processing corporate actions on behalf of customers

( d ) processing corporate actions on behalf of customers

Securities transactions treatment during the year

Now developing a successor Euro Clearing and Settlement System to operate in Stage Three of EMU . ECB ( European Central Bank ) the ECB will have legal personality .

ERM ( exchange rate mechanism ) the exchange rate and intervention mechanism of the EMS defined the exchange rate of participating currencies in terms of a central rate vis à vis the ECU . These central rates were used to establish a grid of bilateral exchange rates between participating currencies .

Stage Three started on 1 January 1999 with the transfer of monetary competence to the Eurosystem and the introduction of the euro .

2 ) net securities settlement systems with several processing cycles during the day

Eurosystem business day any day on which the ECB and at least one national central bank are open for the purpose of conducting Eurosystem monetary policy operations .

Depository an agent with the primary role of recording securities either physically or electronically and keeping records of the ownership of these securities .

operating expenses ) to sales , the ratio of net income ( operating and non operating income , after tax , depreciation and extraordinary items ) to sales , the return on assets ( relating net income to total assets ) and the return on equity ( relating net income to shareholders funds ) .

Depository an agent with the primary role of recording securities either physically or electronically and keeping records of the ownership of these securities .

Central securities depository ( CSD ) an entity that i ) enables securities transactions to be processed and settled by book entry , and ii ) plays an active role in ensuring the integrity of securities issues .

Any trade of securities on or off a securities exchange is followed by post trade processes that lead to the settlement of that trade, which is the delivery of securities against cash.

Any trade of securities on or off a securities exchange is followed by a post trade flow of processes that leads to the settlement of the trade, which means the delivery of securities against cash.

This will promote straight through processing ( STP ) across the entire securities transaction flow . ECB Annual Report 2004

Central securities depository ( CSD ) an entity that i ) enables securities transactions to be processed and settled by book entry ii ) provides custodial services ( e.g. the administration of corporate actions and redemptions )

There is , however , no EU wide framework for dealing with interests in securities held by an intermediary .

Final transfer an irrevocable and unconditional transfer which effects a discharge of the obligation to make the transfer .

Euro area the area encompassing the EU Member States which have adopted the euro as their single currency in accordance with the Treaty and in which a single monetary policy is conducted under the responsibility of the Governing Council of the ECB .

Deposit facility a standing facility of the Eurosystem which counterparties may use to make overnight deposits at a national central bank , which are remunerated at a pre specified interest rate .

In 2014 the Governing Council decided to change the accounting treatment of securities currently held for monetary policy purposes.

all holders of securities of the offeree company who are in identical situations must be given equal treatment

Debt securities issued with an original maturity of more than one year are classified as long term . Deposit facility a standing facility of the Eurosystem which counterparties may use to make overnight deposits , remunerated at a pre specified interest rate , at an NCB ( see also key ECB interest rates ) .

Debt securit ies issued Debt securit ies issued Debt securit ies issued Debt securit ies issued

Depository an agent with the primary role of recording securities either physically or electronically and keeping records of the ownership of these securities .

Fixed rate tender a tender procedure where the interest rate is specified in advance by the central bank and participating counterparties bid the amount of money they want to transact at the fixed interest rate . Floating rate instrument a financial instrument for which the coupon is periodically reset relative to a reference index to reflect changes in short or medium term market interest rates .

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The issuer shall ensure that all holders of debt securities ranking pari passu are given equal treatment in respect of all the rights attaching to those debt securities .

The issuer of debt securities admitted to trading on a regulated market shall ensure that all holders of debt securities ranking pari passu are given equal treatment in respect of all the rights attaching to those debt securities.

Income on equity Income on debt ( interest ) 2.2.2.1 .

Securities held for monetary policy purposes Other securities

Securities valuation .

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Buy shares

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Credit institution debt instruments Debt instruments issued by corporate and other issuers ( 5 )

Division Payment Systems Policy Division TARGET and Payment Processing Division Securities Settlement Systems Policy

Securities other than shares Securities other than shares Securities other than shares Securities other than shares Securities other than shares Securities other than shares Securities other than shares Securities other than shares Securities other than shares Securities other than shares

Securities held for monetary policy purposes Other securities

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