Contact group on euro securities infrastructures
COGESI addresses developments in the field of collateral management and liquidity management, infrastructural developments, issues related to regulation, standards and legal framework, and post-trading activities in general.
It is of particular interest for the ECB to receive feedback from market participants and infrastructures on the Eurosystem collateral framework and on initiatives related to euro securities clearing and settlement integration.
ECB (Director General Market Infrastructure and Payments)
Members consist of representatives of the Eurosystem and representatives of commercial banks, securities settlement systems and clearing houses mainly from the euro area.
The non-euro area central banks of the EU and the European Commission attend COGESI as observers.
The composition of the group is reviewed on a regular basis.
- 26 November
Review of latest developments related to FMIs
CSDR – mandatory buy-ins
Developments in collateral management services
Collateral availability and usability
- 7 July
Collateral eligibility and availability: Follow-up to the report on "Collateral eligibility requirements - a comparative study across specific frameworks"
Euro repo market: improvements for collateral and liquidity management
Improvements to commercial bank money (COBM) settlement arrangements for collateral operations
- 17 June
COGESI reports: Conclusions and proposed next steps
Impact of regulatory requirements on CCPs
- 22 November
2 EACH Reaction on collateral harmonisation developments
2 WS3 Triparty Interoperability
3 Cross-border TCMS
4 Clearstream Global Liquidity Hub
4 Clearstream Liquidity hub GO
4 Euroclear C-Highway
4 Iberclear Collateral management services
5 Eligible links in context of T2S
- 5 June
Eurosystem eligible links in the context of T2S
MiFID and post trading
OTC derivates portfolio risk reduction
- 18 November
The interconnectivity of central and commercial bank money in the European repo market
Report on ongoing development of interoperability for Triparty
- 18 May
Margining and Collateral Processing - Best practices at Eurex Clearing AG
LCH.Clearnet: Margining Approach
euroccp: Interoperability Update
Triparty Interoperability - Update to ERC Committee
Triparty repo in CCBM2
Harmonisation of Settlement Cycles Working Group – Outcome of Work
- 14 December (ad hoc meeting)
ERC/EBF request re interoperability
High level concept for triparty collateral interoperability
Triparty interoperability model for Euro GC Pooling
- 17 November
CCPs Interoperability Convention
Trade Confirmation Matching
- 11 May
ESCB-CESR COGESI 11 1 .05.09
EBF report on remedying dysfunctional Interbank Money Markets
Presentation by EBF on infrastructure of interbank money market 1
Presentation by Optima on Credit risk Mitigation
Outline of report on bank loans
Securities Reference Data Utility
- 14 November
Item3_Eurex CCP proposal
- 19 June
LCH.Clearnet RepoClear €GC
Inter-CCP Risk Management Standards
- 28 May (ad hoc meeting on CCBM2)
- 6 March (ad hoc meeting on CCBM2)
Second consultation on CCBM2: The draft user requirements
Feedback to the market on the initial consultation
- Collateral eligibility and availability: Follow-up to the report on "Collateral eligibility requirements - a comparative study across specific frameworks"
- Euro repo market: improvements for collateral and liquidity management
- Improvements to commercial bank money (COBM) settlement arrangements for collateral operations
The 2013 COGESI report compiled a comprehensive set of tables comparing collateral policy frameworks. COGESI has committed to regularly updating these tables so as to provide an up-to-date reference point for the comparison of the various frameworks.
The tables present the status quo for existing collateral eligibility rules within (i) the collateral policy frameworks of major central banks, (ii) EU and global regulatory frameworks and (iii) the practices of EU central counterparties (CCPs).
27 February 2015
- Table 1: High-level overview of eligibility requirements for collateral
- Table 2: Overview of marketable assets within the collateral policy frameworks of central banks
- Table 3: Overview of non-marketable assets within the collateral policy frameworks of central banks, focusing on credit claims (bank loans)
- Table 4: Overview of collateral requirements within EU and global regulatory frameworks
- Table 5: Overview of collateral requirements within EU CCP frameworks
- Table 6: Overview of margin / collateral requirements for central clearing of OTC derivatives and repos
Map of CSD links and cut-off times
In January 2015, at the request of COGESI, the European Central Securities Depositaries Association (ECSDA) published an overview of the various links between CSDs. This came along with a comprehensive map of CSD cut-off times and characteristics.
Links are an important means to facilitate cross-border securities transactions and they contribute to market integration. This overview of CSD links is based on data collected by ECSDA in the second half of 2014.