On the occasion of the XI Meeting Securities Services, organised by Cecabank and Expansión, in collaboration with FundsPeople, experts of the sector analysed the main challenges that confronts the industry of postcontracting, as the transition to the model T+1, the digitisation and the need of strengthening the operational resilience
The model T+1, the digitisation and the demand of great operational resilience are the challenges for services of postcontracting, fundamental in the financial system.
The industry of the postcontracting is adapted to the technological transformation, the regulatory pressure and the integration of the financial markets. The transition to the model T+1, the adoption of digital assets and the need of strengthening the operational resilience are had become priorities key for the sector. These challenges centred the XI Meeting Securities Services, organised by Expansión and Cecabank with the collaboration of Funds People.
The transition to the model T+1 is had become a priority for the European financial sector. «He owes do as soon as possible and in a meticulous way to guarantee a smooth transition », Carlos St Basilio underlines, chairman of the CNMV. The industry of Spanish asset management is robust, although points out that it owes promote the responsibility and the use of the advantages of belonging to the European Economic And monetary Union.
Challenges
Ainhoa Jaúregui, CEO of Cecabank, coincides in which the financial system goes through a deep transformation: «The technological progress and the expectations of clients does that we redefine our priorities. It is necessary to adapt, anticipate and lead».
The major challenge of the T+1 is «do it of the correct way and in community», Jesús Sánchez explains, head of settlement services of BME. The model demands have enough liquidity in shorter terms to maintain the operations of the share market and the banking services. The implementation owes be integral: «It does not be enough with that are ready the infrastructures, all the community owes be it».
Benoit Dethier, salts & relationship manager of Citi, emphasises that the experience of the step to T+1 in the USA went a success, but «a lot more demanding of the expected thing». The model can promote the European competitiveness. «We have the same skills of saving that the USA, but we do not do attractive our market for the investor», points out Dethier.
Juan Alfonso Rando, director of securities of CaixaBank, underlines that «the interoperability between European and American markets will be a major advantage for the clients». Cheers up to every company to revise and to adjust its internal processes to provide the automation, and adds that the bilateral operations will be still a challenge that demands define static details until last, which hinders reach the trade dates».
Elisa Ricón, INVERCO'S Managing Director, defends the need of promote the securities lending: «It is a way of offering more return without increasing the risk for the shareholders». Additionally demands simplify its regulation and strengthen the role of the saving and the investment as economic pillars of the country.
If is wanted compete to European level, is key delete all the operational barriers: «Need have the same instruments that they have the managers and depositaries of other jurisdictions», Gloria Hernández warns, representative of Adepo and member of finReg360.
The demand of services linked to cripto grows quickly. «We must find the balance between this demand and the institutional»offer, Alberto explains Goyanes, digital person responsible for assets in Income 4. The technology that maintains the criptoactivos has the potential of redesigning all the financial infrastructure: «The custody of cripto can spread to other assets tokenizados.
Isabel Gómez, transformation and innovation director of Kutxabank, recognises that the adjustment to the frame MiCA is challenging: «We had synchronise a traditional bank with a new environment more dynamic and innovator». The key went manage the internal fears and uncertainties, honing in on respond to the new needs of clients.
«The great challenge has been fit the traditional legal framework with the regulation MiCA», explains Mariona Pericás, financial regulation director in finReg360. The companies must equilibrate its innovative boost with the protection and confidence of the clients.
The application of ineligencia artificial and LLM in the financial sector «is an advance that can allow a lot of people' inclusion to services that until now could not access if the things are done good and with transparency», Francisco points out of the Elm, deputy director person responsible for fintech and CNMV's cybersecurity.
Rodrigo Buenaventura, general secretary for IOSCO, warns of that «it is likely that the next serious incident in market infrastructures comes of a cybernetic attack, not of a financial»risk. The increasing use of external suppliers worries to IOSCO, for the concentration of risks and the dependence that generates.
