2014 Annual Report Summary - Tunisie Annual report.pdf 2014 Annual Report Summary TUNISIE CLEARING 2
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Tunisie Clearing fulfills the following
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
Tunisie Clearing provides other services such
Registers keeping upon issuers request;
Transfer of information on registers
The possibility to segregate investors
assets from participants assets.
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
« CFI »/ Financial
Instruments Short Name
« FISN »/ Legal Entity
Identifier « LEI »).
2. Meet the market needs with
respect to international
3. Enhance transparency and
4. Develop a trade repository
1. Reduce operational
risk through the
renovation of the
and the reinforcement
of the information
2. Reform the CSD system
to allow its integration
3. Establish a formal
Plan in accordance
with the best practices
1. Strengthen the legal
framework of the CSD
business and relationship
2. Enhance the CSD
governance with reference
to the best
recommendations in the
3. Implement a risk
4. Assess the CSD business
against the Principles for
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.
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:
► 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
► 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
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.
► Implementation of a new billing software.
► Update of procedures manuals and
► 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
→ Ensure the traceability of operations
→ 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
► 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
► Update and disclosure of the CSD responses to
the Association of Global Custodians (AGC)
► Tunisian Central Bank Governor approval on
the implementation of Delivery vs. Payment
principle for refunding operations.
► Launch of a consultation to participants on
► Launch of a fees recovery procedure based on
automated bank debit to be applied in 2015.
Finalization of Tunisie Clearing draft rules