Strong Business

‘‘BULL’’ 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 ‘‘BULL’’ 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.
• ‘‘BULL’’ 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 ‘‘BULL’’ Bank, the ICSD of the ‘‘BULL’’ group, are strongly protected under Belgian law. This recognizes that ‘‘BULL’’ does not acquire ownership interest in the securities deposited in the ‘‘BULL’’ 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
‘‘BULL’’ 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).