10th AMEDA MEETING

Marrakech - October 21-23, 2009Rachid HABOUB

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PRELIMINARY REMARKS

WHAT IS MCL UP TO ?

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NEW MARKET INFRASTRUCTURE

Current platform went live in 1998

Completed over 10 years loyal service

Environment has changed considerably

• Trading volumes picked up

• Spectrum of instruments has widened

• Structured products are emerging

• Expectations of market players are much higher

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The main features of our target platform are the following :

Four-tier Architecture

• User interface layer

• Application layer

• Communication service layer

• Database layer

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Business continuity

•On the main site

Production system + hot stand-by system, connected by a HACMP cluster.

•On the DR site

Synchronous replication mechanism between Production and DR is considered.

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Authentication/Security

• Use of a combination of BPID/User ID/Password + use of RSA token

• Data encryption (data in transit between browser and web server using HTTPS)

• SSL encryption for CFT

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Communication media

• Dedicated leased lines

• VPN as back-up vector

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Business model

2 different business models in parallel :

• Exchange trades : GNS / T+3

• OTC trades : GGS / T+0

NB : Different components will be dedicated to specific segments

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Implementation time-frame

• Full stack (Main+DR) has been installed

• Application being tested

• Bi-lateral testing with BP’s under way

• Users training to be performed in few weeks from now

• Final release of the application expected shortly

• Go-live date still to be firmed up (current target is early 2010)

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CONCLUSION

CSD’s are facing many challenges :

1- Technology change

2- Market change

3- Regulatory change

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Thank you

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