Kuwait Clearing Company

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2015 – ongoing

Strategy Advice

Preparation of a multi-disciplinary strategy covering business, operational, financial, legal and HR segments. The 5-year strategic plan (2016 – 20) received Board and CMA approval and through the implementation process made a major contribution towards Kuwait achieving Emerging Market Status.

Ongoing advice for the implementation of the strategy including:

  • design of new clearing, settlement and registry models with a road map for the full implementation of PFMI-IOSCO requirements
  • new product design – CCP service, SBL, repos, margin trading
  • detailed system design documents working with the IT vendor to KCC (TCS),
  • risk management including pre-trade risk management solutions
  • fee re-modelling,
  • enhancements to the IT infrastructure to achieve ITIL standards,
  • training especially on risk management, design of guarantee funds
  • legal and regulatory advice.

Legal

Preparing a legal gap analysis relevant to the CSD and CCP clearing separately, drafting relevant amendments to the Law, implementing regulations (supervisory authority executive Bylaws) and drafting contractual rules (CSD and CCP). Identifying components of the constitution that can be used to provide legal certainty for the proposed CSD and CCP legal requirements especially new concepts such as netting, novation, dis-application of insolvency rights.

Assessment of the current state of legal requirements, applicable to the KCC operations and drafting a complete list of potential legal and regulatory barriers related to post trading in achieving KCC strategic objectives, relevant to the all aspects of the post trade (CSD, SSS, Clearing, CCP, payment system interface, etc.)