Eileen Muscat – Securities trading, CCP and CSDR specialist

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As a former CEO of the Malta Stock Exchange (and the CSD/Registry) Eileen has had over 20 years experience implementing the entire legal and regulatory, business and operational framework for the trading and post-trading infrastructure for the Malta Stock Exchange (MSE) Group (CSD including clearing, settlement, depository and registry services) including successful first time and on-budget delivery of:

  • 3 different trading systems (on site implementation and since 2010 a hosted service from Deutsche Boerse) covering Government securities and equities
  • trading/clearing and settlement links, participation in T2S in Wave 1 migration phase as well as implementation of the MSECSD – Clearstream Link, both pre- and post-T2S.
  • Eileen was also responsible for delivery of clearing and settlement systems for non-euro settlement and money market instruments including default mechanisms.
  • Eileen set up risk management procedures for all processes of the MSE and was a Member of the Risk Management Committee.
  • Headed the Technical Committee comprising IT, business, legal and regulatory experts overseeing all subsequent IT upgrades and innovations, including the original systems, a new trading system, interface between trading system /clearing and settlement/CSD, adoption of the Euro and integration with T2 and SWIFT and then migration to T2-S, adopting the layered model, which also involved upgrades to the trading/CSD interface and SWIFT as well as to the existing link between MSECSD and Clearstream.

During Malta’s EU Presidency in 2017, Eileen was appointed by Ministry for Finance to Chair the CCP Recovery and Resolution Working Party including discussions with all European CCPs. Also formed part of the BTA project teams as CSD expert in respect of preparation of RFP for Saudi Arabian CSD in respect of setting up of a new CSD and new CCP, consultancy services to the Qatari Regulatory Authorities regarding upgrade of their securities market and CSD and the delivery of the first CSD system to Estonia.