Buttonwood's 2008 Global Custody Series
ISSN 1550-1620

2008 Industry Forum
ISBN 1-891008-51-X (Print Version)
ISBN 1-891008-53-6 (e-Version)

The Industry Forum
New!   Released September 15, 2008

The new Industry Forum edition addresses two important industry topics:

Pan-European Securities Market

A number of new initiatives are reshaping the European landscape of cross-border securities trading, clearing and settlement. Understanding the future impact of these changes is essential to foreign investors and service providers in the new pan-European market. Global custodians continue to enthusiastically participate in the significant developments now underway. Their experience provides a basis for identifying a number of invaluable insights about the expected benefits and planned improvements in the years ahead.

Our discussion was framed by a number of central questions asked of the global custodians:

  • What are the major challenges in the pan-European market?
  • Will the European Central Bank's TARGET2 Securities (T2S) settlement platform reduce risks and costs for Eurozone settlement?
  • Are the stated goals of the Code of Conduct for Clearing and Settlement being met?
  • How will Multilateral Trading Facilities (MTF) impact service providers?
  • Does the emergence of Central Counterparties (CCP) create settlement problems in Europe?
  • Are ICSDs a competitive threat to global custodian's franchise?

The global custodians participating in this survey are the most well informed securities professional in the industry. Their insights and commentary provide an exceptional understanding of the nuances of this emerging market.

Emerging Markets

No attempt is made to cover all the EMs and/or all the mechanics of investing in a foreign country; these pursuits are left to other lofty, academic publications.  The focus of The Industry Forum is to explore the firsthand experiences of the world’s most experienced securities professionals in the EMs.  Emphasis is placed on helping the foreign investor avoid the pitfalls created by the many nuanced approaches in the local markets for such activities as market entrance, regulatory compliance, trade settlement, taxes and funds repatriation.  The most troublesome market practices are highlighted.

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