INVESTORS

CBS Dealing Table

CBS dealing Table has the capability of offering the services to brokers trough an electronic desk (maximum 50 brokers) in order to deal with our own platform an give to the clients an immediate dealing situation on their instrument or debentures.

Our Brokerage Unit is located in the Main Office Direct telephone line for immediate access Fast order execution Personalized and dependable services Detailed monthly statements.

The “CBS Financial Services” may, in the ordinary course of its  business, pay a broker an amount of commission for effecting a loan transaction in excess of the amount of commission another broker would have charged, if CBS has determined in good faith that such amount of commission was in reasonable relation to the value of the brokerage and research services provided by such a broker viewed in terms of either the particular transaction or CBS overall responsibilities with respect to the account as to which it exercised investment discretion.

Experience new issue and distribution any where

Issuing Securities

Issuing new securities can be a complex business. We make it simple so you can experience fast, efficient and risk-free securities issuance

Your one-stop shop

Easily manage and maintain multiple relationships with as few intermediaries as possible.

Make CBS your single portal for effective issuance and management of your securities throughout their entire lifecycle.

Our compelling suite of issuance and post-trade services extends across multiple markets and asset classes.

Ensuring smooth issuance and distribution

• Determine and achieve the optimal structure
  Let us assist you in setting up a security to ensure efficient primary and secondary market settlement and asset servicing. We employ a comprehensive series of checks and controls to provide you with a fully risk-controlled new issue process.
• Reach out to a wide investor base
  Choose CBS for your primary place of issuance and gain direct access to the broadest range of investors across multiple jurisdictions in multiple currencies. Or opt to target a specific investor base in one of the markets serviced by our CSDs.
• Settle your primary trades with confidence
  Our thorough preparation and dedicated operational support assures seamless DVP distribution in the primary market in multiple currencies. With CBS, you have access to the most secure environment for settlement in both commercial bank money and central bank money.

Easily manage investor relationships

Organizing meetings, and gathering and disseminating corporate action information, can involve significant administrative resources, unnecessary delays and risks.

Outsource the burden and benefit from our automated solutions to:

• identify holdings in your securities
• notify the market of upcoming meetings and other corporate events
• collect and control voting instructions

Safe and efficient capital management

Outsource the management of your register for domestic issues. We automatically load all your shareholder data into our secure online platform which you can access from anywhere in the world.

Give investors What they’re looking for

Increase Investor Loyalty

Issuing securities through CBS already gives the investor community the assurance of quality. This is largely thanks to industry-wide recognition of our specific expertise.

Keen appetite for strong asset servicing

The stringent eligibility checks we carry out means that securities primarily deposited in CBS are set up for premium asset servicing and uncompromised risk protection.

Investors know and appreciate this.

Faster, reliable information – Our close partnership with you ensures corporate action and other information is quickly and accurately passed on to investors

Dependable client support – Our experts are on hand to help investors through the most complex corporate actions in less time, with less risk and less manual processing

Prompt delivery of proceeds – Our established infrastructure allows us to efficiently collect instructions, credit  investors and perform reconciliations

Added appeal for the risk averse; Offer your investors added confidence by covering the securities you issue with an equivalent amount of collateral.

Our sound structure for collateral-backed new issuance does more than raise the appeal of your securities. It will also enable you to issue securities at a lower cost, and with lower yields and interest rates.

New security issuance and distribution has evolved considerably over the years. We continue to be a driving force in the effort to optimize and harmonize your processes and increase efficiency across the board.

Raising Market efficiency Providing investors with best of asset servicing

 New security issuance and distribution has evolved considerably over the years. We continue to be a driving force in the effort to optimize and harmonize your processes and increase efficiency across the board.

Automating manual processes

Manual processing is too often accompanied by avoidable expense and unnecessary levels of risk. Capture all the benefits of automation by selecting CBS as your place of issuance.

• Reduce your costs, Minimize your exposure to risk
• Improve the quality of information
• Streamline transaction processing

Fast track your new issues information

• Quickly upload security-related new issues information, such as final prospectuses and pricing supplements, through our Self-service Centre and reduce risk, internal inefficiencies and your workload.
• Quick and easy – upload up to 25MB in a single file and up to 500 files simultaneously
• Complete security – you submit the information you want in a password/user ID-protected environment protected with strong security authentication

ISMAG – championing best practices: CBS is a leading member of the International Securities Market Advisory Group (ISMAG) – an industry-led initiative to help you achieve the most efficient issuance and distribution possible follow the ISMAG recommendations and your securities will be among the highest quality in the international securities market.

• Market Practice Book – your reference for best practices and responsibilities
• ISMAG checklist – significantly reduce the risk of errors due to misinterpretation or missing information

Process efficiency & drive down the risk

Settling your transactions

All your settlement needs are covered by our efficient, flexible services

Smooth settlement

We work with you – for you – so your transactions settle on the intended settlement date.

You simply need to submit an instruction telling us when, which transaction and with which entity you have agreed a trade for us to settle Your counterparty to the trade also submits an instruction.

We match the two instructions and make sure the seller has the securities and, if against payment, the buyer has the available funds for the settlement process to be completed.

Efficient and low cost.

Minimize your risk, maximize settlement efficiency and lower your post-trade costs with our highly reliable services.

Delivery versus payment (DVP) settlement to:

• Ensure the simultaneous transfer of cash to the seller and securities to the buyer
• Eliminate the risk of paying a counterparty and not receiving the asset being bought Flexible solutions to accommodate your needs:
• The possibility to settle on a free of payment (FOP) basis
• Settlement of non-matched instructions (provided the possibility exists in the specific market)

              You take advantage of:

• Automated, straight-through processing and standardized communications to maximize settlement efficiency
• Settlement-integrated securities lending and borrowing
• Settlement in central bank money and/or commercial bank money
• Strong asset protection

 Local and global support

We provide you with a single access point to benefit from:

• Domestic settlement services in each of seven European countries
• Cross-border settlement services covering domestic securities from 45 markets

 Pre-settlement services

• Upstream services to help you fully automate the entire transaction flow, from trade execution through to settlement.
• Trade capture and matching for a wide range of instruments (e.g. bonds, equities, derivatives)
• Trade netting, significantly reducing the number of settlement instructions that need to be created Transaction reporting to regulatory authorities Order routing for investment fund transactions

Well connected

CBS’s strong relationships with other market infrastructures help you to centralize your settlement needs:

• Settlement of trades conducted on major stock exchanges and multi-lateral trading facilities (MTFs)
• Settlement of trades cleared through central counterparties (CCPs)Links with CSDs in 45 markets
• Settlement of trades on the European Central Bank’s TARGET-
• Securities platform open in 2015

 Borrowing Securities from a large pool of assets

CBS operates a securities lending and borrowing programmer which enables you to:

• Avoid fails automatically – settlement fails can happen due to a lack of the right securities in your account. We can automatically provide the securities you need from a large lendable pool made available by other clients.
• Borrow just what you need – borrow only the outstanding amount of securities necessary to match your settlement instruction.

Let CBS do it for you!

We keep your back-office workload to a minimum.

• We identify borrowing needs – there is no need for you to actively identify borrowing needs or reimbursement opportunities when you do borrow – our fully automated program does it for you. You receive comprehensive reporting several times a day.
• Leave asset servicing to us – we take on the administrative burden of any asset servicing required on the securities while they are on loan to you.
• Securities recalls – are kept to a minimum. The size of our lending pool easily accommodates securities substitutions in most cases where an individual lender needs their loaned securities for other purposes.

Easy setup

• Sign one contract – and gain access to our large pool of lendable assets.
• Define your own profile – tailor your participation in the program to meet your needs by choosing service options which can be modified at any time. You can exclude certain asset classes or individual securities.
• Collateral provision – we secure your borrowing by leveraging collateral already deposited to support your CBS credit facility.
• Collateral evaluation – we re-value securities loans daily and any additional collateral required is automatically selected from your account and posted when needed.
• Stay in control – together, we agree up front on a borrowing cap. This allows you to stay in control by limiting how much can be borrowed on your account through the program.
• Complete confidentiality – we do not disclose the name and positions of any counterparty.

 Collateral Management Using your securities as collateral

Get on the Collateral Highway

The Collateral Highway offers a systemic and open solution to maximize collateral availability and mobility across borders. As a collateral giver or taker, you get an efficient, flexible and easy solution to meet all your collateral management requirements.

Collateral givers

• Increased counterparty opportunities – access a wide range of liquidity and financing counterparties across products
• Reduced back-office work – we perform your collateral verification and eligibility checks, daily mark-to-market, movement of securities and custody event monitoring
• Custody services – we simplify the management of your custody operations and administration of income payments and redemptions

Collateral takers

• Reduced risk – triparty greatly reduces counterparty, market and operational risk
• Enhanced returns – collateralizing your exposures frees up your capital and, in turn, enhances your returns
• Increased counterparty opportunities – access a wide range of counterparties across products
• Reduced back-office work – we perform your collateral verification and eligibility checks, daily mark-to-market, movement of securities, and custody event monitoring
• Transfer of ownership or pledge – choose to secure your exposures by transferring ownership of, or by pledging, collateral
• Custody services – we simplify the management of your custody operations and administration of income payments and redemptions

Your Corporate CIC in Good hands

Stay informed at every step

Get the tools you need to keep informed throughout the life span of a corporate action.

• Custody Newsflashes – get the latest information on important events delivered directly to your inbox
• Q&As – need to know more about particularly complex events? See how we can streamline and simplify things with clear, informed explanations
• Corporate Actions Online – your one-stop shop for meeting agendas, proxy forms, conversion notices and much more
• Same-day notifications – keep up to date on voluntary events such as offers, meetings and consents

Fast and efficient processing

• Proactively working on your behalf to ensure you get your proceeds on time
• Real-time credit of securities proceeds during the day
• Around-the-clock service through our operations centers in Hong Kong, Brussels and New York
• Fully scalable – get the support you need, regardless of your volumes

Easy-to-use reporting

Get comprehensive and easy-to-read information via a wide range of SMPG and ISO-compliant reporting.

• More choice – you define the information you want and how you want to receive it
• Highly automated – boost your back-office efficiency and reduce the risk of error with high STP levels
• Effective – get complete and accurate information and well-timed reminders so you don’t miss out on important events

Efficient certification management

Easily manage your certification instructions.

• Flexible – send one instruction for all certified securities, or separate instructions per underlying client
• Comfortable timeframe to instruct – send your instruction up to 28 days before the certification date
• Reassuring safeguards – easily cancel instructions for all or part of your position up to the certification date

Income & payment Ease your cash management

Fast and accurate information

Get the information you need on your income and redemption payments – when you need it.

• Latest news – you get information as soon as it is available – including preliminary information
• Around-the-clock service – get information announced outside of European business hours before the start of your business day
• Accurate – you can rely on the information you get. We check all information and compare it with various sources before sending it to you

Comprehensive reporting

Make sure you get the full picture with our full suite of cash management reporting – delivered to you in real time.

• Cash Management Advice – giving you the flexibility you need with intra-day reporting on value date.
• Cash Status Advice – see immediately when we’ve received and reconciled your cash payments
• Deferred Payment Advice – see which proceeds could not be advanced and why
• Pre-advice of Reversals – know in advance when we cannot avoid a reversal and ease your cash management

Use Tax Management

Fast and efficient tax relief

Looking for tax relief at source or help with getting a refund processed quickly?

• Quick access to the latest information – optimize your cross-border tax strategies and maximize your tax-management efficiency
• Support from tax experts – consult us on your withholding tax treatment
• Effective follow up – ensure your tax reclaims are processed quickly and efficiently
• Proactive tax reclaim service – save time and effort and outsource part or all of the reclaim process to us

Reduce your administrative burden

For each market, we provide you with easy-to-use tax management tools.

• Tax Matrix – see at a glance all documentation required and services available per market
• Online tax forms – easily find all the forms you need and use our quick cards to complete them quickly and accurately
• Tax Genix – monitor and manage your tax activities and documentation in real time

Get the information you need – quickly and easily

Keep your finger on the pulse with email updates and our extensive range of online tax information.

• Securities tax information – save valuable time by using our securities tax information spreadsheet
• Tax newsflashes – the latest news delivered directly to your inbox and/or highlighted on your dashboard
• Email tax reporting – save time, reconcile tax data quickly and easily identify any actions you need to take
• Tax breakdowns – reduce your workload and minimize risk by sending us your breakdowns by email
• Market-specific telephone lines – speak directly to our specialists in each tax regime

Reducing your Risk

The risk of not having the right collateral in the right place at the right time is growing as new regulations and market behavior are placing added burdens on the collateral management process.

You can alleviate some of your stress by taking advantage of CBS’s global Collateral Highway, the first fully open market infrastructure that mobilises your collateral across borders and, when possible, within your domestic market.

Stay in control

CBS’s suite of triparty collateral management services is designed to ease your access to liquidity while managing your risks. Collateral givers and takers agree bilaterally to the criteria, limits and rules we follow to manage collateral flows during the entire life time of the transaction.

• Define what collateral you want to accept from a trading counterparty.
• Customize your collateral criteria – specify and combine criteria in bespoke collateral agreements.
• Limit your risk with collateral concentration thresholds on certain types of securities received from your counterparty. For example, you may wish to cap BBB-rated securities to a maximum of 20% of all collateral posted to your account collateral.
• Manage your haircuts according to currency, quotation age or security type. For example, you can select a 2% margin for cross-currency collateral combined with an extra 5% margin for A-rated corporate debt.
• Use a third-party pledge account – in a world where counterparty creditworthiness is a key concern, you want to be sure you are well protected by collateral in the event of a default by your counterparty. You can now benefit from the third-party pledge account – a solution which ring-fences assets in a dedicated collateral account opened in the name of CBS. CBS acts as a neutral third-party pledge holder for the bilateral pledge.

Robust systems with accurate analytics

In choosing CBS to secure your exposures and manage your collateral, you can rely on a proven, technically robust and automated provider. Our collateral allocation algorithm optimizes the use of all your available securities as collateral, no matter the counterparty, market, exposure type or time zone. You benefit from low risk:

• deal matching
• automated collateral screening and selection
• settlement (DVP)
• margin calls and substitutions of securities that are needed for settlement or corporate actions through daily mark-to-market valuations of collateral
• re-use possibilities

Low risk Services

Reducing risk across the lifespan of a security

Reducing risk is at the heart of our business across the CBS group. For over 50 years, we have been working in partnership with the industry to bring the benefits of automation, standardization and harmonization to a growing number of asset classes. Our aim is to implement straight-through processing across the entire lifecycle of a security or transaction – from issuance to corporate actions and transaction reporting.

Safe issuance and direct issuer services

For many years, CBS has played a special role in the issuance of new securities as well as providing a range of issuer services. We help avoid risk and errors by acting as a central communications point among the different infrastructure providers and market participants involved in the process. Some core issuer services, such as proxy voting and shareholder identification, are available from us directly. By reducing the number of steps in the processing chain, we also reduce potential points of risk.

Dependable DVP settlement

The Delivery-Versus-Payment (DVP) Model for settlement has been the industry standard for the past 20 years and forms the core of our low-risk settlement services. It ensures the simultaneous transfer of cash to the seller and securities to the buyer, thus avoiding settlement risk. At CBS, DVP settlement is based on a sound contractual and legal environment, and robust operational procedures.  We are constantly refining our systems and practices to remove and contain every possible source of risk to your settlement business.

Ensuring successful settlement

• Settlement optimization – settlement optimization features increase the likelihood of transactions settling on time. These include technical netting, pre-matching, late-as-possible deadlines and extensive real-time processing.
• Avoiding settlement failure – we help you identify and avoid potential settlement fails through services which enable you to borrow cash or securities easily.

Asset servicing in a safe environment

We take very seriously the responsibility of servicing the assets you deposit with us. We are as attentive to asset protection as we are to providing timely and accurate custody-related services. Our comprehensive portfolio helps you to manage:

• corporate action deadlines
• critical  data on a timely basis
• income payments
• your tax position 

Our experts work closely with relevant partners in local markets to gain early awareness of issues which can affect your business.

Managing risk with Easy Way

Our new web-based application ensures you never miss a deadline and incur a financial loss. Easy Way’s first application is to ease your voluntary corporate actions. Eventually it will cover all CBS services.

• Avoid missing a required action – you have an instant overview of your uninstructed balances and pending instructions
• Monitor your positions in real time – including your account balances, instruction statuses and event details
• Meet deadlines early – by inputting or authorizing instructions online

Your Gateway

Raising efficiency and lowering costs

Make sure you have access to the tools and infrastructure you need to realize high levels of efficiency and cost savings. And manage your fund transactions as easily and effectively as other asset classes with our automated, guaranteed and real-time processing.

• fully automated order routing
• integrated settlement and asset servicing
• solid operational support from fund experts
• comprehensive, transparent reporting

Removing the obstacles

Streamline the complexity and diversity of your fund transactions through a single CBS relationship.

• whatever the fund type
• wherever it’s domiciled
• however you set up your commercial relationships
• whatever your connectivity choice

Manage multiple relationships – one single channel

We unite fund professionals from across the world – providing seamless interoperability between the buy and the sell sides of the distribution chain.

Whatever your choice in connectivity, you can easily establish new, direct commercial relationships – without having to set up complex and multiple communication links.

Custodians

• Reinforce your client relationships – include real-time, automated order placement and confirmation in your service offering along with easy access to the broadest range of funds
• Centralize and ease your cash management – simplify and speed up the payment process through automation and include fund payments in your general cash and treasury management processes
• Significantly reduce processing delays – we automatically generate standardized settlement instructions and confirmation notifications for each of your underlying clients
• Provide your clients with consolidated reporting – easily include fund settlement and custody processing within your standard securities settlement reporting

Fund Promoters

• Make your funds more accessible – a wide range of investors, from retail to institutional, across the world have direct, easy access to your funds through CBS
• Boost the attractiveness of your funds – use automation to drive down risk and operational costs for you and throughout your distribution chain
• Easily identify your distributors – segregated accounting with clear distributor identification helps you apply the correct commercial conditions and commissions. You can easily monitor your business activity while confidently complying with regulatory requirements
• Ease your cash management – we automatically generate cash payments on the expected settlement date with the correct value date, removing the costs incurred due to late payments
• Easily maintain reliably accurate records – segregated accounting with clear distributor identification helps you apply the correct commercial conditions and commissions, and quickly reconcile your records
• Ease your cash management – we automatically generate cash payments on the expected settlement date with the correct value date, removing the costs incurred due to late payments
• Stay in full control – easily follow the status of your orders in real time throughout their entire lifecycle – online or via standardized reporting
• Get your trailer fees earlier – within our global fund offering, we provide concrete identification of your trailer-fee entitlements so that the transfer agent can automatically calculate and process your payments accurately and quickly

Institutional Investors

Growing your relationships

We make it easier for you to establish new, direct commercial relationships – without the need to set up complex and multiple communication links.

Our flexible service offering is also easily integrated with, and operationally reinforces, your existing custodial relationships.

• One-stop shop for all your fund business – gain easy access to the funds you want, wherever they are domiciled
• Outsource your operational burden – automated order placement and payment means efficient fund processing and lower costs while removing the risks associated with manual processing
• Plug and play – choose the electronic communication channels that best suits your needs. A simple internet connection is enough to get started
• Stay in full control – easily follow the status of your orders online or via standardized reporting, throughout their entire lifecycle
• Fast and efficient payment – simultaneous confirmation to you and your custodian automatically triggers your order payment and STP ensures you get the correct redemption payment on time

Securities on your Portfolio returns

As a lender, you can make your securities available in a large anonymous lendable pool. Whenever borrowers are confronted with a potential settlement fail due to a lack of securities, CBS automatically provides them with securities from this pool. They avoid the cost of settlement fails, and you earn additional income without extra work – and in all safety.

Unlock the full potential of your portfolio

• Earn additional revenues on your portfolio by lending a wide range of securities to the most active international counterparties.
• Save money on your safekeeping fees. There are no safekeeping fees on lent securities. You also retain the collateral value of lent securities within your credit facility in CBS
• Retain income proceeds. You retain full ownership benefits and enjoy automatic compensation for entitlements such as income and redemption payments on lent securities.

Let us do everything for you!

• All you have to do is sign a contract – CBS takes care of the rest, from loan generation through to asset servicing and administration.
• Automatic recall – If you need your loaned securities back to settle pending trades, you do not need to send us a recall request: we will automatically recall them.

Lend securities in one of the safest environments in the world

• Define your own profile – the program allows you to define your profile and stay in control. For example, you can select the securities you want to lend, and set limits on how much you want to lend on your account.
• No direct relationship with borrowers – as a lender in our program you have a contractual relationship with CBS only, not with the borrowers. We take the exposure risk.
• Complete confidentiality – the name and positions of the counterparties are not disclosed. Lenders’ positions are aggregated into an anonymous ‘lending pool’ from which securities are allocated to borrowers.
• Collateralized loan – all loans are fully collateralized to cover the market value of the borrowed securities.
• Double-name risk protection – you can lend your securities to borrowers with confidence in the knowledge they are subject to CBS’s strict credit policy. You are also protected by our guarantee. Should the borrower be unable to reimburse your securities, CBS Bank guarantees their return, or their cash equivalent.

Discover New Opportunities

We are constantly expanding our service to enable you to maximize the use of all your securities as collateral. Working closely with the industry, we are making it easier to use equities and loans as collateral, and to re-invest cash collateral in money market funds.

Re-invest cash collateral in money market funds

This innovative service allows you to re-invest cash received as collateral in triparty transactions managed by CBS into Blackrock’s money market funds. Your cash is re-invested seamlessly through Fund Settle, our dedicated platform for fund transaction processing. Blackrock is one of the first providers of money market funds for this purpose.

Term DBV service for UK and Irish markets

You now have the flexibility to use the Delivery By Value (DBV) service to collateralize repos with maturities from next day to as long as 2 years.

This has been made possible by the launch in the UK and Irish markets of the term DBV service, an enhancement that allows flexible maturity dates. Other enhanced features include intra-day mark-to-market valuations and automated securities substitutions.

Syndicated loans as collateral

Together with the market, we are creating a new innovative infrastructure that enables you to use loans in triparty collateral agreements by providing collateral takers with the transparency and assurance they need to accept loans as collateral.

Collateral exchange

There is a growing trend among collateral takers to accept only higher quality securities for use as collateral. We can also assist you with collateral exchanges –  swapping the asset class you have available for securities that meet the criteria agreed in triparty transactions.

CBS Capitalization Formula

Information contained within ‘’CBS’’ Formula Program has been submitted and approved by Banks and Financial Institutions. Accordingly, ‘’CBS’’ Investment & Capitalization Plan is distributed at Applicant’s request for information only. ‘’CBS’’ Formula is not intended to provide the sole basis of any credit/loan or other evaluation and should not be considered as a recommendation for any investment. Each recipient of the Private Placement Formula is urged to make its own independent assessment before future commitment.

This Information is distributed only in reference to the placement facility described herein and may not be reproduced partially or in whole for any other purpose(s). The Information is not intended to be, nor should it be construed as an offer to buy or sell any securities and/or financial instrument(s).

The formula is established for a period of 10 years.

The minimum capitalization is Euros € 10,000,000.00(TEN MILLION EUROS)

Strong Business

The CBS group has a strong risk management culture and has acquired considerable expertise in this area. We aim to minimize the risks involved in the provision of post-trade services day to day and also help to bring stability to the market in times of crisis.
One example of this is our delivery-versus-payment (DVP) settlement model – globally recognized as the best means of removing settlement risk. It enables you to avoid the risk of paying a counterparty before receiving the asset you bought.

All entities in the CBS group meet the requirements of regulators:

• Our Central Securities Depositories (CSDs) comply fully with relevant market regulation in the country in which they are resident. In many cases we exceed these requirements.
• CBS Bank, our International Central Securities Depository (ICSD), operates a stringent risk policy and has ranked among the highest-rated companies within the financial industry for over a decade with AA+ and AA ratings by Fitch Ratings and Standard & Poor’s, respectively.

Reliable systems and advanced business continuity

Our systems have been designed to offer a high level of scalability. We can handle unpredictable volume spikes during periods of market volatility.

We are a leader in business continuity planning and run multiple data centers in different locations. This ensures maximum protection against business disruption for you and your clients.

Solid asset protection

Assets held in CBS Bank, the ICSD of the CBS group, are strongly protected under Belgian law. This recognizes that CBS does not acquire ownership interest in the securities deposited in the CBS system.

Protecting your assets is also a priority across the CSDs of the group. Securities held in our domestic settlement systems are dematerialized and can only be transferred by means of electronic instructions sent across highly secure and resilient networks.

Transparency and compliance with regulatory standards

CBS complies with the regulatory requirements of the Basel II Capital Accord, including the disclosure requirements under Pillar 3.

As a settlement provider, we are also subject to additional rules. These are embodied in the Recommendations for Securities Settlement Systems issued by the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO), as well as the European System of Central Banks (ESCB) and the Committee of European Securities Regulators (CESR).