Collective Investment Scheme Transactions in ASEAN+3: Benchmark Product and Market Infrastructure Design
This report explores how the central securities depository and real-time gross settlement (CSD-RTGS) linkage model could be applied to collective investment scheme (CIS) passporting frameworks in Asia to enhance post-trade efficiency.
In Asia, there are a number of multilateral CIS passporting frameworks, but little attention has been given to how delivery versus payment settlements can be facilitated under such frameworks. The report finds that the CSD-RTGS linkage model has considerable potential to be applied in Asia as a settlement engine for other cross-border financial instruments. It outlines how this can be achieved by interlinking the region’s CIS central platforms and delivery versus payment settlements infrastructure under the CSD-RTGS model.
Contents
- Executive Summary
- Introduction
- Characteristics of Collective Investment Schemes
- Europe’s Passport Brand: Undertaking for Collective Investment in Transferable Securities
- Asian Collective Investment Scheme Market and Passports
- Recommendations on the Application of the CSD-RTGS Linkage Model to Asian Collective Investment Scheme Passports
- Appendix: Overview of ASEAN+3 Collective Investment Scheme Markets
- Glossary
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