Price Simulator Survey

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1 Price Simulator Survey ECB DG Payments and Market Infrastructure Frankfurt am Main, May 2009

2 Definition of Price Simulator A price simulator is a device with which you can calculate different costs/fees of services at real time, by putting all the required data into an interactive platform.

3 What is it for? The survey aims to monitor the use of the Price Simulator, and suggest it as an efficient tool for improving the transparency of transactions. NOTE: The Price Simulator IS NOT neither a requirement nor a suggestion under the provisions of the Code of Conduct on Clearing and Settlement.

4 Why use a price simulator? RAPIDITY TRANSPARENCY SIMPLICITY GOOD COMPETITION COMPREHENSION COMPLETENESS COMPARABILITY

5 Price simulator diagram CSD user Services offered Price simulator

6 a) What the survey consisted of 1 Listed CoC s Signatory members, referring to the following criteria: CSDs () Stock Exchanges () CCPs (EACH) filtered EU membership EURO-zone +UK

7 b) What the survey consisted of 2 Looked for the relevant information needed by going through Signatory Members official websites 3 Detected whether a Price simulator and a Fee Guide were provided or not 4 Re-elaborated elaborated all information by comparing them under a specific benchmark (most( complete service)

8 c) What the survey consisted of 5 Price Simulator section has been sub-classified into three parts Provided Interactive Friendly example

9 d) What the survey consisted of 6 Fees Guide section has been sub-classified into two parts: Provided Static Example example

10 ...terminology Interactive means that a service is provided through a software that directly responds to user activity (like a normal calculator) example

11 ...terminology Friendly is related to how easy and fast it is to get as much information as users require in terms of Quantity: (number of calculable costs and fees - completeness ) Quality: (software used, free access) Rapidity: (in gathering information) Simplicity: (in using software or website) example

12 ...terminology static example it is a calculation of a limited number of fees, with no interactive components. example

13 Outcomes (CSD members) 1/3 A signatories CSD PRICE SIMULATOR FEES GUIDE eu members country 1 cleastream banking germany ü ü ü ü ü 6 2 cdcp slovakia // // // ü ü 3 central securities depository SA greece // // // ü // 4 cleastream International SA DE+ Lux ü 4 ü ü ü ü 6 5 cyprus stock exchange cyprus ü 1 ü // 3 ü 2 ü 6 estonian csd estonia // // // ü ü 7 euroclear bank SA ICSD // // // ü ü 8 euroclear belgium belgium ü 6 ü ü ü 5 // 9 euroclear france france ü 6 ü ü ü // 10 euroclear netherland netherland ü 6 ü ü ü // 11 euroclear UK & Ireland united kingdom // // // ü ü 12 finnish central securities depository APK finland // // // ü ü 13 iberclear spain // // // ü ü 14 interbolsa portugal // // // ü ü 15 kdd slovenia // // // ü // 7 16 kdpw poland // // // ü ü 17 keler hungary // // // ü ü 6 18 latvian central depository latvia // // // ü ü 19 lcvpd lithuania // // // ü ü 20 montetitoli spa italy ü ü ü ü ü 21 oekb austria ü // // 3 ü ü 22 scp czech republic ü 1 ü // 3 ü // 23 Univyc czech republic ü 1 ü // 3 ü // 24 vp securities service denmark // // // ü ü 25 vpc ab sweden // // // ü ü provided interactive friendly provided static example

14 Outcomes (Stock Exchange members) 2/3 B signatories Stock Exchanges eu members country 1 athens exchange greece // // // ü ü 2 borsa italiana italy ü 4 ü ü ü ü 3 borsas y mercado espanol (BME) spain // // // ü ü 4 bratislava stock exchange slovakia // // // ü // 5 budapest stock exchange hungary // // // ü ü 6 cyprus stock exchange cyprus ü 1 ü // 3 ü 2 ü 7 deutsche Börse germany ü 4 ü ü ü ü 6 8 Euronext BE + FR + NL + PT // // // ü ü 9 Irish stoch exchange ireland // // // ü // 10 Ljubljana stock exchange slovenia // // // ü ü 11 london stock exchange united kingdom // // // ü ü 12 luxembourg stock exchange luxembourg // // // ü // 13 malta stock exchange malta // // // ü // 14 OMX nordic exchange SE + FI + NO // // // ü 4 ü 4 15 Virt-X switzerland // // // ü ü 16 warsaw stock exchange poland // // // ü ü 17 wiener borse AG austria // // // ü ü

15 Outcomes (CCP members) 3/3 C EACH signatories CCP eu members country 1 CC&G (cassa di compensazione e garanzia spa) italy ü 4 ü ü ü ü 2 eurex clearing AG DE + CH ü 4 ü ü ü ü 6 3 LCH clearnet Ltd + SA BE + FR + NL + PT + UK ü 1 ü // 3 ü // 4 CCP Austria Austria ü 4 // // 3 ü 4 ü 5 keler hungary // // // ü // 6 OMX nordic exchange SE + FI + NO // // // ü 4 ü 4 7 kdpw poland // // // ü ü

16 Outcomes (EU membership) (EU membership) 1/2 PRICE SIMULATOR FEES GUIDE eu members Athens exchange Borsa italiana Borsas y mercado espanol (BME) Bratislava stock exchange Budapest stock exchange CC&G (cassa di compensazione e garanzia spa) CCP Austria CDCP Central securities depository SA Cleastream banking Cleastream International SA Cyprus stock exchange Cyprus stock exchange Deutsche Börse Estonian csd Eurex clearing AG Euroclear bank SA Euroclear belgium Euroclear france Euroclear netherland Euroclear UK & Ireland Euronext Finnish central securities depository APK Iberclear Interbolsa Irish stoch exchange EACH EACH EACH country provided interactive friendly provided static example greece // // // ü ü italy ü ü ü ü ü spain // // // ü ü slovakia // // // ü // hungary // // // ü ü italy ü 4 ü ü ü ü Austria ü 4 // //3 ü 4 ü slovakia // // // ü ü greece // // // ü // germany ü ü ü ü ü 6 DE + Lux ü 4 ü ü ü ü 6 cyprus ü 1 ü //3 ü 2 ü cyprus ü 1 ü //3 ü 2 ü germany ü 4 ü ü ü ü 6 estonia // // // ü ü DE + CH ü 4 ü ü ü ü 6 ICSD // // // ü ü belgium ü 6 ü ü ü 5 // france ü 6 ü ü ü // netherland ü 6 ü ü ü // united kingdom // // // ü ü BE + FR+ NL + PT // // // ü ü finland // // // ü ü spain // // // ü ü portugal // // // ü ü ireland // // // ü //

17 Outcomes (EU membership) 2/2 KDD KDPW KDPW Keler Keler Latvian central depository LCH clearnet limited LCVPD Ljubljana stock exchange London stock exchange Luxembourg stock exchange Malta stock exchange Montetitoli spa OEKB OMX nordic exchange OMX nordic exchange SCP Univyc Virt-X Vp securities service VPC AB Warsaw stock exchange Wiener borse AG EACH EACH EACH EACH slovenia // // // ü //7 poland // // // ü ü poland // // // ü ü hungary // // // ü // hungary // // // ü // latvia // // // ü ü BE + FR+ NL + UK + PT ü 1 ü // 3 ü // lithuania // // // ü ü slovenia // // // ü ü united kingdom // // // ü ü luxembourg // // // ü // malta // // // ü // italy ü ü ü ü ü austria ü // // 3 ü ü SE + FI + NO // // // ü 4 ü 4 SE + FI + NO // // // ü 4 ü 4 czech republic ü 1 ü // 3 ü // czech republic ü 1 ü // 3 ü // switzerland // // // ü ü denmark // // // ü ü sweden // // // ü ü poland // // // ü ü austria // // // ü ü

18 Outcomes (EURO-zone + UK) 1/2 PRICE SIMULATOR FEES GUIDE EUROZONE + UK Athens exchange Borsa italiana Borsas y mercado espanol (BME) Bratislava stock exchange CC&G (cassa di compensazione e garanzia spa) CCP Austria CDCP Central securities depository SA Cleastream banking Cleastream International SA Cyprus stock exchange Cyprus stock exchange Deutsche Börse Eurex clearing AG Euroclear bank SA Euroclear belgium Euroclear france Euroclear netherland Euroclear UK & Ireland Euronext EACH EACH EACH country provided interactive friendly provided static example greece // // // ü ü italy ü 4 ü ü ü ü spain // // // ü ü slovakia // // // ü // italy ü 4 ü ü ü ü Austria ü 4 // // ü 4 ü slovakia // // // ü ü greece // // // ü // germany ü ü ü ü ü 6 DE + Lux ü 4 ü ü ü ü 6 cyprus ü 1 ü //3 ü 2 ü cyprus ü 1 ü //3 ü 2 ü germany ü 4 ü ü ü ü 6 DE + CH // // // ü ü 6 ICSD // // // ü ü belgium ü 6 ü ü ü 5 // france ü 6 ü ü ü // netherland ü 6 ü ü ü // united kingdom // // // ü ü BE+FR+NL+PT // // // ü ü

19 Outcomes (EURO-zone + UK) 2/2 Finnish central securities depository APK Iberclear Interbolsa Irish stoch exchange KDD LCH clearnet limited Ljubljana stock exchange London stock exchange Luxembourg stock exchange Malta stock exchange Montetitoli spa OEKB OMX nordic exchange OMX nordic exchange Wiener borse AG EACH EACH finland // // // ü ü spain // // // ü ü portugal // // // ü ü ireland // // // ü // slovenia // // // ü //7 BE+FR+NL+UK+PT ü 1 ü // 3 ü // slovenia // // // ü ü united kingdom // // // ü ü luxembourg // // // ü // malta // // // ü // italy ü ü ü ü ü austria ü // // 3 ü ü SE+FI+NO // // // ü 4 ü 4 SE+FI+NO // // // ü 4 ü 4 austria // // // ü ü

20 notes 1) Service partially provided, as it has been set up for limited fee-calculation examples only ) Service provided in Greek. The English version is not available due to a website malfunctioning ) Despite the price simulator being provided, it seems to not be friendly as it does not meet at least one of the qualitative and/or quantitative friendly criteria, such as rapidity and/or completeness ) It does not provide such service directly. It can be found through other linked websites ) Service provided in French and Dutch only ) Service provided by updating the website after the survey s launch ) The linked pdf file has not been found ü= positive // = negative

21 conclusions EU membership TOTAL Price Simulator Fees Guide EU-members 49 EU-members 49 not provided 32 not provided 0 provided 17 provided 49 interactive 15 static example 35 friendly 10 Euro-zone + UK TOTAL Price Simulator Fees Guide EU-ZONE memb. 35 EU-ZONE memb. 35 Not provided 21 Not provided 0 provided 14 provided 35 interactive 12 static example 25 friendly 9

22 SUMMARY (price simulator) charts EU MEMBERSHIP Price simulator 35% 65% not provided provided EUROZONE + UK Price simulator 40% 60% Not provided provided

23 SUMMARY (price simulator) charts EU MEMBERSHIP Price Simulator friendly interactive provided Members Price simulator provided by 17 members out of 49

24 SUMMARY (price simulator) charts EURO-ZONE + UK Price Simulator friendly interactive provided Members Price simulator provided by 14 members out of 35

25 SUMMARY (Fees Guide) charts EU MEMBERSHIP EROZONE + UK Fees guide 0% 100% Not provided provided

26 SUMMARY EU MEMBERSHIP charts (Fees Guide) Fees Guide static example provided Members Static example provided by 35 members out of 49

27 SUMMARY EURO-ZONE + UK charts (Fees Guide) Fees Guide static example provided Members Static example provided by 25 members out of 35

28 Thank you

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