2

    Table of Content

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    Tunisie Clearing fulfills the following

    missions :

     The initial recording of securities in a

    book-entry system (notary function) and

    the central custody of securities. This

    mission guarantees the issue integrality

    and continuously ensures that issued

    securities are equal to securities recorded

    on book keepers accounts;

     The management of the Securities

    Settlement System according to the

    Delivery vs. Payment principle in Central

    Bank money.

    Tunisie Clearing provides other services such

    as:

     Securities codification;

     Registers keeping upon issuers request;

     Transfer of information on registers

    update ;

     The possibility to segregate investors

    assets from participants assets.

  • TUNISIE CLEARING

    3

    Introduction

    Tunisie Clearing has always striven to create added value for its participants

    by providing them with services that better meet their requirements.

    Throughout its 20 years of business, the

    Tunisian Central Securities Depository has

    acquired an important place at the heart of

    Tunisian capital markets; Tunisie Clearing has

    become a key partner of all market

    stakeholders and an important component of

    its security architecture.

    The celebration of the 20th anniversary of the

    Tunisian Central Depository has witnessed: (i)

    The change of the CSD name from

    “STICODEVAM” to “Tunisie Clearing” which

    aimed to enhance the CSD international

    identification by reflecting both its business

    nature and territoriality; (ii) The adoption of a

    new graphic identity that refers to the CSD

    central relationship with market stakeholders.

    These changes were followed by the launch of

    a short and medium terms IT strategy as well

    as new projects based of the following pillars:

    1. Implement the best

    practices and standards in

    the field (Classification of

    Financial Instruments

    « CFI »/ Financial

    Instruments Short Name

    « FISN »/ Legal Entity

    Identifier « LEI »).

    2. Meet the market needs with

    respect to international

    developments.

    3. Enhance transparency and

    information communication

    and exchange.

    4. Develop a trade repository

    activity.

    1. Reduce operational

    risk through the

    renovation of the

    technical infrastructure

    and the reinforcement

    of the information

    system security.

    2. Reform the CSD system

    to allow its integration

    and development.

    3. Establish a formal

    Business Continuity

    Plan in accordance

    with the best practices

    and recommendations.

    1. Strengthen the legal

    framework of the CSD

    business and relationship

    with stakeholders.

    2. Enhance the CSD

    governance with reference

    to the best

    recommendations in the

    field.

    3. Implement a risk

    management framework.

    4. Assess the CSD business

    against the Principles for

    Financial Market

    Infrastructures.

    Business Pillar IT Pillar Organizational Pillar

    A trade repository is an entity that collects and centrally maintains records related to OTC (Over the

    counter) trades. Trade repositories are a new type of Financial Market Infrastructure that has

    recently grown in importance due to its important role in strengthening transparency and

    standardizing communication related to OTC trades.

  • TUNISIE CLEARING

    4

    Governance, transparency and risk management

    Tunisie Clearing has put in place a set of measures to build a sound risk

    management and governance framework.

    Acknowledgment of risks:

    ► Rating report: Tunisie Clearing has fully

    reviewed its risk rating report which is

    established by the agency « Thomas Murray ».

    The report review was undertaken by a

    working group with the participation of

    concerned departments and the general

    management. The report is being reviewed by

    the agency. The current rating is « A-» which

    refers to a low level of risk. The rating

    components are the following:

    Transparency :

    ► Redesign of the website: The redesign of the

    website was mainly related to the review of

    disclosed data including statistics and

    bulletins: 3 monthly bulletins organized by

    topic were implemented in addition to daily,

    weekly and annual bulletins.

    The website is available in 3 languages: Arabic,

    French and English.

    ► Questionnaire of the Association of Global

    Custodians: In accordance to the best

    international practices in terms of

    transparency, Tunisie Clearing has made

    publicly available its responses to the AGC

    questionnaire. The questionnaire responses

    were reviewed and updated by a working

    group before being published on Tunisie

    Clearing website.

    Gouvernance :

    ► Establishment of a code of conduct

    applicable to employees: Tunisie Clearing has

    implemented a code of conduct governing

    professional duties and ethical rules applicable

    to its staff. This code aims to ensure an

    independent, efficient and accurate execution

    of business and to identify and manage

    conflicts of interests. The code also endeavors

    to prevent any conduct in violation with the

    system transparency, the protection of

    participants and the orderly execution of

    services.

    Internal Control & Compliance

    8 missions were run by the internal control

    and compliance structure. The missions

    were related to business operations and IT.

    Staff development and training

    Tunisie Clearing organizes trainings which

    are either objective-driven or general.

    Trainings covered topics such as repo and

    Central Bank monetary policy.

  • TUNISIE CLEARING

    5

    Year highlights

    ► Implementation of a new billing software.

    ► Update of procedures manuals and

    operational guidelines.

    ► Study of ISO 18774 standard (« Financial

    Instrument Short Name/FISN »).

    ► Participation to the 19th meeting of Africa

    and Middle East Depositories Association

    (AMEDA) held in Oman.

    ► Launch, in collaboration with the Central

    Bank of Tunisia, of a project on the

    implementation of Delivery Vs Payment

    principle to banks refunding operations.

    ► Participation to the 2nd Salon of Stock

    Exchange and Financial services

    « INVESTIA ». A presentation was delivered

    under the theme « Central Securities

    Depository and capital markets ».

    ► Definition of a process related to national

    bonds subscription and settlement.

    Standardization of securities accounting

    Since April 2014, a committee of Tunisie

    Clearing has started working on the

    establishment of securities accounting

    standards which define accounting

    principles, nomenclature and classification

    and aim to:

    → Implement a securities accounting

    manual applicable to all bookkeepers in

    the market.

    → Ensure the traceability of operations

    between participants.

    → Automate reconciliations between

    Tunisie Clearing and participants.

    → Protect investors rights and assets.

    The work was based on a study of

    international practices and is currently

    being finalized.

  • TUNISIE CLEARING

    6

    Year highlights

    ► Tunisie Clearing capital increase from

    3 748.275 TND to 4 414.635 TND.

    ► Implementation of an energy control system

    which allowed an energy economy of 30%.

    ► Test of the ANNA Service Bureau new files

    structure.

    ► Update and disclosure of the CSD responses to

    the Association of Global Custodians (AGC)

    questionnaire.

    ► Tunisian Central Bank Governor approval on

    the implementation of Delivery vs. Payment

    principle for refunding operations.

    ► Launch of a consultation to participants on

    turnaround trades.

    ► Launch of a fees recovery procedure based on

    automated bank debit to be applied in 2015.

    Finalization of Tunisie Clearing draft rules