SEC calls for RFPs for CCP
View(s):The Securities and Exchange Commission (SEC) having approved the model for the Central Counterparty system (CCP) at the last Commission meeting had the Colombo Stock Exchange (CSE) recently called for request for proposals for companies to come forward and set it up.
It was advertised last week and the regulator is expecting international leaders to come forward.
The CSE invited Expressions of Interest (EOI) from prospective vendors to supply a CCP System for CSE Clear (Pvt) Limited (CSE Clear), a fully owned subsidiary of the CSE.
The scope of work calls for supply, delivery, installation, testing, commissioning, migration, post implementation support and maintenance and integration of the system to fully automate the operations of CSE Clear.
The vendor is required to provide sufficient technical information of the proposed solution to operate to meet the CSE Clear’s business requirements. The vendor may, optionally, provide an outsourcing service to operate the supplied CCP system, in accordance with CSE Clear’s requirements, from another location (acting as an “Outsource System Supplier”).
The SEC together with the market operator formed a joint committee to launch a CCP system for equities last December and identified the CCP’s operating model for the equity market, propose the necessary procedures for its establishment, and ultimately develop the new financial market infrastructure by year-end.
Viraj Dayaratne Chairman SEC noted this project should be completed on time in the same way the Delivery vs Payment (DvP) project was accomplished noting a CCP will boost the post trade risk management of the equity market.
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