1. AST
ISSUE012
WEDNESDAY
ASSETSERVICINGTIMES 27.04.2011
www.assetservicingtimes.com
CONTENTS
OCC announces agree-
ment with MarkitSERV
OCC has signed an agreement estab-
lishing MarkitSERV as a trade source
and middleware provider for over-the-
counter (OTC) equity derivative trades
to be cleared by OCC.
page2
J.P. Morgan selected by
FocusShares
J.P. Morgan Worldwide Securities Serv-
BNP Paribas launches local ices has been appointed by FocusShares
to service its 15 new Focus Morningstar
ETFs.
clearing and custody in India page3
Mumbai 21.04.2011 Nordic player
SEB’s global head of sub custody, Ulf
Noren, speaks to AST about the impact
BNP Paribas Securities Services has launched its lo- Mumbai said: “We are delighted to announce the launch
of CCPs in the region
cal clearing and custody service in India. of our local clearing and custody service in India, and
see this as another important step forward in our com- page5
With the service now operational, the bank’s clients mitment to the region.
are benefiting from local clearing and custody for a
range of asset classes including cash equities and “We think India is one of the most exciting and dynamic Country focus
corporate debt instruments. markets in the world, and we are pleased to extend the South Africa is leading the way for the
same high quality service to both domestic and off-shore continent, with a competitive, efficient
The development is a major milestone in BNP Pari- investors here, as we do in the rest of the world.” market.
bas Securities Services’ strategy towards becoming page6
a leading player in the fast-expanding Indian asset India has long been a focus for the asset servicing in-
servicing market, and is a key extension of its global dustry, with a number of major new funds launching in People moves
network. 2010 and more expected for 2011. It’s already a signifi- Find out the latest hires, and who is get-
cant processing hub, both regionally and globally, and ting promoted within the industry.
Commenting on the development, Pierre-Alexandre now banks are bringing front of house expertise to the
Thome, head of BNP Paribas Securities Services in booming market. page10
HSBC builds in Singapore DTCC launches ISO 20022 pilot
HSBC in Singapore has consolidated its position as a key service provider The Depository Trust & Clearing Corporation (DTCC) is to launch a pilot
to UOB Asset Management Ltd (UOBAM) with the mandate win for trustee programme testing new ISO 20022 corporate actions announcement mes-
services on 12 local unit trust funds. HSBC Securities Services (HSS) will sages and its new browser-based user interface with five leading corporate
now provide trustee, valuation and accounting services to these funds. action users on April 25.
readmore p2 readmore p2
Ten markets, ten
cultures, one bank.

2. NewsInBrief
HSBC builds in Singapore
Continued from page 1
This takes the total number of UOBAM funds,
which HSS services to 48 and underpins a part-
nership that has been in place for over 15 years.
Tony Lewis, head of HSBC Securities Services,
Singapore said: “We are delighted with this vote
of confidence from UOBAM. The appointment to
provide end-to-end securities services for these
funds is testament to the collaborative relation-
ship that we have built over time and an indica-
tion of our strength in this market.”
UOBAM is headquartered in Singapore, with
regional business and investment offices in
Brunei, Japan, Malaysia, Taiwan and Thailand.
UOBAM has 25 years of experience in invest-
ing in equities and fixed income instruments of
regional and global markets.
Bill Chua, United Overseas Bank’s managing di-
rector & chief operating officer, Global Markets
& Investment Management, commented: “We
want to continue to work with service providers
that meet the high standards our investors look
for in us. HSS has shown their commitment to
meeting our needs and they have the reputation
and quality of product that drove this selection.”
component. DTCC determined the supplemen- mation will have the option of being seamlessly
DTCC launches ISO 20022 tal information needed in these extensions for routed to OCC for central counterparty clearing
pilot corporate actions processing in the US. services. Trades sent to OCC for clearing will
Continued from page 1 follow OCC’s existing clearing, settlement and
“The shift from proprietary files to ISO 20022 stand- risk management processes.
The pilot is part of DTCC’s multi-year reengineer- ard messages is significant,” said Sloan. “The abil-
ing initiative that is changing the way corporate ity to utilise market standard event types and follow OCC will guarantee and novate trades, sever-
actions are processed in the United States. the industry standard event interpretation grid con- ing the link between the original parties to the
cerning dates, rates, periods and prices will provide trade and inserting itself as the buyer to every
The firms in the pilot are the BNY Mellon, Brown our clients greater ability to electronically process seller and the seller to every buyer. Through
Brothers Harriman, Investment Technology corporate action announcements.” this process of novation, OCC will guarantee
Group (ITG), J.P. Morgan Chase and National performance of OTC equity derivative trades
Financial Services LLC. The pilot will test all The new browser-based interface that will be between clearing members, reducing counter-
event types for corporate actions announce- used by the pilot firms ultimately will provide a party credit risk for market participants.
ments, including dividends, principal and inter- unified corporate actions platform.
est, redemptions, and reorganisation events Adding a cleared solution for the OTC equity
such as tender offers, stock splits and warrants, The browser will handle announcement mes- derivative trades will bring an unprecedented
using the new ISO 20022 announcement mes- sages for the test pilot firms covering all event level of efficiency and risk reduction to the mar-
sages and user interface. types – including distributions, redemptions and ketplace.
reorganisations. The entire corporate actions
“We’re strong believers in implementing best lifecycle, from announcements through instruc- Pending regulatory approval, OCC expects
practice in the market place and that’s why we tions to allocations will be implemented in phas- to launch its OTC clearing solution in the 4th
wanted to participate in this test pilot,” said Ste- es – announcements beginning in November quarter, 2011.
ve Sloan, asset servicing product manager, J.P. 2011, followed by distributions and redemptions
Morgan Worldwide Securities Services. “This in 2012 and reorganisations in 2013 – with a “MarkitSERV looks forward to working with
pilot will help DTCC implement best practice dashboard for each event type grouping. OCC and the industry to leverage existing
for the corporate actions market, which will ulti- infrastructure and provide the highest levels
mately benefit all market participants by boost- of operational efficiency, connectivity and le-
ing efficiencies and reducing risk.” OCC announces agreement gal certainty for clearing OTC equity deriva-
tives transactions,” said Jeff Gooch, CEO of
DTCC developed the new messaging docu- with MarkitSERV MarkitSERV.
mentation in collaboration with SWIFT. ISO
20022 provides the financial services industry OCC has signed an agreement establishing “We are very pleased to work with MarkitSERV
with a common platform for the development of MarkitSERV as a trade source and middleware in extending the benefits of central counter-
messages in a standardised syntax and defines provider for over-the-counter (OTC) equity de- party clearing to the OTC equity derivatives
a number of key elements used in messaging. rivative trades to be cleared by OCC. market,” said Michael E. Cahill, OCC president
Supplementary data that does not fit into the and COO. “This arrangement utilises the exist-
current standard message format, or is specific OTC equity derivative trades that are bilaterally ing affirmation/confirmation process at Markit-
to a particular country or market, can be added negotiated and entered into MarkitSERV’s post- SERV and adds a clearing solution that will
by extending the messages with an additional trade processing platform for affirmation/confir- mitigate counterparty and systemic risk.”
2

3. NewsInBrief
BNP Paribas Securities
Services wins MAIF mandate
BNP Paribas Securities Services has been ap-
pointed global custodian of all life and non-life
insurance assets of the MAIF group, covering
€13 billion in assets.
MAIF is a mutual insurance company at the
head of an insurance group that has almost 2.7
million members. MAIF is the leading French
insurer in the education and not for profit sec-
tors, and is also the fourth-largest automotive
insurer and sixth-largest casualty insurer (all
categories combined).
Eric Berthoux, deputy chief financial and admin-
istrative officer at MAIF said: “Until now, we had
used two different custodians, including BNP
Paribas Securities Services, for our life and
non-life insurance assets.
“While we were already satisfied with the serv-
ices provided by BNP Paribas Securities Serv-
ices, we decided – after a competitive tender
process - to extend our agreement with them
while entrusting all our activities to a single serv-
ice provider.”
Gilliane Philip Courtines, head of relationship From 11 April 2011, the TSE will begin to pro-
management, Institutional Clients in France vide IOPVs for ETFs every 15 seconds during
J.P. Morgan selected by
at BNP Paribas Securities Services, said: “We auction trading hours and will publish the infor- FocusShares
have worked with insurance companies for mation on the TSE website and through their
many years and are delighted to be extending market datafeed. Investors will be able to com- J.P. Morgan Worldwide Securities Services has
our contract with MAIF. pare ETF market prices with the IOPVs during been appointed by FocusShares to service its
TSE auction trading hours. 15 new Focus Morningstar ETFs.
“Our strategy is based on providing a full range
of solutions to meet the needs of insurance com- The low-cost ETFs began trading March 30 on
“The IOPV or indicative NAV offers better trans- NYSE Arca and are the first investment products
panies. From global custody to sophisticated
parency of ETF assets,” said Akiyoshi Maruyama, sponsored by FocusShares since being acquired
reporting, we work with our clients to help them
director, information services department of the To- in June 2010 by Scottrade Financial Services.
adjust to market trends in the run-up to Solvency
kyo Stock Exchange. “The publication of this infor-
II, and in their international development.”
mation forms part of the TSE’s initiative to increase The Focus Morningstar ETFs include a US
ETF liquidity and raise investor awareness.” Market ETF (FMU); Small Cap (FOS), Mid Cap
(FMM) and Large Cap (FLG) ETFs; and 11 sec-
Interactive launches IOPVs for tor ETFs, including Basic Materials (FBM), Com-
“We are very pleased to be working with the To-
ETFs to TSE kyo Stock Exchange to provide this timely, mis-
munication Services (FCQ), Consumer Cyclical
(FCL), Consumer Defensive (FCD), Energy
Interactive Data Corporation has started provid- sion-critical information,” said Roger Sargeant,
(FEG), Financial Services (FFL), Health Care
ing indicative optimised portfolio values (IOPVs) managing director, international, Interactive
(FHC), Industrials (FIL), Real Estate (FRL),
for exchange-traded funds (ETFs) to the Tokyo Data. “The exchange-traded fund market in Asia
Technology (FTQ) and Utilities (FUI).
Stock Exchange (TSE). Pacific is growing fast, with Japan being one of
the largest markets. We continue to broaden our
J.P. Morgan offers a full suite of services for the
Interactive Data will be calculating the IOPVs services for a wide range of leading ETF spon-
development, launch and servicing of ETFs. In-
using its Basket Calculation Service on behalf sors throughout the Asia Pacific region.”
dustry-wide, J.P. Morgan currently services 138
of the TSE. ETFs with total assets of over $97 billion.
A recent BlackRock survey of the ETF industry
The Basket Calculation Service uses Interactive “J.P. Morgan has a history of innovation in the
in Asia Pacific calculated that at the end of April
Data’s intra-day fixed-income valuations, real- ETF space, with a commitment to the fund
2010 there were 249 ETFs listed in the region
time pricing and contributor data to calculate service business and pioneering technology,”
with assets of $69.6 billion, based on the pri-
and deliver updated IOPVs for equity, commod- said Robert Caporale, managing director, J.P.
mary listing, and BlackRock predicted 20-30 per
ity, fixed-income ETFs and exchange-traded Morgan Worldwide Securities Services. “We
cent growth over the near term.
notes (ETNs) every 15 seconds. Interactive look forward to working with Scottrade and Fo-
Data also offers intra-day calculations for global cusShares on these newly launched ETFs.”
indices that include equities, fixed income secu- Interactive Data currently calculates and dis-
rities, currencies and commodities. The service seminates intra-day indicative valuations for “By selecting J.P. Morgan to service these ETFs,
can help ETF sponsors access the information baskets of securities to a wide range of clients FocusShares has chosen a servicer with robust
required to launch funds that contain a broader via its Basket Calculation Service. The Basket capabilities and leading technology, a well-
range of securities, facilitating further growth Calculation Service is offered by Interactive suited alliance for FocusTM Morningstar ETFs,”
and diversification in the ETF market. Data Pricing and Reference Data, Inc. said FocusShares president Erik Liik.
3

4. NewsInBrief
State Street wins Russell
mandate
State Street has been awarded the custody
and fund administration contract for a new Irish-
domiciled common contractual fund offered by
Russell Investments.
State Street will also provide accounting and
transfer agency services to the fund, which will
be available to institutional investors.
“State Street’s proven ability to administer the
complexity related to the transparent nature of
the product positions us well to develop this
product into new markets,” said Jim Fin, general
counsel for EMEA at Russell Investments.
Dupree selects SunGard’s
Asset Arena Transfer Agency
Dupree Mutual Funds has selected SunGard’s
Asset Arena Transfer Agency, a high-volume
shareholder recordkeeping solution that proc-
esses transactions as they happen with 24/7
system availability.
In selecting SunGard, Dupree will shift from
operating installed transfer agency technology
to utilising Asset Arena Transfer Agency via
demanding. In addition, Asset Arena provides us A statement from Alain Closier, global head of
SunGard’s application service provider (ASP)
with the scalability and efficiency gains needed Societe Generale Securities Services, said: “We
offering. The secure Web-based solution helps
to help support our growing shareholder base have great regret to inform you of the sudden
streamline implementation, giving Dupree the
and helps us to control costs for our sharehold- death of Ramy Bourgi, head of emerging mar-
ability to quickly take advantage of Asset Are-
ers in today’s competitive environment.” kets for SGSS. We have just received confirma-
na’s features, while also helping reduce the time
tion of this unfortunate news and are immensely
and cost of conversion. Asset Arena Transfer
Agency helps improve Dupree’s client service Mark Judah, senior vice president of SunGard’s saddened by it. Our first thoughts are of course
by providing back-offices with portal-accessible Asset Arena Transfer Agency, said, “As Dupree with his family and friends to whom we extend
enterprise reporting and data repository serv- Mutual Funds continues to grow, SunGard can our sincere condolences.
ices and by giving investors online access to help the company better serve their customers
real-time account data. through our various Asset Arena offerings. We “In addition to his contribution to the international de-
are proud to play a pivotal role in assisting Du- velopment of our business, we will remember Ramy
for his enthusiasm and genuine values. I would like,
Dupree will also use Asset Arena’s expanded, auto- pree by creating its online client experience and on behalf of all the members of the Executive Com-
mated data transfers with banks and industry trad- streamlining its transfer agency processes, and
mittee, to express our immense sadness.”
ing partners, which will help the company increase we look forward to helping the company position
accuracy and control costs, both critical objectives itself for scalable growth.”
One friend and industry veteran has also com-
in a high-volume transfer agency environment. mented “with great sadness and disbelief Ramy
Rami Bourgi, industry veteran, Bourgi aged 50 and a true custody leader has
Gene Gard, portfolio manager at Dupree Mutual passes away left us. His warm personality is greatly missed”
Funds, said, “Using SunGard’s Asset Arena to
provide Web access to investor accounts, we Send all your news to
are now able to offer greater visibility into the Societe Generale Securities Services head of benwilkie@assetservicingtimes.com
real-time information our clients are increasingly emerging markets Ramy Bourgi has passed away.
4

5. UlfNoren
Nordic player
Ulf Noren, global head of sub-custody at SEB, talks to AST about the
introduction of CCPs within the Nordic market
BEN WILKIE REPORTS
AST: Before the financial crisis, of the national exchanges. It went live in Norway AST: What will the future bring for
what was the attitude of Nordic in 2010, with the appointment of Oslo Clearing. the back office in the Nordics?
Once the decision was made, the process went
providers towards a CCP? fairly smoothly. But there was some criticism of Noren: It’s an interesting question. If you look at
the plan - it’s human nature. There was a re- the European CCP environment you can see it’s
Noren: If you go back several years, the attitude luctance in some parts - the smaller banks and a fragmented world. We have seen some con-
to CCPs was negative to neutral. The general broker dealers felt the investment level was too solidation efforts being made but there has been
opinion was that we had a modern and cost effi- high, and they’d need to work to a completely no fall in the number of CCPs - in this part of the
cient system and if you were a direct member on different understanding of risk. There was also a world a number of CCPs have been added but
the exchange and the CSD then you were fine. fear amongst the smaller players that access to none have fallen off. Consolidation is needed
securities lending would be restricted and that and will happen, if for no other reason than the
That attitude remained until the Lehman default demand for collateral would be extensive. For complications surrounding interoperability.
and the collapse of the Icelandic banks. It’s small players operating in the bilateral environ-
ment, the costs of using a CCP complicate mat- And when you look at a CCP, the risk models are
where the concern started to take hold over the extremely difficult and complicated. There is not
risk of bilateral settlements. ters - there are now fewer broker-dealers as a
result of the introduction. the full transparency that will allow us to conclude
they are robust enough. We need more transpar-
AST: What drove the creation of ency and more assimilation in risk models. The
AST: What’s been the attitude of lo- other factor is that because more OTC transac-
the CCP? cal and international players since tions are going on CCPs, there will be higher
its introduction? volumes and more complexity. This means that
Noren: There were two prime drivers. The first the importance of CCP’s in the context of finan-
was to reduce the risk profile of the market, and cial stability will also increase. AST
the second was the requirement to avoid the ex- Noren: If you look at the larger investment banks
ponential cost following increasing growth. and broker dealer companies, the response has
been universally positive. It’s difficult to compare
with previous years because of the financial cri-
The market driver for the CCP came from re- sis but all in all the total volumes have risen and
gional banks who brought the issue up with the we still have many competing agents.
industry associations in the region. The stock
exchanges were also influential, the OMX Group
felt the competition from other exchanges as a AST: How do you think it’s working
result of Mifid would increase the pressure from now? Are improvements necessary?
Global head of sub-custody
trading participants to have a CCP.
Noren: There are always improvements to be
made and the CCPs are looking at where they
AST: What was the timeline for its can build on what they’ve done. At the moment
development? there is one CCP for three markets and Oslo
Clearing in Norway. In addition there’s Euro-
Ulf Noren
Noren: The discussions started slightly in ad- CCP with Turquoise. So three major CCPs in
vance of the crash in 2008, and by 2009 the the market, which could cause some issues, es-
CCPs were ready in Denmark, Sweden and pecially in terms of interoperability when and if
SEB
Finland, with EMCF becoming the market CCP it comes around.
5

6. CountryFocus
South Africa
South Africa had a good 2010 compared to many other economies, and
assets are set to rise in a fiercely competitive back office market
BEN WILKIE REPORTS
The World Cup last year put a real focus on
South Africa, showing it as a modern vibrant
years. While it certainly suffered during the
downturn, it has bounced back well, and asset
Regulation
nation that - while not without its problems - is levels are now on a par with those seen three
a beacon to the rest of the continent. 20 years years ago. From being a fairly insular economy, the South
after Nelson Mandela’s release and the begin- African government and regulators have decided
ning of the end of apartheid, the country is in-
The performance of the market over the past year to open up somewhat in the past couple of years.
creasing its wealth and open for business to the
is also leaving asset servicing smiling. According Of course, part of the reason for the country’s
wider world. to statistics from the Johannesburg Stock Ex- relative immunity to the international economic
change (JSE), the number of equity transactions downturn was its existing regulation, which
While South Africa remains a comparatively rose 22.4 per cent in the first half of 2010, gen- meant that domestic investors tended to invest
small market compared to the Western giants, erating revenue for the JSE of ZAR164.8 million domestically, while international players were not
it has been punching above its weight for some (£15.41 million), a 13.4 per cent increase. in the market enough to spread the contagion.
6

7. CountryFocus
But there is an understanding that if the country tries, including Nigeria, targeting an increasing through a network of third party sub-custodians
is to compete on the international stage - and number of investors with an interest in this part powered by an operations hub in Mauritius.
to improve the lives of its citizens, particularly of the world.
those at the bottom of the ladder - South Africa It’s this sort of operation that international funds
must become more internationalist. “We have high hopes for many of these mar- are increasingly sourcing. And as South Af-
kets,” says a spokesman for one South African rica matures, many experts believe it will pull
In October 2008, foreign exchange controls bank. “We have given ourselves the opportu- its neighbours up behind it. “We’re confident in
were relaxed, meaning foreign capital allow- nity to kickstart the market here - as they be- South Africa and have a lot of investment there,”
ance for residents, which was last adjusted in come more sophisticated and more funds look says a representative of one fund management
2006, would be increased from ZAR2 million to to invest in this area of the world, we are go- company. “Nearby, we would be happy to work in
ZAR4 million, while the single discretionary al- ing to be able to service the investment that Botswana and, to a lesser extent Kenya and Tan-
lowance would be increased from ZAR500,000 comes in. We don’t expect there to be enor- zania. We’re hoping that more as more countries
to ZARR750,000. mous growth straight away, but there will be come on stream, we will have more opportunities
business and we are in a prime position to take to operate outside Johannesberg. AST
The Government also raised the limit on the advantage of that.”
amount institutional investors can take offshore
by five percentage points. The limit will be be- It’s not straightforward, though, as head of busi-
tween 25 per cent and 35 per cent for investors,
depending on both the type of investor and the
ness development at Finsettle Ted Hampson
explains: “Common challenges are faced by the
BNY Mellon appoints new
type of investment. different exchanges across Africa, which include country head
liquidity in the markets, standard or similar gov-
“Previously, the foreign exchange controls ernance and reporting principles, effective and BNY Mellon has appointed Alex Johnstone
placed obvious constraints on the industry standard settlement cycles at T+?, effective use as country executive and head of the com-
and the available assets to service in the local and/ or adaptation of technology, movement to pany’s Representative Office in South Africa,
market,” says one custody leader. “These con- electronic trading systems, the need to increase based in Johannesburg, with oversight re-
straints have now been eradicated and inves- bandwidth, education of companies towards sponsibilities for South Africa and other key
tors can now look further at greater investments listing as a capital raising alternative, consum- sub-Saharan markets.
into sub-Sahara regions, as just one example,” er education related to investing in a stock ex-
who adds that foreign investment into the region change, effective available research, education Johnstone will continue in his existing role
will now become more appetising, and domes- and training of market participants, customer within ConvergEx Group’s Global Transition
tic investors looking to expand their footprint in management systems and techniques, navigat- Management business. In that capacity he is
Africa will now be more attainable. From a se- ing the needs of different exchanges, countries responsible for business development, prod-
curities services provider perspective, the future and regions as further trust is fostered for all uct management and transition management
looks very promising. to take advantage of the future opportunities. service delivery to clients in South Africa and
These common challenges present business the rest of Sub-Saharan Africa.
The South African government has also an- opportunities for those with vision....”
nounced a review of the prudential framework Hani Kablawi, chairman of Middle East & Af-
for foreign investment by private and public rica and head of global client management
pension funds. This will include the Government Players for EMEA, said: “Alex has been working
Employees Pension Fund. A prospective review closely on the ground in South Africa with
date is yet to be announced. The big global names are out in force in South fund managers, pension funds and regional
Africa, with State Street, J.P. Morgan and oth- central banks and is well known to all our key
It’s not just the Government that is looking to ers leading the way. Domestically, Standard institutional investors. He is ideally placed to
bring in the changes. The Johannesberg Stock Bank has a reputation for quality of service at build upon those strong relationships to the
Exchange has invested heavily in technology a low cost, while other African banks - in par- benefit of all our lines of business that are
and infrastructure and is now looking to bring ticular those from Nigeria - have a small but active across the region.”
the settlement timeframe more in line with mod- growing footprint.
ern standards. Currently at T+5 settlement, Prior to his relocation to South Africa in
many in the industry have voiced concern that And all of this is designed to offer clients access 2009, Johnstone oversaw the launch in
as volumes grow, the potential for reducing li- to markets across the whole continent - or at 2003 of ConvergEx’s international transition
quidity and efficiency and increasing risk also the least those countries in central and southern management business in London. John-
grows. As a result, the exchange is looking to Africa. Last year, Standard Chartered Bank set stone joined The Bank of New York in 2002
move to T+3 as soon as possible. down a marker in Africa after buying Barclays and has over 18 years experience in the fi-
Bank’s one remaining foothold in the business. nancial services industry.
Interest Barclays exited the custody world in 1998, leav- Johnstone replaces Karen Henwood, who
ing only its pan-African operation. While it insists has taken up a consultancy role focusing on
New funds have entered the market, while the business is still profitable, management by a banks in South Africa and other sub-Saha-
many of the existing participants have expand- global operator would give it a boost, according ran markets within BNY Mellon’s Treasury
ed their offerings. This is combined with the to Barclays. Services business.
country’s position at the forefront of a continent
that is increasingly open for business. The risks BNY Mellon’s South African Representative
of investing in many newer markets, however, Operations are present in eight countries where Office opened in Johannesburg in 2003.
means that many firms prefer to base them- direct custody capabilities have been added:
selves in the relatively safe environment in the Botswana, Ghana, Kenya, Mauritius, Tanzania,
south while looking for opportunities elsewhere. Uganda, Zambia and Zimbabwe. Next issue:
In 2009, HSBC launched its SA synthetic DMA Indirect capabilities are available in Egypt, Cote fund administration
platform and expanded its Market Access d’Ivoire, Malawi, Morocco, Namibia, Nigeria,
product to a number of neighbouring coun- Tunisia and South Africa. These are provided
in the Caymans
7

8. “The whole
was present industry
and network to meet
11th Annual : gre
Hans Koek at!”
Over 300 KAS BANK
Attendees In
2010
Re-Establishing Investor Confidence In A Changing Landscape
More Than 70 Top Level Insights Will Be Made Plus Pedro Simko
By The Following Industry Leaders: 10% nt Special Chief Marketing
ou Guest Officer, Europe,
� HSBC SECURITIES � STANDARD CHARTERED Disc P Code: Speaker: Middle East & Africa
e VI L
SERVICES � PICTET & CIE
Quot 3YASTN SAATCHI &
� UNICREDIT � CREDIT SUISSE
FK P3A SAATCHI
� THE BANK OF NEW YORK � STANDARD BANK
MELLON � NATIONAL SETTLEMENT
Key Industry Speakers Taking Part This Year Include:
� BANK OF AMERICA DEPOSITORY
MERRILL LYNCH � ROYAL BANK OF
� BROWN BROTHERS SCOTLAND INTERNATIONAL
HARRIMAN � NORDEA
� UBS � BNP PARIBAS SECURITIES
� BANQUE PRIVEE EDMOND SERVICES Tim Wood Markus Lottenbach Mark Bosquet Tom Isaac Heinz Fischer
RBC DEXIA INVESTOR BANK JULIUS BAER & BANQUE PRIVEE CITI CREDIT SUISSE
DE ROTHSCHILD EUROPE � THOMAS MURRAY LIMITED SERVICES CO. LTD EDMOND DE
� BANK JULIUS BAER & CO. � EUROPEAN CENTRAL BANK ROTHSCHILD EUROPE
LTD � EUROCLEAR
� CACEIS BANK � SEB
� SCHRODERS PLC � GLOBAL CUSTODIAN
� ZAGREB STOCK EXCHANGE � CLEARSTREAM
� BANK PEKAO � SOCIÉTÉ GÉNÉRALE
Andrew Rand Ivana Gazic Attila Colin Brooks Andrew Osborne
� MUSCAT SECURITIES SECURITIES SERVICES BROWN BROTHERS ZAGREB STOCK Szalay-Berzeviczy HSBC SECURITIES NORTHERN TRUST
HARRIMAN EXCHANGE UNICREDIT SERVICES
MARKET � FINANCIAL SERVICES
� LINK UP MARKETS RESEARCH
� SIX SIS AG � UBS INVESTMENT BANK
� LONDON STOCK EXCHANGE � HBL CONSULTANCY
GROUP SERVICES
� JP MORGAN TREASURY AND � CENTRAL DEPOSITORY AND
Beatriz Molina Kevin Molloy Jean-Michel Godeffroy Pierre Yves Goemans David Penstone
SECURITIES SERVICES SETTLEMENT CORPORATION Aragonés STATE STREET EUROPEAN CENTRAL EUROCLEAR DEUTSCHE BANK
THE BANK OF BANK
� STATE STREET LIMITED (KENYA) NEW YORK MELLON
� NORTHERN TRUST � SAATCHI & SAATCHI
� CITI � KELER
� DEUTSCHE BANK � FRIED, FRANK, HARRIS, 5 Reasons Why You Simply Have To Come To NeMa 2011:
� ING COMMERCIAL BANKING SHRIVER & JACOBSON 1 All Your Peers Will Be Here. This Is Without Exception The Most Important Gathering Of Network Managers
SECURITIES SERVICES (LONDON) LLP
2 More Interactive Electronic Polling Sessions – Find Out How Your Views Compare With
Those Of Your Contemporaries
3
New “Off The Record” Roundtable Lunch Discussion Groups – Your Chance To Network With Those Most
Relevant To Your Prime Business Focus
PLUS 4 Hear Fresh Perspectives From Our Guest Out-Of-The Box Speakers – And Take Away Practical Advice To Stay
Pre-Conference One Day Summit Ahead Of The Pack
5 Brand New Network Risk Summit – June 14th
Network Risk
Taking Proactive Steps To Ensure The Safety Lead Sponsors:
Of Client Assets Through A Rigorous
Programme Of Risk Monitoring & Assessment
Tuesday 14 June, 2011
Media Partners: Marketing partner: Main Conference
Arranged by 15th & 16th June, 2011
Network Risk Summit
14th June, 2011
Radisson Blu, Dubrovnik,
Croatia
To Register: Tel: +44 (0) 20 7017 7200 Fax: +44 (0) 20 7017 7807 Email: info@icbi.co.uk
For the latest agenda or to register please visit:www.informaglobalevents.com/FKP3A3YASTNL

9. IndustryEvents
New York London Securities
Financing Forum
Date: 26 May 2011
Location: New York
Website: http://www.dataexplorers.com
Gather the world’s leading thinkers and doers in securities financing and offer them one day of extraordinary insights and powerful inspiration.
Network Management ISLA 20th Annual European Clearing and
2011 International Securities Settlement
Lending Conference
Date: 15-16 June 2011 Date: 28th-29th June 2011 Date: 29-30 June 2011
Location: Dubrovnik Location: Penha Longa (Lisbon/Sintra) Location: London
Website: www.icbi-events.com/nema/ Website: www.afme.eu/isla2011 Website: www.icbi-events.com/ecs
With over 300 attendees from the Network Man- ISLA is pleased to announce the date and ven- An expected wave of European regulation; more
agement and Securities industry in 2010, NeMa ue for its 20th International Securities Lending competition; pressure on costs and fees; a new
has become the most important event of the Conference. The event will take place between focus on risk – all this and more will covered at
year for the network management community - 28th and 30th June 2011 in Penha Longa (Lis- ICBI’s flagship 17th annual clearing and settle-
bar none. bon - Sintra). ment event.
ready for your future needs
The state-of-the-art IT solution for:
· Securities Lending
· Repo
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Finace is currently the only fully integrated solution which supports the future business models within the area of Securities Finance and Collateral Manage-
ment. The architecture of Finace is based on a stable, leading edge technology platform which was developed with performance and robustness as the focus
of design. With flexibility at its core, customer-driven extensions and modifications can be quickly and easily applied to the standard component set.
COMIT AG, Pflanzschulstrasse 7, CH–8004 Zürich, Phone +41 (0)44 298 92 00, info@comit.ch, www.finacesolution.com
9

10. PeopleMoves
Industry Appointments
AST
Daiwa Capital Markets has hired a former European Daniel Smith, currently chief administrative of-
Central Bank (ECB) economist as part of its strategy ficer of Asia-Pacific, has been promoted to chief
to strengthen its global research offerings. operating officer for the region, incorporating his
responsibilities as chief administrative officer. ASSETSERVICINGTIMES
Tobias Blattner joins Daiwa as European He will continue to be based in Hong Kong and
economist, based in London, reporting directly report to the Asia-Pacific chairman.
to Chris Scicluna, deputy head of economic re-
search. Andrew Atkins has joined Marlborough as a Editor: Ben Wilkie
business development consultant to its third benwilkie@assetservicingtimes.com
Blattner will be responsible for analysing and party fund administration team.
forecasting euro area economies and financial
Tel: +44 (0)20 3006 2710
markets, as well as assessing euro area im- Atkins joins from Charles Stanley, where he was
balances, vulnerabilities and competitiveness head of new fund sales and distribution. He will work Marketing: Steven Lafferty
developments. He will also provide input to the on the development of Marlborough’s third party design@assetservicingtimes.com
assessment of the economic situation in, and fund administration service. Under the MFM banner,
the outlook for, other major economies. Marlborough currently services 13 funds with a total Publisher: Justin Lawson
of around £260 million under management. justinlawson@assetservicingtimes.com
BNY Mellon has appointed Stephen Lackey
as chairman of its Asia-Pacific region. Lackey J.P. Morgan Worldwide Securities Services has Tel: +44 (0)20 8249 2615
succeeds Christopher Sturdy, who has been appointed Rene Wiegel as managing director, Fax: +44 (0)20 8711 5985
Asia-Pacific chairman since early 2008 and is head of business development for Benelux.
moving to New York to take on a senior role in Published by Black Knight Media Ltd
the firm’s Global Client Management Group. Most recently, Wiegel was managing director,
head of sales for Benelux and Switzerland, at 16 Bromley Road
Lackey joined BNY Mellon in 1981 and has BNY Mellon. Prior to this, Wiegel worked for Beckenham
been director of global corporate development over 20 years at ABN AMRO in a number of key Kent
and investor relations since 2009. His experi- positions including head of regional treasury BR3 5JE
ence includes acting as representative of BNY and global relationship manager. UK
Mellon’s Sydney office from 1983-1987, lead-
ing a multi-national client group in London from Mercer Sentinel Group, has appointed Arti Company reg: 0719464
1991-1995, a communications and technology Sharma as principal and head of business de-
velopment, North America. Copyright C 2011
client group from 1995-1999, and a specialised Black Knight Media Ltd.
industry client group until 2002. During his 30- Based in Toronto, Sharma will be responsible for All rights reserved.
year tenure at BNY Mellon, Lackey has traveled the ongoing development of the Mercer Sentinel
extensively across Asia-Pacific and has led the To subscribe please visit
suite of products and services throughout North
merger and acquisition strategy both in the re- www.assetservicingtimes.com
America. Mercer Sentinel Group is a dedicated
gion and globally. specialist global business group within Mercer the custody industry,” said Freeman Wood, Mer-
Investment Consulting focused solely on evalu- cer Sentinel director of the Americas. “Her ap-
Based in Hong Kong, Lackey will lead the develop-
ating and advising clients on nonfinancial risks, pointment is an important step in the expansion
ment and implementation of the company’s business
primarily operational and implementation risks. of Mercer’s Sentinel service in North America.”
strategy for the Asia-Pacific region and will chair its
Mercer Sentinel covers a variety of consulting
Asia-Pacific Executive Committee. Additionally he
areas, including custody, fund administration,
will join BNY Mellon’s Executive Committee. Working Before joining Mercer Sentinel Group, Sharma
prime and standard brokerage, transitions,
closely with BNY Mellon’s global business heads, he was senior vice president at Thomas Murray
transaction execution and related costs, secu-
will serve as the company’s primary representative North America, a specialist custody consulting
rities lending and operational risk assessments.
with the local regulatory authorities and oversee client group headquartered in the UK. She special-
management for the region. He will report to James “We’re delighted to welcome Arti to the Mercer ised in new business development, consulting
Palermo, Vice Chairman of BNY Mellon and chief ex- Sentinel team. She has an outstanding profes- services and institutional investor relationship
ecutive officer of Global Client Management. sional reputation and extensive experience in management. AST
Raising The Bar In Recruitment
Telephone: +44 (0)20 7959 2440 | Email: enquiries@hornbychapman.com
Web: www. hornbychapman.com | Postal: 68 King William Street, London, EC4N 7DZ, UK
10

11. in association with
20th Annual
International Securities
Lending Conference
28th – 30th June 2011 | Penha Longa, Lisbon-Sintra, Portugal
Organised exclusively by market participants, this conference is the only event of its kind
in Europe, attracting 500+ ATTENDEES, including senior market participants from
banks, broker dealers and asset managers, bene cial owners, hedge fund managers and
securities regulators.
e GLOBAL SECURITIES LENDING MARKET continues to present both
challenges and opportunities to borrowers and lenders alike — but how should industry
participants position themselves for 2011 and beyond? Attend this event to nd out!
ATTEND TO:
REGULATORY LANDSCAPE for securities nance
LATEST TRENDS in supply and demand
CASH COLLATERAL
NETWORK with expert speakers and fellow market participants
‘ROUND TABLE’ SESSIONS
FOR MORE INFORMATION PLEASE CONTACT: FIND OUT HOW TO GET INVOLVED:
Michala Kocurova Fleurise Luder
+44 (0)20 7743 9337 +44 (0)20 7743 9361
michala.kocurova@afme.eu fleurise.luder@afme.eu
REGISTER TODAY! www.afme.eu/isla2011