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by James Conmy

"You are working in some of the most exciting markets in some of the most exciting economies in the world,” DTCC Senior Advisor William Aimetti told delegates to a regional leadership forum in Buenos Aires in November. “The reality is that you are moving into positions of leadership all across our industry,” he said.

Presented by the Americas’ Central Securities Depository Association (ACSDA), the organization’s third biennial leadership forum brought together some 100 delegates and speakers from 22 countries for three days of roundtable discussions and workshops aimed at staff development and business planning.

In her remarks to open the conference, Mary Ann Callahan, DTCC managing director, Global Relations and Development, and president of ACSDA, noted how changes in the global landscape are helping to make way for the many growth markets in ACSDA, which in turn are having an increasing impact on the world economy.

Simultaneous English and Spanish translation of the talks and discussions at the conference made for lively exchanges among speakers and delegates, according to Callahan. The conference was hosted by Argentina’s depository, Caja de Valores S.A., and the country’s clearing house, Mercado de Valores S.A. Both companies are founding members of ACSDA and participants in DTCC’s depository.

Highlights of the conference included an ACSDA regional roundtable, chaired by Cecilia Humphrey, Americas representative for DTCC’s Global Relations and Development, as well as a series of presentations on Argentine capital markets, the results of the World Bank’s global settlement survey, the impact of exchange mergers on post-trade infrastructures, corporate governance and new models for the growing number of securities that are now cross-listed in ACSDA markets.

The forum, Callahan noted, “was richly memorable” for the wealth of experience and mentorship shared with and among ACSDA’s emerging business leaders.

Below are excerpts from Aimetti’s remarks about leadership.


There’s a lot of room for experimen-tation, a lot of room for growth and a lot of room to reduce costs and risks while expanding the services you offer your members and customers, including all those additional customers you likely will be serving through expanded networks and expanding infrastructure alignments.

Thinking about your leadership challenge is not something you have the leisure to delay. Challenges originate from changes in regulations, technology advancements, governmental policy changes, customer needs, new investment opportunities and so on and so on. The list of reasons for change will continue to grow in our ever-changing world.

As a result, you’re already facing the challenge of leadership. Rivers of investment capital have been flowing into your markets. Last year alone, Latin America pulled in more capital than all the cross-border flows that went into China, Russia and India combined. That is a startling fact. You work in a global hotspot.

In response, you’ve been building alliances and agreements that not only stitch together parts of your infrastructure, but extend to the global marketplace. We see the expanding web of connections you are building with clearing houses, depositories, exchanges and OTC marketplaces throughout the world.

[Read a full text of Aimetti’s remarks on DTCC's web site under "Thought Leadership," at For more about the conference, visit]