Following discussions since 2011 to expand the protection of derivatives investors in the Netherlands under the Securities Giro Transfer Act (SGTA), it appears that a workable solution has been agreed upon. This means that from late 2015 the protection of investors in derivatives will be as strong as for securities, where since January 2011 the SGTA aims to offer holders protection against the effects of a custodian’s bankruptcy.
Over the course of 2014 key elements of Emir were implemented, including repapering (renewal of contracts between parties in derivatives contracts) and reporting of OTC and exchange-traded derivatives.
The Dutch are also active in discussing the recently published consultation on shadow banking, also known as the regulation on reporting of securities financing transactions.
As with many other euro markets, the Dutch market has been preoccupied with T2S says Arno Vroom, head of network management at KAS Bank. “In June 2015, wave 1 of this project will go live. The posttrade providers in the Netherlands work together in the Dutch Advisory Committee Securities Industry (DACSI).”