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Cross-Border Panel Discussion

ACSDA Leadership Forum Lisa Argento, International Cecilia Humphrey, Americas Representative October 10, 2007. Cross-Border Panel Discussion. Global Factors Are Transforming Markets. Rapid Advances in Technology Enabling Ease of Access, Driving Volumes Emergence of New Growth Markets

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Cross-Border Panel Discussion

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  1. ACSDA Leadership Forum Lisa Argento, International Cecilia Humphrey, Americas Representative October 10, 2007 Cross-Border Panel Discussion

  2. Global Factors Are Transforming Markets • Rapid Advances in Technology Enabling Ease of Access, Driving Volumes • Emergence of New Growth Markets • Complex Trading Strategies • Explosion of Financial Instruments • Global Competition for Risk-Managed Returns

  3. Today, Investors Are Demanding Global …despite diverse regulatory structures, taxes, laws, accounting practices, complicated by culture, currency and time zones

  4. Today’s Markets Are Reshaping • Cross-border Exchange Mergers • For-profit and Demutualized Exchanges • Consolidation and Mergers in the Market Infrastructures Sector • Exchanges Buying Stakes in Other Markets • Cross-listed Issues and Indices • Cash Markets Growth Dwarfed by Futures, Derivatives, Options • Rise of Alternative Trading Platforms

  5. Transformed Exchange Ownership

  6. EuroCCP & Turquoise • Turquoise – Consortium of Major Financial Institutions Launching New Pan-European Trading Platform • DTCC’s EuroCCP Subsidiary Selected to Provide a Clearing & Settlement Solution for Turquoise

  7. MOUs – Cooperation & Collaboration • Signing “Memoranda of Understanding” with Asian Infrastructures: • Taiwan Securities Central Depository (TSCD) - August 2003 • Japan Securities Depository Center, Inc. (JASDEC) - August 2003 • Korea Securities Depository (KSD) - April 2004 • ChinaBond (CDC) – December 2006 • ChinaClear (SD&C) –June 2007 • National Securities Depository Ltd., India – June 2007 • Central Depository Services of India Ltd -- June 2007 • Pakistan Central Depository (CDC) –July 2007

  8. Global Conferences & Meetings • Active participation in many global organizations: • ACSDA • ISSA, SIFMA Cross-Border • Global Standards Groups – ISITC, SMPG • CSD9, Korea, April 2007 • Asia-Pacific CSD Group (ACG), Beijing, September 2007 • Sibos, Boston – October 1- 5, 2007 • ACSDA, CCP12, ISITC & SMPG Meetings in Boston

  9. CSD Linkages Clearance and Settlement vs. Payment Cross-Border Collateral Pledges Custody and Book-Entry Deliveries Central Counterparty Guarantee Links

  10. Why Consider Linking? • Promote global markets and issuance by providing other markets with US local support for their trading of US issues • Similarly, gain support for international issues from their local infrastructures. • Promote best practices and establish global standards for settlement • Link messaging should be based on ISO standards • “Link eligible” securities expanded as needed • Jointly address inefficiencies relevant to cross-border transactions or asset servicing • Overall goal: Enable participants to process increased cross-border transaction volumes at lower cost and risk levels, and maximize participants’ capital effectiveness

  11. Current CSD Links – Clearing, Settlement and Custody Canadian Depository For Securities account, with full DVP and clearing.

  12. Current CSD Links into DTC – Custody and Book-entry Delivery Clearstream Banking Frankfurt (Germany) Central Depository Pte Ltd (Singapore) Cavali (Peru) Caja de Valores (Argentina) CRESTCo (UK), now Euroclear UK Necigef (Euroclear Nederland) Hong Kong Securities Clearing Company Tel Aviv Stock Exchange Clearing House (Israel) Monte Titoli (Italy) JASDEC (Japan)

  13. Indirect Links into DTC Agent Banks

  14. Current CSD Links into DTC- Pledgee Accounts CBLC Brazil Canadian Derivatives Clearing Corporation

  15. Current DTC Links into CSDs - Canadian Depository for Securities - Clearstream Frankfurt - SIS SegaInterSettle

  16. DTC’s Current CSD Links DTC CSD Securities Delivery DTC Participant CSD Participant Payment Arrangement

  17. ACSDA Cross Border Links Committee • Arrangements for knowledge sharing and implementation of technology • Develop linkages with growing markets to strengthen the markets for foreign investment. • Establish global standards and capability development • Settlement Advisors for Ibero-America Stock Exchange Federation Market Links Project

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