DTCC Connection

Mar 01, 2010 • DTCC Connection

Infrastructure Leaders Gather to Discuss Ways to Strengthen the Global Financial System

by Rich Marulanda


The Americas’ Central Securities Depositories Association (ACSDA), which recently held its 2010 General Assembly in Tampa, Florida, endorsed continuing and deeper collaboration among market infrastructure organizations as a way to mitigate systemic risk and provide certainty across global financial markets.


The ACSDA General Assembly brought together more than 100 executives from the North, Central and South American, Caribbean, Bermuda, and South African member financial markets as well as depository associations from Asia, Europe and Africa. DTCC, an active member of ACSDA since its creation in 1999, hosted the bilingual Spanish-English program.


ACSDA’s global partners in Tampa (left to right) include: Duong Ngoc Tuan, Vietnam Securities Depository and Asia-Pacific CSD Group; Mathias Papenfuss, Clearstream Banking AG and Europe’s ECSDA; Mary Ann Callahan, DTCC and ACSDA; Urs Stahli, who along Peter Gnepf (far right), manage the International Securities Services Association Secretariat; Monica Singer, Strate, representing Africa & Middle East Depositories Association (AMEDA) – and also a joint member of ACSDA; and Bakhtiyar Azizov of NDC Azerbaijan and Association of Eurasian CSDs (AECSD).

“Eighteen months after the meltdown in the markets, the financial industry is facing heightened regulation on a global basis as well as challenges involving systemic risk and transparency,” said DTCC Chairman and CEO Donald F. Donahue during his keynote address. “As an industry, we need to find new ways to promote innovation in response to these challenges. Working with our ACSDA partners, we are keenly positioned to help our respective members and their investors compete in an industry that is rapidly changing right before our eyes while ensuring reliability, stability and risk mitigation for the industry.”


Forum to share strategies

ACSDA’s three-day assembly covered an agenda of key issues related to global regulatory reform, risk management, regional market links and strategies for strengthening the global financial system.


“ACSDA provides a valuable forum where members can share strategies to develop new initiatives for our regional markets. By the end of the year, the stock exchanges of Chile, Peru and Colombia plan to integrate into a single operating unit, supporting trading across our three countries, just one example of ACSDA’s collaborative efforts,” said ACSDA Vice President Jorge Hernán Jaramillo Ossa, CEO of Deceval, S.A., the Central Depository of Colombia.


– Ernesto Allaria, Merval, Argentina; Horacio Torres, Caja de Valores S.A., Argentina

– Helen Zhang, China Securities Depository and Clearing Corporation

Regional highlights

Noting the performance and health of the Latin American financial markets, Donahue said, “Latin American economies and markets are major factors on the international economic scene. In equities last year, two of the top four performing markets in the world were the Buenos Aires Stock Exchange and the Lima Stock Exchange. In bonds, the Bogotá and the Santiago stock exchanges were in the top ten worldwide, and Brazil’s success in securities, options, futures and derivatives has been impressive as well.


“This is a region with record-high international reserves, manageable external accounts, modest government debt burdens and comparatively healthy financial systems that were not exposed to ‘toxic’ assets nor highly dependent on external funding,” added Donahue. “These are impressive accomplishments and DTCC looks forward to working with our fellow ACSDA members to further depository links in this region.”


– Luiz Felipe Paiva, BM&FBOVESPA, Brazil

“This year marks ACSDA’s 12th annual General Assembly and I am honored to join my ACSDA colleagues as we continue to push the association’s strategic imperatives for the new decade,” said Mary Ann Callahan, DTCC managing director, Global Relations and Development, who serves as ACSDA’s president. “Together, our efforts will strengthen the safety, soundness and efficiency of the ACSDA regional markets and the global post-trade infrastructure.”


– Fernando Yanez, DCV, Chile

Senior Leadership Summit

The three-day conference concluded on Friday, March 12, with ACSDA’s first Senior Leadership Summit. The summit, which focused on depositories developing operational and service partnership with customers, strategies for innovation, and potential collaboration in capabilities, was held at DTCC’s Southern Business Center (SBC).


– Bruce Butterill, ACSDA Executive Secretary

DTCC opened its SBC as an operations center in 2005 – a key component of a larger business continuity strategy undertaken to safeguard the certainty and resiliency of the world’s financial services system. With more than 500 employees in Tampa, SBC is equipped to carry out all core processes and functions of DTCC and its subsidiaries.


“Welcoming our international counterparts to our world-class facility in Tampa gives us an opportunity to underscore the role DTCC plays in mitigating risk and supporting innovation in financial markets,” said Eric Miller, DTCC managing director and head of operations in Tampa. @


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