Danish bank Nykredit’s Jørn Strunge, head of financial infrastructure in the wealth markets operations, briefed the conference audience in Copenhagen (and remotely) on the new Single Collateral Management Rulebook for Europe – SCoRE.
Standardisation of corporate actions handling is one ambitious goal of the European Central Bank’s SCoRE venture. Potentially, it could go live in November 2023. Jørn Strunge discussed why the initiative is particularly important and what the impact for the Danish market could be.
One of the news it presents is a new model for negative interest cash flows: they should be treated precisely like the positive ones. This opposes the operational logic that Danish banks set up when the interest rate markets turned into the negative domain some years ago; they then determined that a bond issued with a negative interest rate should be treated as a separate type of product from the normal bonds with positive interest rates.
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