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ACSDA’s 2009 GENERAL ASSEMBLYINDEX
ACSDA NewsletterDecember 2008Official Newsletter of Americas’ Central Securities Depositories Association
Plaza Mayor of Lima
Registration forms for the meeting andhotel, and other documents relating toACSDA's 2009 General Assembly can bedownloaded from www.acsda.org inEnglish or Spanish. Watch for this logoon the ACSDA.org home page.
Season's greetings! Y, ¡Feliz año nuevo!
This year-end holiday edition of the ACSDANewsletter, besides offering best wishes forthe season, looks ahead enthusiastically toour 2009 General Assembly, now set forWednesday through Friday, February 25 to27, in Lima, Peru. Inside this issue, we alsolook back with great satisfaction on the successof the 8th ACSDA Seminar, held in Toronto,Ontario, Canada, in October.
As for the General Assembly, ACSDAmembers should have received their officialinvitations and registration details in Englishand Spanish by email in mid-November. Bynow, a wider number of industry partners andcolleagues are registering as well.
This will mark the eleventh 2009 General
ACSDA’s 2009 General Assembly p1-3ACSDA’s 8th Seminar in Toronto p4-5CEDEVAL Celebrating 10 Years p6-75th Anniversary of MercadoGlobal BMV, Mexico p810 Years of STRATE p8Lima Hosts APEC Leaders p9ACG12, CSD10 and SecuritiesOperations Forum p10
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December 2008Official Newsletter of Americas’ Central Securities Depositories Association
Assembly since the Association was officiallyestablished on August 10, 1999, in Lima, whereACSDA still maintains its incorporation, thanksto Cavali, I.C.L.V., which is our host again for2009.
All members and colleagues are urged maketheir travel and hotel plans immediately, inorder to reserve at the best negotiated ratesbefore the room registration deadline inDecember at The J.W. Marriott Hotel, wherethe official meetings will also be held.
“For all of us, this General Assembly promisesto be special, not only because Lima representsACSDA's home, but also as the setting formuch needed regional dialogue amongACSDA's members and close colleagues inlight of the recent world economic and marketevents,” said ACSDA President Mary AnnCallahan. “Given the challenges faced by theentire financial community, we have invitedleaders and partners from a cross-section ofthe industry to join us in Lima and share theirviews and perspectives on the global situationwith our members.”
“Among voting items on the agenda this year
are ACSDA's updated and ambitious Strategyand Work Plan for the next several years, aswell as the election of a new ExecutiveCommittee for the 2009-2011 term,” addsBruce Butterill, Executive Secretary. “We willalso, of course, review ACSDA's achievementsand progress over the past year and reaffirmwith the membership ACSDA's budget planfor programs and activities in the coming year. If any ACSDA member wants to confirm itsorganization's voting representative, make anychanges or arrange for a proxy, please contactme at [email protected].”
“All of us at Cavali look forward to welcomingACSDA,” adds Francis Stenning, Cavali'sChairman and CEO, “and we will also offerbriefings about the Peruvian market andCavali's operations.” Magaly Martinez, LegalCounsel, who is leading Cavali's planning teamfor the event, and who also contributed thepage 9 feature about the recent APEC Summitheld in Lima, notes that, “with many interestingthings to do and see in Peru, we urge you toconsider extending your stay and wideningyour experience of Peruvian hospitality.However, to avoid disappointment, be sure tomake your travel plans and register now.”
The JW Marriott Hotel Lima, site ofACSDA's 2009 General Assembly,stands in front of grand cliffs in theMiraflores district, with sweeping viewsof the Pacific.
A related article on the recent APEC Summit, held in Lima, Peru, appears on page 9.
2009 ACSDA GENERAL ASSEMBLY AGENDAWednesday, February 25, 2009
9:00 – 12:00p.m. Overview Visit to the Peruvian Securities Market Building of the Lima StockExchange – BVL, Downtown Lima
1:30 - 4:30p.m. ACSDA Executive Committee MeetingNew Offices of CAVALI S.A. I.C.L.V., San Isidro
7:30 – 10:00p.m. Welcome Cocktail ReceptionCALA Restaurant, Barranco
Thursday, February 26, 2009
6:30 - 7:15a.m. Morning Walk
8:00 – 8:45a.m. Breakfast Buffet
8:45 – 9:00a.m. RegistrationSala San Martin, 4th Floor
RESERVED FOR ACSDA MEMBERS ONLY
9:00 – 9:10a.m. Welcome RemarksFrancis Stenning, CEO, CAVALI S.A. I.C.L.V.
9:10 – 9:15a.m. Official Meeting Opening Remarks and Agenda ApprovalMary Ann Callahan, President of ACSDAManaging Director, The Depository Trust & Clearing Corporation
9:15 – 10:45a.m. ACSDA’s Administrative Matters:1. President’s Report: Mary Ann Callahan2. Vice President’s Report: Jorge Hernan Jaramillo, CEO, Deceval S.A.3. Executive Secretary’s Report: Bruce Butterill
December 2008Official Newsletter of Americas’ Central Securities Depositories Association
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Continued from p2
4. Treasurer’s Report: Francis Stenning• 2008 Financial Statements Approval• 2009 Annual Budget Approval• 2009 Member Annual Dues Approval
5. Working Committees Report: Hector Anaya, CEO, S.D. Indeval Institución para el Deposito de Valores, S.A. de C.V., with participation of committee chairs and representatives6. Election of ACSDA Executive Committee for the years 2009 – 2011
• Nomination of candidates, followed by Election
THE ASSEMBLY OPENS TO INVITED GUESTS
10:45 – 11:15a.m. Coffee Break, Sala San Martin, 4th Floor
11:15 – 7. Looking Ahead: Presentation, review and approval of12:45p.m. ACSDA’s Strategy & Work Plan for 2009-2011
Panel: Members of the Executive Committee
12:45 – 1:15p.m. Official Photograph
1:15 – 2:30p.m. Lunch: Terraza del Mar, 4th Floor (JW Marriott Hotel)
2:30p.m. Meeting resumes in Sala San Martin
2:30 – 4:30p.m. Update from each ACSDA MemberFacilitated by Bruce Butterill
4:30 – 4:50p.m. Coffee Break
4:50 – 5:30p.m. Preview of CSD 10 Agenda and ACSDA Representation
5:30p.m. Conclusion of the Day’s Meeting
5:30 – 6:15p.m. New Executive Committee Meeting• Appointment of President and other Executive Committee Posts• Confirmation of Hosts of the 2010 General Assembly
8:00p.m. Departure to Official DinnerMeeting place: Hotel Lobby
8:30 – 11:00p.m. 2009 General Assembly Official DinnerLa Huaca Restaurant, Miraflores
Friday, February 27, 2009
6:30 - 7:15a.m. Morning WalkMeeting place: Hotel Lobby
8:00 – 8:45a.m. Breakfast Buffet
8:45a.m. Meeting resumes in Sala San Martin, 4th Floor.
8:45 – 10:00a.m. Addresses by Invited Officials from the Peruvian Capital Market
10:00 - 11:30a.m. Panel: Global Situation of the Capital Markets and the Financial IndustryResponse
11:30 – 11:45a.m. Coffee Break
11:45 – 12:45p.m. A Conversation with Invited Industry Partners and Colleagues
12:45 – 1:30p.m. Conclusions, Announcements and Closure of the General AssemblyFinal Comments• Announcement of the New President and Executive Committee positions• DCV’s Presentation regarding the upcoming ACSDA Leadership Forum• Announcement of the Host for the 2010 General Assembly
1:30 – 1:40p.m. Acknowledgements and FarewellACSDA’s New President, and Francis Stenning, CEO, CAVALI S.A. I.C.L.V.
2:00p.m. Departure to Restaurant for Closing LunchMeeting place: Hotel Lobby
2:15 – 4:3p.m. Closing Lunch at Casa Moreyra Restaurant
December 2008Official Newsletter of Americas’ Central Securities Depositories Association
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With seasonably crisp October winds blowing
outside, over one hundred and twenty
delegates from around the globe kept warm
at the 8th Americas' Central Securities
Depositories Association (ACSDA) seminar
at the Sutton Place Hotel in Toronto, Ontario
on October 1-3, 2008.
Representatives from Central and South
America, North America, the Caribbean,
Europe, South Africa and Asia participated in
in-depth sessions exploring topics of interest
to world-wide central securities depositories.
A panel of securities industry experts discussed
subjects that included:
> Trends around the world with
respect to vertical and
horizontal integration
> The expansion of central securities
depositories into various foreign
markets
> The growing diversity of services
currently being offered by central
securities depositories
> Enterprise risk management and
its importance given the current
financial market
> How to improve processing of
corporate actions.
"Forums, such as today's seminar, provide
opportunities for members of the association
to interact with market participants and
regulators to exchange views and improve
understanding of our respective interests,"
said Charles Moses, Chairman, The Canadian
Depository for Securities Limited, during his
opening remarks.
"It is through participation in associations such
as ACSDA that depositories can raise their
game and provide enhanced value to their
customers. By acting as a regional forum for
depositories with common issues and interests,
ACSDA provides its members with
opportunities to learn from the experience of
others in developing solutions for their
markets and acts as a collective voice to
advocate issues of importance for its
members." said Moses.
A question and answer period followed each
session to encourage open dialogue and the
sharing of expertise and best practices on
these topics.
Delegates were also invited to an opening
reception at Sutton Place's Stop 33 (sponsored
by Omgeo) and a dinner at Palais Royale
(sponsored by Tata Consultancy Services),
where guests experienced Canadiana with a
dinner of venison and entertainment by a
rousing Celtic band, Poor Angus.
ACSDA’s 8th SEMINAR IN TORONTOBy Michelle Moore and Elaine Reyes, CDS
For all presentations please visit the Events and then Seminar page ofwww.acsda.org in English and Spanish
Peter Gnepf of ISSA with ACSDAExecutive Secretary Bruce Butterill
Panel on STP from ISSA, DTCC andOntario Securities Commission
Dr. Wenhua Dai of SD&C Chinaclearrepresenting ACG, during Roundtable
Ian Gilhooley, CDS President & CEOwelcomes ACSDA to Toronto
Beyond CSD Core Business panelistsfrom JCSD, DCV, ECSDA
December 2008Official Newsletter of Americas’ Central Securities Depositories Association
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ACSDA’s 8th SEMINAR IN TORONTO (Cont..)
On behalf of the Legal Committee, I would like
to tell you about one of the highlights of our
meeting in Toronto on November 30th and
October 1st. At the conclusion of our Legal
Committee's day-and-a-half meeting, we were
invited along with our special guest, Dr.
Wenhua Dai of the ACG, to visit Osgoode Hall;
a beautiful heritage building located a short
walk from the offices of our hosts CDS. This
historic site is the focus for legal activity in
Ontario, and it has been co-owned by the
Ontario Government and the Law Society
since 1840. The Court of Appeal for Ontario,
the Superior Court of Justice and the Law
Society of Upper Canada are all currently
located in this building.
During our tour, we had the opportunity to
learn about Osgoode Hall, its impressive
architecture and history, as well as the role it
has played in Ontario's legal community. We
also learned about the legal profession in
Ontario and Canada, and were able to make
interesting comparisons to the legal systems
of our own countries.
The highlight of our visit to Osgoode Hall came
half way through our tour when we were invited
to meet the current president of the Law Society
(his official title is Treasurer), Mr. William Millar.
Mr. Millar, a very prominent Toronto lawyer,
took a few minutes from his busy schedule to
invite us into his office and tell us a little bit
about the Law Society of Upper Canada
(Ontario) and his role as its Treasurer. We
had the opportunity to tell him about ACSDA
and the purpose of our visit to Toronto. He
was delighted to learn that we were from Latin
America and proceeded to tell us about his
early days as a teacher in Colombia.
This was certainly a very interesting and
memorable experience for all for us!!!
LEGAL COMMITTEE MEETS IN TORONTO, TOOBy Javier Jara, DCV
Mark Weseluck of CDS introduces roundtable sessions, and facilitator Jerome Dumaineof IBM Global Business Services records discussion findings.
ACSDA Legal Committee at OsgoodeHall in Toronto
Noberto Gysin of Caja de Valorespresents Argentina’s market model
Gustavo Pereira of Clearstream andNoris Aguirre of CVV Venezuela
Tanya Knowles of Strate and EduardaMatos of CDS with ACSDA friends
Celtic Band, Poor Angus, entertainsACSDA at the Seminar’s official dinner
December 2008Official Newsletter of Americas’ Central Securities Depositories Association
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Central de Depósito de Valores S.A. de C.V.
El Salvador, C.A. (CEDEVAL) began
operations in November 1998, with an initial
deposit of US$514 million in securities. By
the end of October 2008, the amount on
deposit had surpassed US$4.9 billion.
CEDEVAL was incorporated under the
Securities Market Law (Ley del Mercado de
Valores). It also provides the recording and
management of dematerialized securities
subject to that which is established in the Law
of Electronic Registry of Securities on Account
(Ley de Anotaciones Electrónicas de Valores
en Cuenta).
CEDEVAL's principal objective is to mitigate
the risk associated with the custody and
management of securities; furthermore, it
provides the technological platforms and
operational mechanisms which allow the
clearing and settlement of transactions, as
well as the transfer of securities in a dynamic,
safe and timely manner, using state of the art
technologies and adopting international
business practices.
Since its creation, CEDEVAL has played a
key role in the development of the securities
market in El Salvador.
As a result of CEDEVAL´s risk management
policies, issuers and investors can rest assured
that their operations carried out on the
Salvadoran Stock Exchange are cleared
through efficient systems that guarantee
safety.
“Throughout the past decade, CEDEVAL has
developed a mastery of core skills in custody,
administration, clearance and settlement, and
setting priorities in international best practices
and regulatory compliance so as to achieve
risk mitigation in all operations,” explained
Mariano Novoa Flores, CEO of CEDEVAL.
According to Rolando Duarte Schlageter, El
Salvador´s Stock Exchange CEO, “CEDEVAL
successfully achieved its goals of becoming
acknowledged as a Depository which meets
consumer's needs and international standards
like those adopted by more developed
markets, due to its constant innovation,
focusing on breakthrough technology and the
adoption of best practices.”
In 1999, agreements signed with important
global custodians helped facilitate the trading
of international securities and cross-border
transactions, thereby increasing Stock
Exchange and custody volumes. As part of
its global vision, in 2000 CEDEVAL joined the
Americas´ Central Securities Depositories
Association (ACSDA), allowing the Depository
to share international best practices.
Over the past years CEDEVAL has
significantly strengthened risk and compliance
systems and methodologies to protect against
credit, market and operational risks. An
example of major initiatives was the
implementation of Securities Dematerilisation
in 2002, which represented a major
contribution to improve trading efficiency,
reduced operating costs and the elimination
of risks associated with physical securities
certificates.
During 2007 CEDEVAL was able to list its
shares in the Stock Market of El Salvador. At
the same time, an important rating of AA+,
with a stable perspective as an issuer of
CEDEVAL CELEBRATING 10 YEARS OF PROVIDING SAFETYAND TRUST TO THE SALVADORAN SECURITIES MARKETBy Jorge Moreno, CEDEVAL
From left to right: Marvin Cerros,Alejandra Huezo, Walter Hernández,Jorge Moreno, General Manager,CEDEVAL, Javier Mayora, GeneralManager, Bolsa de Valores, Dr.Guillermo Hildago Qüehl, Founder andDirector, CEDEVAL, Ivette Sigüenza,Jorge Cabrera and Byron Martínez, allfrom CEDEVAL
December 2008Official Newsletter of Americas’ Central Securities Depositories Association
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securities was obtained from Fitch of Central
America.
CEDEVAL´s outstanding growth in securities
custody reflects the market's trust which has
been built during the past 10 years. By October
2008, custody volume reached US$4,9 billion
representing 25% of El Salvador's GDP,
highlighting its important role in Salvadoran
economy.
Regarding future plans, the Depository is
working on a project to simultaneously execute
the Delivery vs. Payment process, which was
previously managed by the Stock Exchange.
In November CEDEVAL celebrated 10 years
of success with an elegant cocktail party,
preceded by a ceremony. During this
ceremony, Mariano Novoa, CEDEVAL’s CEO
presented, on behalf of the Board of Directors,
their most important achievements followed
by the presentation of acknowledgements to
those key individuals who made CEDEVAL's
creation and growth possible.
The closing event was a speech by Jorge
Hernan Jaramillo Ossa, CEO of DECEVAL in
Colombia, and VP of ACSDA through which
he presented the latest trends in securities
custody and far broader service opportunities.
Continued from p6
From left to right: Lic. Rolando Duarte,President, Bolsa de Valores, Licda. LuzMaría de Portillo, President, BancoCentral de Reserva de El Salvador, Lic.Rogelio Tobar, Superintendente deValores, Dr. Jorge Jaramillo, KeynoteSpeaker, and Lic. Mariano Novoa Flores,President, CEDEVAL
CEDEVAL supports equities, fixed incomesand other debt instruments in dematerializedform (84%) or inmmobilized (16%).
Dr. Jorge Jaramillo, CEO, Deceval, andVice President, ACSDA during hiskeynote speech addressing theSalvadorian Financial Market
During the celebration: Ing. BenjamínValiente, Director, CEDEVAL, Lic.Mariano Novoa Flores, and Dr. GuillermoHidalgo Qüehl
December 2008Official Newsletter of Americas’ Central Securities Depositories Association
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10 YEARS OF
We, at Strate, are proud to be celebrating our
tenth year as South Africa's Central Securities
Depository. Since 1998 Strate has entrenched
itself as the leading provider of innovative post
trade products and services for the South
African financial markets and has gained global
recognition for the confidence we inspire.
We would like to thank all our stakeholders
for their ongoing support and faith in our ability
to provide outstanding products and services
- this is greatly appreciated and does not go
unnoticed. We believe that our success as a
trusted and preferred centralised provider of
products and services is built on your support
and dedication.
Our promise to you as friends, family or
stakeholders in Strate, is that we will continue
to strive for excellence in all that we do and
will remain committed to enhancing our
offerings of products and services to our
market.
We thank you again for all your support and
look forward to a successful and rewarding
relationship in the years to come.
Warm regards,
Monica Singer
CEO
Strate Ltd.
To mark the 5th Anniversary of the Mercado
Global in Mexico, the Bolsa Mexicana de
Valores and Deutsche Bank hosted a reception
in October to celebrate their collaboration in
offering international securities to Mexican
investors within the Bolsa's special global
section.
ACSDA Members Hector Anaya, CEO; Arturo
Navarro, COO, and 15 others from S.D. Indeval
Institución para el Depósito S.A. de C.V.
(INDEVAL), and Cecilia Humphrey, Americas
Representative, The Depository Trust &
Clearing Corporation (DTCC), were among
more than 75 guests from the Mexican
financial community.
The Mercado Global market started in June
2003 and currently enables Mexican investors
to invest through local stockbrokers in 400
international equities and exchange-traded
funds at the Bolsa, with INDEVAL clearing
and settling for its participants. Deutsche
Bank, as sponsor and custodian for the
Mercado Global, helps Indeval to hold its
collective inventory, on behalf of its participants,
in each of the international issues' respective
home markets. Deutsche Bank's account at
DTCC's depository serves as custodian for
U.S. issues, the largest international segment,
and connects Indeval's Mercado Global
inventory with those issues' home market
liquidity.
5th ANNIVERSARY OF MERCADO GLOBAL BMV, MEXICOBy Cecilia Humphrey, DTCC
Claudio Curtius, representing DeutscheBank as sponsor of the Bolsa Mexicanade Valores' Mercado Global, welcomesguests.
From November 17th to 23rd, 2008, the city
of Lima hosted a gala welcome, and gained
the world's attention, when we received the
leaders of all 21 Pacific Rim economies
participating in the Asia-Pacific Economic
Cooperation (APEC), for their XVI meeting. 1.
What has been the outcome of the 2008 APEC
Summit?
Two important declarations:
Firstly, a declaration addressing the world
financial crisis, expressing consensus with the
principles and criteria agreed by the Group of
the 20 for the reform of the international
monetary system. The declaration urges
nations to face the global crisis in a coordinated
way, including better regulations but also
avoiding any return to protectionism.
Secondly, the Lima Declaration, which
underscored the dignitaries' shared
confidence in the future, all of them wearing
the woolen baby-alpaca ponchos designed for
the occasion by President Alan Garcia and
made in the city of Arequipa, Peru. They ratified
their commitment to enhance regional
integration, food safety, corporate social
responsibility, to fight against corruption and
terrorism, to overcome the challenges of natural
disasters and climate changes and to
strengthen cooperation within APEC.
We bade farewell to our prestigious guests,
and as Peruvians we are satisfied that during
these days, as a result of the APEC Summit,
the world has known Peru better, its numbers,
investment projects, culture and customs, food
and drinks (including pisco sour). Most hopeful
and of greatest significance for the
development of our country were the
announcement of future investments and the
signing of free trade agreements with China
and Mexico, which together with the recent
free trade agreement with the United States,
predict a positive evolution of our economy.
For Peru, the year 2008 has been the Summits
year. In May we hosted the V Latin America
and Caribbean - European Union Summit with
the attendance of more that 30 Heads of State.
For 2009 and within the frame of the celebration
of ACSDA 2009 General Assembly from
February 25th to 27th, Peru will continue be
an inspiring setting for the exchange of
experiences and for cooperation in the search
for jointly defined, and mutually helpful solutions
among all ACSDA members. CAVALI looks
forward to welcoming you again to Lima!
1.The APEC economies which together
represent 60% of the world's wealth, include,
apart from Peru other four ACSDA member
countries of the West Pacific Basin: United
States, Mexico, Canada and Chile. The next
APEC Summit 2009 will take place in
Singapore.
APEC LEADERS VISIT LIMA, PERUBy Magaly Martínez, CAVALI S.A. I.C.L.V.
December 2008Official Newsletter of Americas’ Central Securities Depositories Association
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December 2008Official Newsletter of Americas’ Central Securities Depositories Association
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At the Asia-Pacific CSD Group's 12th General Meeting in Singapore, ACSDA PresidentMary Ann Callahan, provides an update on ACSDA programs and plans. She is joinedby Muthukrishnan Ramaswami and Terry Gibson of Singapore Exchange Limited,ACG’s newly elected secretariat, Jöel Mérère, Chairman of ECSDA, and DmitriyRyabichenko, Head of External Relations, AECSD.
CSD10, the tenth biennial conference ofCentral Securities Depositories, will be heldMay 20-22, 2009, in Budapest, Hungary, co-hosted by Keler, the central depository andthe European Central Securities DepositoriesAssociation (ECSDA). Registration will begin
early in 2009, but already there is a website,www.csd10.com, with preparatoryinformation. ACSDA is represented onCSD10's agenda committee by PresidentMary Ann Callahan and Executive CommitteeMember Amarilis Sardenberg and ExecutiveSecretary Bruce Butterill. Monica Singer,another ACSDA Executive Committeemember, is technically representing theAfrica and Middle East DepositoriesAssociation (AMEDA), as her organization,Strate, is a dual member of ACSDA andAMEDA.
SAVE
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ACSDA REPRESENTED AT GLOBAL MARKET INFRASTRUCTURE CONFERENCE IN NEW YORKOn December 2, at a Global MarketInfrastructure Conference organized bySecurities Operations Forum in New York,and co-sponsored by DTCC and JP Morgan, ACSDA President Mary Ann Callahan, andCecilia Humphrey, DTCC's Americasrepresentative based in Mexico City, werefeatured speakers, sharing a panel called LatinAmerican Markets and Infrastructures withTom Trepanier, Omgeo's relationship managerfor Latin America. After outlining recent markettrends in the region since August (in thecontext of worldwide market turmoil), they
provided a brief overview of selected LatinAmerica markets, issuers, and subcustodians,for the mainly U.S. audience. Having madeprint versions of the ACSDA Profile Handbook2008 available, they summarized noteworthyattributes of ACSDA member CSDs in LatinAmerica, and then emphasized the leadingrole that ACSDA is aiming for as a collectiveindustry resource for the region's marketinfrastructures, and as a authoritative andinfluential voice for its members in globalinitiatives. A copy of the slides will be postedon ACSDA's website, www.acsda.org, shortly.