As a global company, we understand how to leverage the power of our network to deliver Open Banking solutions and look forward to sharing our expertise and engaging in conversations about the future of Open Banking in Canada at this year’s Open Banking Expo.” This year’s Canada Expo will bring together more than 500 Open Banking, Open Finance and Open Payments executives from the financial services and fintech ecosystem at the Metro Toronto Convention Centre.ĭarrell MacMullin, senior vice president, products and platforms of Mastercard Canada, said: “The announcement of Canada’s new Open Banking framework is the first step in the evolution of Canada’s financial system, which will transform the way Canadian businesses and consumers securely manage their data and finances. This marks the first year that Mastercard is headline partner of Open Banking Expo’s flagship Canadian event. The CCMS will also support the industry shift to a T+1 settlement cycle for the Canadian and US markets in 2024, to promote increased efficiencies and collateral mobility, while reducing operational risk.Mastercard will foster game-changing conversations at Open Banking Expo Canada, which takes place in Toronto on June 15, 2023. The initial phase of the CCMS will be offered to market participants in Canada’s secured funding market, providing an automated and efficient process throughout the transaction cycle. Targeted for launch in the third quarter of 2023, the new CCMS will facilitate optimisation and collateralisation of securities finance activities throughout the Canadian market. Clients will also benefit from Clearstream’s industry-leading technology and digital innovation, such as the cloud-based, digital collateral schedule capability known as OSCAR.” CCMS will deliver increased liquidity and efficiency while minimising exposures, supporting the Canadian market on its endeavor to move to T+1. In TMX, we have found an excellent partner to deliver our proven first-class triparty repo capability to the Canadian market. Sam Riley, Chief Executive Officer of Clearstream Securities Services, added: “It is at the heart of Clearstream’s collateral management strategy to provide our clients with reliable and scalable state-of-the-art solutions that reduce the frictional costs of trading through transparency and automation. The new CCMS will enable our clients to better meet the continuously evolving collateral requirements of today’s markets, while supporting the growth of repos as an investment product for Canadian buy and sell side clients.” ![]() “In keeping with our purpose to make markets better and empower bold ideas, TMX is firmly committed to seeking out innovative, workable solutions to client challenges and strengthening Canada’s financial ecosystem. ![]() “We are pleased to work together with Clearstream, a world-leader in post-trade infrastructure and securities services in pursuit of a customised mobility and liquidity solution for Canada’s secured finance industry,” said John McKenzie, Chief Executive Officer of TMX Group. Together, TMX Group and Clearstream are working to leverage the combined strength of their complementary services to develop and deliver the CCMS, which will include the introduction of Canada's first domestic triparty repo capability.
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