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International Securities Services Association

International Securities Services Association. ISSA Update 10 th ACSDA General Assembly Panama City. Josef Landolt / Peter Gnepf. Criteria for ISSA work items. Impact beyond a single market. Relevance beyond one provider segment. Attacking inefficiency.

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International Securities Services Association

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  1. International Securities Services Association ISSA Update 10th ACSDA General Assembly Panama City Josef Landolt / Peter Gnepf

  2. Criteria for ISSA work items • Impact beyond a single market • Relevance beyond one provider segment • Attacking inefficiency • Mitigating operational risk

  3. Today's Agenda 1. Current ISSA activity - Removing Giovannini Barrier 1 - OTC Derivatives - Mutual Funds Processing in Europe 2. ISSA Symposium 2008

  4. Removing Giovannini Barrier 1 "National differences in the information technology and interfaces used by clearing and settlement providers should be eliminated via an EU-wide protocol. SWIFT should ensure the definition of this protocol….." 2011

  5. Top 50 infrastructure users 29 CSDs 9 CCPs Removing Giovannini Barrier 1 "National differences in the information technology and interfaces used by clearing and settlement providers should be eliminated via an EU-wide protocol. SWIFT should ensure the definition of this protocol….."

  6. OTC Derivatives Working Group Improve management of risk, complexity & efficiency

  7. OTC Derivatives Working Group 1. Valuation principles  Best practice recommendations 2. Trade capture  Process management and improvement 3. Trade confirmation  Process management and improvement

  8. OTC Derivatives Working Group - Sharing the work load - Involvingour members - Pooling expert knowledge

  9. Fund Working Group Align mutual funds processing to equity settlements

  10. Fund A TA 1 FundB Fund C TA 2 TA 3 Distributory Distributor x Investor Investor Investor Investor Investor Investor Investor Investor Investor Investor Investor Investor Fund Working Group The Transfer Agent Model: Like a stock market without CSDs Complex, expensive, fraught with risk

  11. Fund A Fund C Fund B TA 1 TA 3 TA 2 Central Hub Distributor x Distributor y Distributor z Investor Investor Investor Investor Investor Investor Investor Investor Investor Investor Investor Investor Fund Working Group The Hub Model: Transfer Agents (TA) and Distributors need only one link, in their preferred format

  12. Fund Working Group Custodian, Transfer Agent, Distributor Messaging Fund Manager Depository

  13. Fund Working Group Five work areas, in order of priority: • Reference data and messaging • Settlement • Order routing and execution • Registration and custody • Distribution

  14. Fund Working Group Order Processing Data Performance Data = EFAMA's Fund Processing Passport European Fund Data Base Portfolio & Corporate Action Data Prospectus Data

  15. Fund A Fund C Fund B TA 1 TA 3 TA 2 Central Hub Distributor x Distributor y Distributor z Investor Investor Investor Investor Investor Investor Investor Investor Investor Investor Investor Investor Fund Working Group Settlement Area: No need to change the market. But many opportunities to realize efficiency gains!

  16. Funds Processing in Europe… So much for Europe. Now let's turn to mutual funds!

  17. ISSA 14 June 3–6, 2008 Wolfsberg, Switzerland ISSA Symposium 2008

  18. "Looking out" ISSA Symposium 2008 1. Wealth Management Trends and Needs • Capital market drivers in the next five to ten years • New products, new investment styles …. and what does this all mean for operations and the market infrastructures?

  19. "Looking close" ISSA Symposium 2008 2. ISSA Focus Sessions • Fund processing • OTC Derivatives • Tax processing / G30 ISSA Tax Model …. and possible next ISSA topics?

  20. "Looking into the mirror" ISSA Symposium 2008 3. ISSA Forum Member feedback on ISSA: Perceptions, expectations, needs. Suggestions for increasing the value of a membership and making ISSA more visible, effective and efficient

  21. "The independent view" ISSA Symposium 2008 4. Key Note • Power shifts in the global economy • Wider implications of the subprime credit crisis

  22. ISSA Symposium 2008 Wolfsberg, June 3-6

  23. ISSA Symposium 2008 Wolfsberg, June 3-6 June 7-29

  24. Thank you for your interest! International Securities Services Association ISSA c/o UBS AG FNND OZTH P.O. Box CH-8098 Zurich, Switzerland Phone : +41-44-235 74 21 Fax: +41-44-236 14 74 issa@issanet.org www.issanet.org

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