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Safekeeping Models and Participant-Level Structure in INDEVAL's International Division

This presentation outlines the International Division's Depository Services at INDEVAL, focusing on advanced safekeeping models including the two-tier and multi-tier structures. It details various account types and functions, encompassing main accounts, omnibus accounts, and settlement accounts tailored for institutional and foreign investors. The agenda covers tax services, corporate actions, and the handling of securities, emphasizing operational efficacy in the depository ecosystem. Insights into the high trading volumes and cross-border settlements highlight the critical role of CSDs in modern finance.

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Safekeeping Models and Participant-Level Structure in INDEVAL's International Division

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  1. S.D. INDEVAL 2007 ACSDA Leadership Forum PARTICIPANT LEVEL MODELS Leonid Borgmann, Manager International Division

  2. Indeval as MX CSD Overview International Division Depository Services Safekeeping Models Safekeeping Two-tier Model Multi-tier Model Account Structure Participant Level Account Types and Functions Agenda

  3. Indeval as MX CSD

  4. Overview International Division • 133 Ordinary Shares (129 US, 2 BME, 1 MSE, 1 LUX) • 88 ETF´s (82 US, 5 LSE, 1 TSX) • 93 ADR´s (Europe, Asia & Australia, Brazil, Venezuela) • 379 Corporate Bonds (US, EU) • 89 Government Bonds (US, Mexico, France, Germany, Brazil, Venezuela) • 103 Europesos • 84 Other (Warrants, MBS, CP, CMB, Structured Notes)

  5. Overview International Division 846.41% 883.60% 34.78% 12.51%

  6. Depository Services • Tax Services • No Tax Withholding for the domestic market • BO Breakdown for Foreign Securities (DTT) • Tax reclaim service • Corporate Actions • Interest/Redemption and Dividend (Cash/Shares) • Split/Reverse Split • Spin Off • Exchange Offers • Safekeeping

  7. Safekeeping • Physical Securities • Domestic Securities • High Trading Volumes • Immobilised/Dematerialised Securities • CSD • Book-Entry as transfer/creation of rights • MX Treasuries • Foreign Securities • Multi-tiered Intermediation • Cross-Border Settlements • Global Custodian Chain • Time Zone Problem • Operational Risk

  8. Safekeeping Models • Two-tier Model CSD P1 I2 P2 I1

  9. Safekeeping Models • Multi-tier Model CSD P1 Pn-1 Pn ... I1 I2 In-1 In

  10. PARTICIPANT OWN THIRD PARTY MAIN ADDITIONAL COLLATERAL MAIN ADDITIONAL COLLATERAL FOREIGN I. Safekeeping Models • Account Structure Participant Level

  11. Safekeeping Models • Account Types and Functions • Main Account • Omnibus Third-Parties/Own • Settlement Account • Additional Accounts • Institutional Investors (Trusts, Investment Funds, Pension Funds) • Security Lending • Foreign Investors • ADR/ADN Creation/Cancellation • Collateral Accounts • Securities Lending • Repurchase Agreements (Repo) • Margin Account

  12. 2007 ACSDA Leadership Forum S.D. INDEVAL S.A. de C.V.Mexican Central Securities Depository New York, October - 2007 lborgmann@indeval.com.mx

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