As we went to press, ACSDA also received a thank you letter and report from the Association of Global Custodians.

Transcripción

1 ACSDA Newsletter Hajimemashite, ACSDA desu! We are publishing this edition to coincide with ACSDA s update at the worldwide CSD and CCP gatherings in Tokyo in April We have a distinguished delegation from ACSDA participating, including Amarilis Sardenberg and Monique Moura de Almeida of CBLC, Ian Gilhooley of CDS, Jorge Pelayo of Indeval, Francis Stenning of Cavali and myself, along with a group of DTCC colleagues including Don Donahue. While it has been only about six weeks since our Tenth General Assembly in Panama, it is already becoming clear that 2008 is going to be a busy year for ACSDA and its members. 10th General Assembly First, however, I d like to extend ACSDA s warmest gratitude and well-deserved thanks to Ivan Diaz and his team at LatinClear for all their success in organizing and hosting what we all agree was a wonderful event. Every aspect of the ACSDA X Assembly has positioned our association well for a strong 2008 and beyond. We were honored that, in addition to having nearly all of our members in Panama, so many industry colleagues joined us as speakers, including Josef Landolt and Peter Gnepf of UBS, representing the International Securities Services Association (ISSA); Joel Merere of Euroclear, Chairman of ECSDA; Mario Guadamillas of The World Bank; Elvira Schamann, Secretary General of FIAB, the Federation of Ibero-American Stock Exchanges; Lindsay Brooks of JPMorgan, representing the Association of Global Custodians; Simon Thomas of Thomas Murray; and John Falk of SWIFT. Eduardo Dominguez, Roberto Brenes, Dr Carlos Barsallo and Felipe Chapman shared their experience and insights about the Panamanian Securities Market and its regulatory environment. We were impressed by, and grateful for, the number of corporate sponsorships LatinClear recruited for the event, and we thank those sponsoring hosts again, including LatinClear, Bolsa de Panama, Citi, Stanford, Banco General, Mundial Asset Management, MMG Asset Management, Clearstream and JPMorgan. 3 New Members We were delighted to welcome Barbados Central Securities Depository Inc, Bermuda Stock Exchange/Bermuda Securities Depository and Caja de Venezolana de Valores as new members of ACSDA. All this and other updates are in this issue, including Robin Levy s atmospheric report on ACSDA s Tenth General Assembly. Thanks Robin for your special report. As we went to press, ACSDA also received a thank you letter and report from the Association of Global Custodians. Sayonara for now, Mary Ann Callahan, ACSDA President

2 As a cool Pacific breeze graced the opening cocktail reception on the fifth floor terrace of the beautiful Intercontinental Miramar Hotel, crystal clear skies allowed for the viewing of a total lunar eclipse. heard and then voted to accept the officers reports, 2007 financial statements, the 2008 budget and for the admission of three new members from the CSDs in Barbados, Bermuda and Venezuela. After brief welcoming statements from our Panamanian hosts, event sponsors Citi and ACSDA President Mary Ann Callahan, attendees got down to the serious business of networking, while enjoying the musical styling of the three-piece ensemble until well past midnight. On Thursday morning the General Assembly was officially opened by Mary Ann after a formal welcome address by Eduardo Dominguez, Chairman of host depository LatinClear. Over 50 of the hemisphere s custody, clearance and settlement service providers were in attendance. This was followed by packed sessions that were characterized by insightful presentations on what had proved to be a very active and successful year for ACSDA. During the morning session, the assembly The last item before lunch was a revisit of ACSDA s strategic vision, with a review of success in achieving previous strategic plans, a sketch of potential directions and a call for member inputs. After lunch the new members joined the assembly and made introductory presentations of their own. The afternoon break presented the perfect opportunity for the official conference photograph, taken with the imposing and rapidly expanding skyline of Panama City as a backdrop. The day s closing item was a wide-ranging presentation on advancing regional and global markets, with the panel drawn from the Association of Global Custodians, market ratings agency Thomas Murray, the World Bank and the Ibero-American Federation of Stock Exchanges.

3 ACSDA s priorities for 2008 include a seminar at the Canadian Depository in Toronto in October, committee work on corporate governance, corporate actions, risk management, joint product initiatives and linkages, messaging standards, and finalizing the strategic plan. Publishing a special edition of the newsletter profiling all 25 members is also on the agenda. ACSDA plans to stay active globally, including a global meeting in Tokyo, Japan in April, and meetings with ECSDA in Copenhagen and ISSA in Wolfsberg, Switzerland. ACSDA s General Assembly in 2009 will be hosted by Cavali, ICLV in Lima, Peru. The last day of the assembly again saw informative presentations from the Panama Securities Exchange and their regulators, as well as the International Securities Services Association (ISSA) and the European CSD Association (ECSDA), on innovative uses of the web by ACSDA members and on evolving corporate structures within ACSDA. The high level of participant interest was evident by the number of questions asked. A retrospective video in celebration of ACSDA s first ten years was shown, incorporating a tribute to our founding member and past CEO of the Canadian Securities Depository, Allan Cooper, who passed away recently. The night s entertainment featured dinner at the Miraflores Restaurant located right on the bank of the Panama Canal, arguably one of the greatest man-made wonders of the world. The festive atmosphere was complemented by sumptuous helpings of wine and cheese. Dancers in traditional garb accompanied by traditional Panamanian folk music ensured that everyone left with a cherished memory of our visit to an outstanding attraction (and not only because of certain puns regarding liquidity management!). The party then moved to the Intercontinental Hotel s cocktail lounge. Plans for the upcoming ACSDA seminar in Toronto, Canada from October 1 to 3, and the 2009 General Assembly in Lima, Peru were accompanied by video and pictorial presentations. This was followed by closing remarks from our President and our Panamanian hosts. Attendees conveyed their congratulations to the organizers and their thanks to our hosts for another tremendously successful assembly at the closing lunch. On a personal note, I look forward to seeing everyone again if not in Toronto, at next year s GA in Lima. Until next time, Robin Levy Jamaica CSD

4 ACSDA WORKING COMMITTEES RESULTS During the past year ACSDA was active on multiple fronts. Key initiatives aimed at strengthening ACSDA s impact regionally and globally came as a direct result of major efforts from the working committees and individual members. These included: > Enhancing ACSDA s influence within the industry on international initiatives. This includes meaningful contributions by the Legal Committee chaired by Javier Jara of DCV (Chile) regarding two important global legal initiatives, namely the UNIDROIT Convention, which is preparing a draft on Substantive Rules regarding Intermediated Securities and the Hague Securities Convention, which aims to alleviate legal uncertainty with regards to determining the law applicable for certain rights on securities held with an intermediary. ACSDA issued a recommendation letter supporting the adoption of the Convention by all ACSDA member countries. > The Corporate Actions Committee, cochaired by David Hands of DTCC, Felipe Paiva of CBLC and Julio Obregón of Indeval, did impressive work by reviewing and identifying issues regarding the Giovannini Barrier 1 Protocol Gap Analysis Market Infrastructures Report. momentum with a strong emphasis on sharing operational risk management policies and experiences. > Increasing its presence at key international forums. Over the course of the past year, ACSDA was represented at more than ten international forums, including CSD9 in Seoul Korea, Sibos in Boston and the World Bank s Western Hemisphere Payments and Securities Settlement Forum in Bahia, Brazil. At Sibos, senior officers from ACSDA Member CSDs were invited to speak at several sessions, presenting their perspectives on current issues faced by the securities industry. ACSDA was also afforded the opportunity to present itself as the Asociación de Colaboración of the Americas at the Open Theater session. At the World Bank, ACSDA was invited to discuss its position regarding global legal initiatives, which was presented by Nora Rachman of CBLC, Brazil, who represented ACSDA s Legal Working Committee. Hector Anaya of Indeval (Mexico), ACSDA s Working Committee Chairman, also attended and reported on ACSDA s overall regional developments, FIAB-related initiatives and cross-border links. ACSDA sent a comment letter requesting to widen the scope of this report to include non-eu markets. Additionally, the Corporate Actions Committee was involved at the Securities Market Practice Group (SMPG). The Risk and Audit Committee, chaired by Jaime Villaseñor of Indeval, is gaining > Developing a new cross-training program. The ACSDA Leadership Forum (ALF) was conducted to strengthen knowledge and networking among the next generation of ACSDA leaders. Hosted by DTCC in 2007, the program brought together more than 50 executives from ACSDA along with delegates from the

5 Asia-Pacific, Middle East and Europe. ALF added a new dimension to the association by preparing a new generation of globally focused contributors to ACSDA. The next ALF will be hosted by DCV, the Chilean depository, in The crosstraining committee has now been renamed ACSDA Leadership and Development Committee, with Monique Moura de Almeida of CBLC (Brazil) as chair. > Establishing an aggressive communications strategy for the Association, which resulted in the publication of a regular member newsletter and the development of an ACSDA PowerPoint template. Thanks to Monica Singer, along with Tanya Knowles, Rebecca Malekane and others at Strate (South Africa). All during the year and into 2008 there were continuous enhancements and updates of the Association s website ( led by Javier Jara and Alejandra Moncada of DCV (Chile). A full set of the General Assembly presentations is now available on the website in English and Spanish. CITI SECURITIES SERVICES LEADERSHIP FORUM The 2008 Citi Securities Services Leadership Forum in Florida, USA in early March featured ACSDA leaders on several panels, including (left to right) Fernando Yanez, DCV; Francis Stenning, Cavali; Juan Falabella, CVSA; Jorge Hernan Jaramillo, Deceval; Hector Anaya, Indeval; and Amarilis Sardenberg, CLBC. Mary Ann Callahan, DTCC, was also there and snapped this photo. A panel highlighting Canadian developments also featured Mark Weseluck and Johan Lochner of CDS. CONTACT DETAILS ACSDA Executive Secretary, Colombia Bruce Butterill Tel: (571) , bbutterill@acsda.org Caja de Valores S.A. (CVSA), Argentina Norberto Gysin, Presidente 25 de Mayo 362, C1002ABH Buenos Aires, Argentina Tel: (5411) , fax: (5411) , presidencia@cajval.sba.com.ar Mercado de Valores de Buenos Aires, S.A. (MERVAL), Argentina Pablo M. Aldazabal, Presidente 25 de Mayo 359/67, 9 piso, C1002ABG Buenos Aires, Argentina Tel: (5411) , fax: (5411) , merval@merval.sba.com.ar

6 Barbados Central Securities Depository Inc, Barbados Marlon E. Yarde, CEO/General Manager 1st Floor, Carlisle House, Hincks Street, Bridgetown, St Michael, BB11000, Barbados Tel: (246) x132, fax: (246) , The Bermuda Securities Depository, Bermuda Neville Caines, Operations Manager PO Box HM 1369, Hamilton, HM FX, Bermuda Tel: (441) , fax: (441) , Entidad de Depósito de Valores de Bolivia S.A. (EDV), Bolivia Javier Aneiva, Gerente General Av. 16 de Julio N 1642 piso 1 La Paz Bolivia Tel: (5912) , fax: (5912) / janeiva@edvbolivia.com Companhia Brasileira de Liquidacao e Custódia (CBLC), Brazil Amarilis Prado Sardenberg, Chief Operating Officer Rua XV de Novembro, 275, 6 Andar, Centro, Sao Pãulo, Brasil Tel: (5511) , fax: (5511) , asandenb@cblc.com.br Central de Custódia e de Liquidacao Financeira de Títulos (CETIP), Brazil Marcelo Fleury, International Av. República do Chile, 230, 11 Andar, Centro, CEP Rio de Janeiro, RJ, Brasil Tel: (5511) , fax: (5511) , marcelo.fleury@cetip.com.br The Canadian Depository for Securities Limited (CDS), Canada Mark Weseluck, Executive Director, Customer Service and Product Development 85 Richmond Street West Toronto, Ontario M5H 2C9 Canada Tel: (416) , fax: (416) , mweseluck@cds.ca Depósito Central de Valores, S.A., Depósito de Valores (DCV), Chile Fernando Yáñez González, Gerente General Huérfanos 770 Piso 17 Santiago, Chile Tel: (562) , fax: (562) , fyanez@dcv.cl Depósito Centralizado de Valores de Colombia DECEVAL, S.A. (DECEVAL), Colombia Jorge Hernán Jaramillo, Presidente Carrera 10, N 72-33, Piso 5 Bogotá Colombia Tel: (571) , fax: (571) / , jhjaramillo@deceval.com.co CEVALDOM Depósito Centralizado de Valores S.A., Dominican Republic Freddy Rossi, Gerente General Av John F Kennedy N 16 Edificio Empresarial 1ra. Planta Apartado Postal 2514 Santo Domingo, República Dominicana Tel: (809) , fax: (809) , frossi@cevaldom.com Eastern Caribbean Central Securities Depository (ECCSD), Eastern Caribbean Trevor Blake, General Manager PO Box 94, Bird Rock Basseterre, St Kitts and Nevis Tel: (869) , fax: (869) , tblake@ecseonline.com

7 Depósito Centralizado de Compensación Liquidación de Valores Decevale S.A., Ecuador Luis Alvarez Villama, Gerente de Operaciones y Sistemas Avenida 9 de Octubre 110 y Pichincha Guayaquil, Ecuador Tel: (593) , fax: (593) , lalvarez@bvg.fin.ec Central de Depósito de Valores, S.A. (CEDEVAL), El Salvador Mariano Novoa Flores, Presidente Urbanización Jardines de la Hacienda, Boulevard Merliot y Avenida Las Carretas Ciudad Merliot, Antiguo Cuscatlán, Departamento de La Libertad El Salvador, C.A. Tel: (503) , fax: (503) , mnovoa@cedeval.com Bolsa de Valores Nacional S.A. (BVN), Guatemala Rolando San Román García, Gerente General 7a Avenida, 5-10, Zona Centro Financiero, Torre II, Nivel 9 CP Ciudad de Guatemala C.A., Guatemala Tel: (502) / , fax: (502) , rolando@bvnsa.com.gt Jamaica Central Securities Depository Limited (JCSD), Jamaica Robin Levy, General Manager PO Box Harbour Street, Kingston, Jamaica Tel: (876) , fax: (876) , robinl@jamstockex.com S.D. Indeval, S.A. de C.V. (S.D. Indeval), Mexico Hector Anaya, Gerente General Paseo de la Reforma 255, Piso Colonia Cuahtémoc, C.P México D.F., México Tel: (5255) , fax: (5255) , hanaya@indeval.com.mx Central Nicaragüense de Valores, S.A. (CENIVAL), Nicaragua Gerardo Argüello, Gerente General Centro Financiero Banic, Primer Piso, Km. 5-1/2 Carretera a Masaya Managua, Nicaragu Tel: (505) , fax: (505) , garguello@bolsanic.com Central Latinoamericana de Valores, S.A. (LATIN CLEAR), Panama Iván Díaz, Gerente General Ave Federico Boyd y Calle 49 Edificio Bolsa de Valores de Panamá, Planta Baja Panamá City, Panamá Tel: (507) , fax: (507) , idiaz@ltinclear.com.pa Cavali S.A. I.C.L.V. (CAVALI), Peru Francis Stenning, De Lavalle, Presidente Ejecutivo Pasaje Acuña 106 Lima 1, Perú Tel: (511) / , fax: (511) , fstenning@cavali.com.pe Strate Ltd., South Africa Mónica Singer, CEO PO Box 78608, Sandton, 2146 Johannesburg, South Africa Tel: (2711) , fax: (2711) , monicas@strate.co.za Trinidad & Tobago Central Depository Limited (TTCD), Trinidad & Tobago Wainwright Iton, Stock Exchange CEO 10th Floor, Nicholas Tower Independence Square Port of Spain Trinidad & Tobago W.I. Tel: (868) , fax: (868) , witon@stockex.co.tt

8 The Depository Trust & Clearing Corporation (DTCC), USA Mary Ann Callahan, Managing Director Global Relations, 55 Water Street, 26th floor New York, NY USA Tel: (212) , fax: (212) , Bolsa de Valores de Montevideo (BVM), Uruguay Patricia Torrado, Gerente de Operaciones Misiones 1400, C.P Montevideo, Uruguay Tel: (5982) , fax: (5982) , Caja Venezolana de Valores S.A, Venezuela Noris Aguirre Zambrano, Director Gerente General El Rosal Avd Sorocaima Edf Atrium Nivel C-1 Caracas Venezuela Tel: (58) , fax: (58) , For the complete ACSDA members profile, please refer to