International Securities Services Association
ACSDA General Assembly, Guatemala–Antigua, April 19, 2013
ISSA Update
Mission
Governance
Communication
Activities
Next Symposium
Josef Landolt, ISSA ChairmanUrs Stähli, ISSA Secretary
International Securities Services Association
Develop Solutions To actively contribute to developing solutions that improve the efficiency and promote best practices to mitigate risk within the securities services industry.
Strengthen To strengthen international coordination and Cooperation cooperation across the securities services industry.
Facilitate To facilitate and stimulate active communication Communication among securities services providers, regulators and other industry stakeholders.
Mission
International Securities Services Association
Governance – Members by Domicile
80 ISSA Members from 42 Countries
Chairman's Office Operating Committee
EuropeAmericasAsia-PacificAfrica
246
93
14 ISSA Sponsoring Institutions and Board Members
International Securities Services Association
Governance – Members by Domicile
Chairman's Office Operating Committee
3248
14 ISSA Sponsoring Institutions and Board Members
80 ISSA Membersthereof 32 CSDs
thereof 7 ACSDA Members
CSDsOthers
4832
International Securities Services Association
Governance - Sponsoring Institutions and Board Members
Alain Pochet
Hani Kablawi
Lee R. Waite
Jeffrey Tessler
Stephen Lomas
John Van Verre
Andrew Gray
Conrad Kozak
Garth Barker-Goldie
Thomas Zeeb
Alan Naughton
Chris Church
Simon HaggertyFrederic Hannequart
Additional Board Members: Josef Landolt (Chairman)Neil Henderson, DTCC (Chair Operating Committee)Urs Stähli (Secretary)
International Securities Services Association
Communication
ISSA Homepagenew version coming soon
www.issanet.org
ISSA Newsletterson a quarterly basis
Articles in Magazineson an ad hoc basis
International Securities Services Association
Activities – Working Groups
RegulatoryImpact
(Florence Fontan)
Corporate Actions(Ranjit Chatterji)
Comm. Standards& Reference Data
(Irene Mermigidis)
Hidden Risks(Ed Neeck)
2011/2012 June 2012 June – September 2012 June 13
Sym
posiu
m R
ep
ort
sCorporate Actions
(John Kirkpatrick)
Collect data frommajor markets to evaluate progress
Comm. Standards& Reference Data
(Irene Mermigidis)
Discuss with vendorsreceptiveness to implement unified global ETC/matchingmarket practice guide
Out of NetworkAssets
(Ed Neeck)
CollateralManagement(Angus Fletcher)
(Activities on hold)
RegulatoryImpact
(Florence Fontan)
see separate page
see separate page
Update Executive Summary,additional: Shadow Banking
Rep
ort
s
International Securities Services Association
Activities – Working Group «Collateral Management»
All Key players understand that the success of the new world will be decided in large part by the success of a key collateral strategy Source: Working Group Statement
Focus on post trade landscape
Key models (bilateral / central counterparty)
Key players (role in handling of buy side, sell side, market infrastructures, custodians)
Key regulatory drivers (systemic safety, investor protection etc.)
Best practices for key operational processes
Structure of report
Definition of collateral management including types of collateral
Asset protection (diff. asset classes, jurisdictions, regulatory requirements, segregation)
Customer communication (message automation)
Default management best practices (principles, procedures)
Customer reporting (mark to market evaluation, collateral held, substitutions etc.)
International Securities Services Association
Activities – Working Group «Out of Network Assets»
Focus on assets held outside of a CSD environment due to the fact that regulators see custodians being responsible to a higher standard of care
Asset classes considered
Loans (syndicated and bi-lateral)
OTC derivatives and funds (various types, such as private equity funds, hedge funds)
precious metals
others, such as real estate
Cooperation with Association of Global Custodians
International Securities Services Association
A Financial Reformation (Initiative Dominic Hobson)
The Problem
! Six years since financial crisis began
! A return to pre-crisis conditions unlikely
! Public and political hostility to the banking and securities industries remains high
! Ideas for new business models are needed urgently
The Challenge
How to achieve this ?
International Securities Services Association
A Financial Reformation (Initiative Dominic Hobson)
7 Themes
Competition Policy
Corporate Law
Monetary Policy*
Investor Protection*
Market Infrastracture*
Accounting Standards
Financial Regulations
Leadership
Academics
plus Practitioners
plus Central Bankers
plus Regulators
* ISSA core interests
Final delivery June 2016
ISSA Board's Current Position
Issues addressed correct
Scope far beyond theremit of ISSA
Global view critical(today too European centric)
Leadership involvement of practitioners essential
Financing not yet clear
Board asked for clarificationin order to decide cooperationin June Board Meeting
International Securities Services Association
Activities – Next ISSA Symposium
May 20 – 23, 2014
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