Working Groups, Initiatives and Associations

Aktienforum is the interest group of listed companies and a platform for promoting and strengthening Austria’s capital market.

It represents the major stakeholders at the financial market place Vienna. Its members account for three quarters of the market capitalisation of the Vienna Stock Exchange. In addition to the listed companies, banks and financial services providers, financial advisors and other interest groups active in promoting Austria's capital market are members of Aktienforum.

Ever since its foundation in 1989, Aktienforum represents the interests of its members both at national and international level and is a member of the European association of issuers, called “EuropeanIssuers”, and the European Association for Share Promotion (EASP).

OeKB CSD shares and contributes its experience and expertise in the fields of capital market legislation and capital market practice in numerous working groups as part of Aktienforum.

The Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) was established by the Eurosystem. It facilitates an active dialogue with market participants on issues related to the clearing and settlement of securities and to collateral management.

The group took over the responsibilities of the T2S Advisory Group and Contact Group on Euro Securities Infrastructures (COGESI) and brings together representatives of banks active in their role as T2S users, central securities depositories (CSDs), central counterparties (CCPs) and national central banks. OeKB CSD is represented as central securities depository and actively contributes to the group’s work.

More information:

AMI-SeCo

The Cercle Investor Relations Austria (C.I.R.A.) is the interest group for investor relations in Austria and comprises companies, investors and individuals interested in the capital market. The group’s objectives are the continuous improvement, internationalisation and professionalisation of investor relations in Austria as well as the promotion and advancement of Austria as a capital market.

OeKB CSD shares its experience in the Austrian capital market with the various working groups and takes an active role in the discussion process on the improvement of legal, organisational and knowledge-based framework conditions.

The Corporate Actions National Implementation Group (CANIG) is a national working group and member of the European Market Implementation Group (EMIG). It is in charge of preparing recommendations for the introduction of the Corporate Actions Joint Working Group (CAJWG) Standards in Austria. The CAJWG Standards aim at uniform and thus easier cross-border processing of corporate actions throughout Europe.

The Austrian members of CANIG are:

• Aktienforum – Austrian association of securities issuers and investors
• Association of Austrian public mortgage banks (Verband der österreichischen Landes-Hypothekenbanken)
• Austrian Bankers’ Association
• ARZ Allgemeines Rechenzentrum GmbH
• Bank Gutmann Aktiengesellschaft
• BAWAG P.S.K.
• BNP Paribas Securities Services
• CCP Austria Abwicklungsstelle für Börsengeschäfte GmbH
• Citibank Europe PLC
• Erste Group Bank AG
• HSBC Trinkaus und Burkhardt AG
• HYPO NOE Landesbank für Niederösterreich und Wien AG
• OeKB CSD GmbH
• Oesterreichische Nationalbank
• Raiffeisen Bank International AG
• Raiffeisenlandesbank Oberösterreich Aktiengesellschaft
• Raiffeisenverband Salzburg eGen
• RSC Raiffeisen Service Center GmbH
• Software Daten Service Ges.mbH
• UniCredit Bank Austria AG
• VOLKSBANK WIEN AG
• Wiener Börse AG
• Wirtschaftskammer Österreich

Bodies:

The competent bodies at European level are the following:

European Broad Stakeholder Group (BSG):

The BSG was established in 2010 to monitor the implementation of the market standards for corporate actions and general meetings at European level. BSG reports directly to the European Commission.

European Market Implementation Group (EMIG):

The EMIG steers the implementation of measures for dismantling Giovannini Barrier 3 at EU level.

Corporate Actions Joint Working Group (CAJWG):

In 2007, a working group (CAJWG - Corporate Actions Joint Working Group) consisting of issuers, CSDs, CCPs and banks was established to develop standards leading to the removal of the processing and settlement obstacles contained in Giovannini Barrier 3. As a result, cross-border processing of corporate actions and income settlement should become easier, faster and less risky across Europe.

Implementation of Standards:

Record date and processing of mandatory reorganisations as of 16 November 2015:

The record date is relevant to determine the entitled positions of the respective parties both relating to distributions (e.g. interest, dividends, booking of subscription rights) and to mandatory reorganisations (e.g. splits, mergers).

All securities account holders who hold positions in a category concerned (ISIN) at the end of the record date are entitled to participate in the actual distribution or reorganisation.

The introduction of the record date across Europe facilitates efficient transnational corporate actions processing of Austrian issues. The resulting reduction of settlement risks and costs makes them more attractive to international investors.

Introducing the record date was mandatory before the migration to the TARGET2-Securities (T2S) platform (T2S) could take place.

Simultaneously with the introduction of the record date another standard has been implemented: The use of a new ISIN when mandatory reorganisations (e.g. splits) are carried out.

All processes relating to this change, such as blocking the old ISIN as of the last trading day and booking of the new ISIN on the payment date, require adaptations of the respective IT systems.

At the meeting of the T2S National User Group of 16 June 2014 it was agreed to implement the record date in Austria. Since 16 November 2015 OeKB CSD has been processing distributions and reorganisations on the basis of the record date only. As of that date, mandatory reorganisations have only been carried out using a new ISIN.

Further information on the implementation and consequences of the introduction of the record date are provided in the documents Giovannini Barrier 3 and FAQs on the Record Date prepared by CANIG.

Flow of information between issuers and Issuer CSD:

Another market standard yet to be implemented refers to how the so-called key dates are communicated from issuer and/or paying agent to the Issuer CSD. You will find the relevant information here as soon as the details on the date of introduction and the type of communication have been specified.

Transaction management:

This group of measures comprises the processing of market claims, i.e. compensations and adjustments, transformations and the regulations regarding buyer protection. The associated (minimum) standards had to be implemented in the Austrian market by February 2017 - before the migration to T2S. OeKB CSD had informed its clients about the planned modifications on a regular basis by means of mailings and in Participant Meetings.

Click on the links below for more detailed information:
 

The European Central Bank (ECB)/TARGET2-Securities (T2S) Working Groups:

Project Managers Group (PMG):

The PMG, which reports to the Market Infrastructure Board, is responsible for ensuring the implementation of T2S and for guaranteeing that all participating CSDs and central banks are ready for migration to T2S in time. The PMG establishes special groups that deal with user testing and migration.

Change Review Group (CRG):

The CRG, which reports to the CSD Steering Group, consists of a group of product managers and technical experts. The CRG evaluates and prepares any change requests regarding T2S and suggests the priority for which the modification within a specific T2S release shall be taken into account according to the Change and Release Management Process of the Framework Agreement.

Operations Managers Group (OMG):

The OMG, which reports to the T2S Board, is responsible for the development and maintenance of the T2S Manual of Operational Procedures (MOP), which defines the roles and responsibilities of all relevant players and describes how the business processes run under normal and under special circumstances.

Directly Connected Parties Group (DCPG):

The DCPG, which reports to the T2S steering committees, is responsible for monitoring and overseeing general matters regarding participants in T2S who are technically directly connected in their capacity as clients of CSDs/central banks.

CSD Steering Group (CSG):

The CSG, which is composed of the CEOs of the participating CSDs, the CSG Chairman and Secretary as well as members of the T2S Market Infrastructure Board as observers, is responsible for representing and coordinating the views of the participating CSDs within the T2S governance structure. The CSG can give its advice on or suggest a solution for any issue related to T2S.

The umbrella organisation European Central Securities Depositories Association (ECSDA) of the European Central Securities Depositories (CSDs) includes 40 CSDs from 36 countries. It supports the CSDs in particular in the joint review and coordination of all legal initiatives at European level, such as the Central Securities Depositories Regulation (CSDR), Alternative Investment Fund Managers (AIFM), Undertakings for Collective Investment in Transferable Securities (UCITS V), compliance, anti-money laundering (AML), etc.

Regular conference calls take place that are dedicated to specific topics. This way, the representatives of the various CSDs have a chance to exchange opinions and to present country-specific peculiarities on a topic. Following several conference calls, position papers are prepared and published on the organisation’s website www.ecsda.eu and/or sent to an organisation, e.g. the European Securities and Markets Authority (ESMA), the European Commission, etc.

The ECSDA strives to promote a constructive dialogue between the member CSDs, European authorities and other stakeholders. The goal is to contribute to an efficient and risk-averse infrastructure for European financial markets.

The ECSDA is subdivided into subject-related Working Groups (WGs). OeKB CSD is represented in these WGs.

In July 2015, the Round Table of Oesterreichische Nationalbank (OeNB) on the Capital Markets Union was established. Since then, four to five events per year dealing with relevant topics regarding the development of the Capital Markets Union (CMU) have taken place.

The discussion forum was created for interested participants (mostly from ministries and social partners) and has evolved into an important hub among Austria’s information networks on everything related to CMU. Current European and Austrian developments are to be aligned via an enhanced flow of information and this process is to be supported by intense networking activities, within and beyond the series of events.

We have actively used this platform to address relevant tasks (such as the matter of registered shares and the stimulation of the Third Market of the Vienna Stock Exchange).

The Securities Market Practice Group (SMPG) is an initiative of capital market participants that prepares and publishes market practice rules on the basis of the SWIFT standards ISO 15022 and ISO 20022 UNIFI.

The global SMPG was set up by SWIFT in 1998. In November 2002, the Austrian SMPG (SMPG A) was established in cooperation with Austrian banks by OeKB’s management at that time. Today, OeKB CSD has taken on this role.

To date, national SMPGs have been instituted in more than 40 member states in America, Europe, Asia and Australia.

Tasks and Goals of SMPG A:

At national level:

• Advancement of fully automated processing (straight-through processing; STP) in the securities business
• Organisation of a national SMPG platform to develop national market rules for the exchange of securities transaction messages
• Harmonisation of the application of ISO-15022 securities messages
• Development of new ISO 20022 UNIFI standards
• Preparation and publication of documents on market practices in Austria
• Coordination of communication among banks in the development of standards
• Presentation and discussion of SWIFT-relevant topics from the securities sector

At international level:

• Connecting with the global and other national SMPGs
• Compiling and distributing relevant documents

Members:

SMPG A consists of twelve members. Meetings take place on a regular basis at OeKB CSD’s premises. In the course of the harmonisation of European capital markets by the European Commission, the group has gained international significance as the SMPG plays a key role in the definition of market practices. 

• UniCredit Bank Austria AG
• Bankhaus Carl Spängler & Co. Aktiengesellschaft
• BAWAG P.S.K.
• Erste Group Bank AG
• Raiffeisen Bank International AG
• RSC Raiffeisen Service Center GmbH
• VOLKSBANK WIEN AG
• Oesterreichische Nationalbank
• OeKB CSD GmbH

Further information:

SMPG

Becoming a certified specialist in securities settlement and management (Wertpapier-Abwicklungs- und Verwaltungsspezialist/in; WPAVS):

Against the backdrop of the European harmonisation in the field of clearing and settlement, Austrian banks and OeKB CSD have initiated a training programme for employees on securities settlement. In this context, OeKB CSD also acts in the capacity of an on-site examiner.
The course material as well as the examinations are in German language.

Qualified Specialists:

Individuals who have passed this exam have an in-depth knowledge of the entire process of securities settlement, including all fundamental contexts.

Efficient Training Design:

The candidates prepare for the written and oral exams with the aid of course material and at one Q&A date. The certification is performed by the certification body of the WIFI Institute for Economic Promotion.

Basis of the Certification Process

The normative document, which was put into force by the Federal Economic Chamber (WKO), forms the basis of the certification process.
The normative document – completed by OeKB and later on adopted by OeKB CSD – is available here:

Normative Document (only in German)

Further information can be found here:

WIFI (only in German)