Новые разработки по трехстороннему взаимодействию Международного центрального депозитария и систем работы с залогами при расчетах
Председатель представит краткое описание наработок по развитию взаимодействия между системами работы с залогами по закрытым сделкам РЕПО с использованием корзин ценных бумаг и предлагаемую модель сотрудничества с Международным центральным депозитарием по вопросам трехстороннего взаимодействия при расчетах.

?

с трехстронним у Вас не так просто
ICSDs ведь во множ. числе, а это Euroclear and Clearstream

см. http://www.ecb.int/paym/groups/pdf/ERC_EBF_request_re_interoperability.pdf?a4f0514c619974f834e363991099b474

"tools provided by the major ICSDs (Euroclear and Clearstream)"

иначе смысла в трехстороннем взаимод. нет

справедливости ради еще есть SIX SIS (http://en.wikipedia.org/wiki/Central_securities_depository) - тоже ICSD

вот коньтексты, из которых это видно
The second initiative that I want to mention is the implementation of cross-border triparty collateral management services within the Eurosystem collateral framework. Triparty services, as you know, involve a triparty agent acting as a facilitator between the two parties to the repo. Triparty services are already used within the current operational framework of the Eurosystem, although only on a domestic basis and limited to a small number of euro area countries (Germany, Luxembourg, France and Italy). In 2014 however, the possibility to collateralise Eurosystem credit operations by using triparty services on a cross-border basis will be introduced, thereby allowing for greater efficiencies in collateral mobilisation and re-use of collateral received in triparty repo with the respective central banks of the Eurosystem.

Another initiative with which the ECB is associated relates to triparty settlement interoperability. [15] When we refer to this, we should keep in mind that an important feature of the European repo market set-up is the (increasing) integration between the repo clearing, settlement and collateral management layers. While there is an increasing integration across these layers however, there remains in some cases a certain fragmentation that limits traders’ opportunities based on the location of the collateral. Working in close cooperation with the European Repo Council (ERC), the international central securities depositories (ICSDs) have started to develop a triparty settlement interoperability model to support settlement of general collateral trading cleared by CCPs. With the interoperability between the two ICSDs’ collateral management systems, market participants would avoid the fragmentation of their liquidity pools.

The ECB is fully behind this market-led triparty interoperability initiative because of its collateral pooling benefits and efficiencies. Moreover, it reduces the costs for triparty repos related to collateral management, settlement and legal charges, and allows trading to be executed regardless of the location of the collateral. Non-discriminatory, risk-based access to and by market infrastructures is an important element of the new international regulatory framework. With market participants increasingly moving to central clearing, the business case for triparty interoperability is growing. Furthermore, the new CPSS-IOSCO principles for financial market infrastructures were specifically strengthened to facilitate access and interaction between such infrastructures.

Some of the key parties involved in this triparty settlement interoperability initiative have started to show signs of retreating in past months. While the ECB understands the complexity of establishing a triparty interoperability model and the substantial efforts and in particular the investment costs required to make it work, it would like to strongly urge all parties to continue to work together. Interoperability will bring important benefits – by allowing a more efficient use of collateral by bringing together separate pools of liquidity. The ECB remains ready to continue to support the triparty settlement interoperability initiative and to help bring the project forward.

At the centre of the US repo market sits ***the triparty model, where a custodian bank, Bank of New York Mellon and JPMorgan, helps to administer a repo agreement between two parties. An investor places its money with the custodian bank, which in turn lends it to another institution, and then assets are pledged as collateral for the loan. [