Sibos 2008 Vienna — Conference Sessions

This panel explores the ways corporates and banks can work together to add value to traditional treasury and cash management services. One example is the standardisation of billing information for bank services. While this provides greater transparency for corporate customers, however, what's in it for the banks? Are corporate-to-bank trade services destined to be the next 'killer application'? Is SEPA driving corporates to adopt standardised bank channels and formats, or is the next big thing a universal, multi-bank digital identity?

Speakers:

• Gary E. Greenwald, Managing Director, Global Capabilites and Information Products, GTS, Citi
• Fernando Lardiés, Global Head, Cash Management and Supply Chain Services, Banco Santander
• Marylin Spearing, Global Head Trade Finance & Cash Management, Corporates, Deutsche Bank
• Dennis Sweeney, Deputy Treasurer, GE Corporate Treasury

Moderator:

• Richard Parkinson, Managing Director,Treasury Today

How are corporates and financial institutions leveraging Web 2.0 technologies to facilitate collaboration with customers on innovation, product and solutions development and to advance industry dialogue? This session will be followed by a SibosLab on Web2.0, where the attendees will be able to experience a new, interactive and collaborative way to approach this subject.

As cross-border trading volumes escalate and investment firms expand their global operations, we look at whether or not the securities industry has adequate regulatory and supervisory structures. MiFID and other initiatives are being enforced in Europe, and now efforts are underway for closer co-operation on market regulation between the EU and the US. How far should these developments go? What role should the markets play? Is it time for a complete re-think? Would a European Securities supra-national regulatory body be the answer?

Speakers:

• María Teresa Fábregas-Fernández, DG MARKT.G.3 “Securities Markets”, Financial Services Policy and Financial Markets, Internal Market and Services DG, European Commission
• Rene Karsenti, Executive President, International Capital Markets Association
• Christian Krohn, Director, Regulatory Policy, SIFMA - Europe
• Geert Vanderbeke, Managing Director, Fortis Brokerage Services

Moderator:

• Graham Bishop, Managing Director, EU focused regulatory News Service
  

SWIFT's value proposition for large corporates is clear, but what about mid-tier companies with 500Million to 1Billion EUR turnover? This panel explores why companies with only a few bank relationships still need SWIFT, and how banks can position SWIFT as a 'cheap and simple' option to their clients. Alliance Lite- SWIFT's latest connectivity option - will be evaluated in this context. The panel will discuss the opportunities that it offers and how it complements the existing solution set. The panel will also reflect on the conditions for broader adoption of SWIFT for Corporates across several countries and communities.

Speakers:

• Olivier Brissaud, Chairman of the board of EACT, Volkswagen Group Services SA
• Lionel Garnier-Denis, Group Treasurer, Alten
• Jean Louis Glorian, Head of Bank Services, Large Corporates, Credit Industriel et Commercial
• Marcus Treacher, Head of e-commerce, GTB, HSBC

Moderator:

• Luc Meurant, Head of Corporate Access, SWIFT

Russia's ambition is to make the rouble a global reserve currency. Could it play this role? If so what steps are needed to achieve this status?

Speaker:

• Dr Clemens Grafe, Chief Economist, CIS and Co-Head EMEA Economies, UBS AG
• Richard Hainsworth
• Konstantin Korishchenko, Deputy Chairman, Central Bank of Russia
• Alexander Potemkin, President, MICEX
  

Moderator:

• Ilkka Salonen, Deputy Chairman, Sberbank

The European asset servicing ecosystem is undergoing an evolution. CSDs are expanding to compete directly with custodians, CSDs are collaborating to offer cross-market post-trade services and large banks are building pan-European custody networks.

Who will lose or gain in the face of this competition and consolidation? Can smaller custodians/CSDs survive through innovation? Is there still a place for traditional custodians in the EU? Are banks ahead of the game in locking in local customers across widespread networks? Is absorption or collaboration the wave of the future?

Speakers:

• Sveinung Dyrdal, Executive Vice President, Head of Securities Services, Verdipapirsentralen ASA
• Adolfo García, Head of Securities Forums, Banco Santander
• Mark Gem, Head of Strategy and Business Management and Member of the Executive Management, Clearstream Banking
• David William Penstone, Managing Director, Global Head of Sales & Business Development, Custody Emerging Europe, Unicredit Markets & Investment Banking, Bank Austria Creditanstalt

Moderator:

• Dominic Hobson, Editor-in-chief, Global Custodian

Risk reduction is a key priority of the global payment systems. Central Bankers and payment processors across the regions will discuss the current landscape and best practices for managing risk and liquidity in payment processing.

Speakers:

• Dieter Becker, Head of TARGET Division, European Central Bank
• Terry Goh, Director, Monetary Authority of Singapore
• Joaquim Kavakama, CEO, CIP - Camara Interbancaria de Pagamentos
• Richard Oliver, Executive Vice President, Federal Reserve Retail System, Retail Payments Product Manager, Federal Reserve Bank of Atlanta

Moderator:

• Lisa Rossi, Managing Director, Deutsche Bank Trust Company Americas

The merging of BM&F and Bovespa has created the third largest exchange in the world. With Brazil's new investment-grade status, the Real possibly joining CLS, the Brazilian Investment Bank Association looking to adopt the ISO20022 standard for its domestic investment infrastructure and moves to establish cross-regional CSD links, Brazil, and Latin America, is driving rapid change and providing an example to other developing markets. This panel will give an updated view of the Brazilian capital markets and the country's development plans, influence in the region, global competitive positioning and how investors can benefit from the market's increased transparency.

Speakers:

• João Lauro Amaral, International Relations Officer, Brazil Mercantile and Futures Exchange of (BM&F) - BOVESPA
• Pedro Guerra, Vice President, ANBID - Brazil Securities Commission
• Amarilis Sardenberg, Chief Clearinghouse, Depository and Risk Management Officer, Brazil and Mercantile Foreign Exchange - BOVESPA

Moderator:

• Monica Singer, CEO, Strate Ltd

While many international investors are already active in the Russian securities markets, Russia is aiming at a significant increase. But is the market structurally equipped to handle such an expansion?

Speakers:

• Andrew Carter, Managing Director, Regional Head E & SE Europe, Domestic Custody Services, Deutsche Bank
• Vardanian Ruben, Chairman of the Board of Directors and CEO, Troika Dialog
• Alexey E. Rybnikov, CEO, MICEX

Moderator:

• Daniel Thorniley, Senior Vice-President, The Economist Intelligence Unit

Financial institutions are assessing threats and opportunities posed by non-bank payment institutions leveraging new channels and operating models. Will they suffer from brand disintermediation, will they lose revenues and how can they preserve or share their franchise in the payments business? Are future profits driven by managing payments flows, or will the traditional account relationship remain key? Does the future lie in collaboration and how will the various stakeholders share the customer experience and revenues in the fast changing payments business? This session will shed a light on the various approaches adopted by service providers and the possible future payments landscape.

Speakers:

• Claude Brun, Vice Chair EPC and Managing Director, Banque de l'Economie de Commerce et de la Monetique/Credit Mutuel
• Michael Cannon, Head of Payments and Cash Management Europe, HSBC
• Rajesh Mehta, Treasury and Trade Solutions, Head - EMEA GTS, Citi
• Philippe Menier, Deputy CEO, Visa Europe

Moderator:

• Alec Nacamuli, Editor, Journal of Payments Strategy and Systems

The European Council established a development plan for the European Union, known as the Lisbon agenda, in March 2000. Its objective is to improve productivity in Europe. The adoption of e-invoicing could improve productivity in Europe by billions per year for corporations. But what about the role of banks? Do they have a strong business driver? Are banks needed to solve this problem?

Speakers:

• Bo Harald, Chairman EU Commission Expert Group & Vice President, head of Executive Advisors, Strategic Customer Operations, TietoEnator
• Daniel Marovitz, Managing Director, Head of Product Management, Deutsche Bank
• Mervi Mäkelä, Director Cash Management, Finnair
• Scott Pulsipher, Senior Vice President, Products & Marketing, Sterling Commerce Inc.

Moderator:

• Jackie Keogh, Head of Global Transaction & Supply Chain Management, SWIFT

With the growing importance of Asia, the Middle East and Russia in global capital markets, financial centres like Dubai, Shanghai, Mumbai and Moscow have ambitions to become major players. Can they provide what 'global money' demands? Will they expand at the expense of existing market giants? In the competition for capital, will they evolve into global players, regional hubs or niche participants? What are the 'make or break' criteria for success? What can these emerging financial centres learn from the leaders?

Speaker:

• Ashish Bajaj, Managing Director, Global Transaction - India, Sri Lanka & Bangladesh Citibank India
• V. Nikolay Egorov, Director of The National Depository Center and Senior Vice-president and Member of Executive Board at MICEX
• Larry Hatheway, Managing Director, Chief Economist & Global Head of Asset Allocation, UBS Investment Bank
• Victor Sheng Zou, Assistant President, Shenzhen Stock Exchange
• Yoshinobu Takeuchi, President and CEO, JASDEC - Japan Securities Depository Centre Inc.

Moderator:

• David Eldon, Chairman, Dubai International Financial Centre Authority

Friedrich Hayek, the Nobel prize-winning Austrian economist known for his views on free market capitalism and criticism of central control, once said " The more the state plans, the more difficult planning becomes for the individual". Historically, intervention has tended to be a response to a market failure. More recently, however, central authorities - particularly in Europe - have taken a more proactive stance through regulations like MiFID and market utilities such as T2S. This raises questions: Does intervention stifle or promote innovative market development? How do free markets strike a balance between intervention and innovation? Will the credit crunch lead to a period of increased intervention? Is intervention incompatible with a free market?

A panel of experts will debate these issues and more under the motion:
"This House believes that except in the case of a market failure, central authority intervention has no place in the development of efficient and effective capital markets".

Speakers:

• Marianne Brown, President, CEO, OMGEO LLC
• Jochen Metzger, Director, Head of Department Payments and Settlement Systems, Bundesbank
• Markus Ruetimann, Group COO, Schroders
• Dermot Turing, Partner, Clifford Chance

Moderator:

• Terry McCaughey, Senior Advisor, Financial Services Sector, Invest Northern Ireland

Low-value payment clearing is a commodity business - cheap, simple, with many service providers. In Europe, the SEPA initiative is accelerating this trend by providing a more efficient regional market. How will automated clearing houses survive this commoditisation? Will European ACHs consolidate into one or two players, or can they stay in business by offering value-added services? What is happening in other parts of the world such as Asia and the US?

Speakers:

• John Chaplin, European Payments Advisor, First Data
• Paul Inglis, Head, Payments Risk & Industry, ANZ
• Marion King, CEO, Vocalink
• Rossana Salaris, Senior Vice President, Electronic Payments Network, The Clearing House Payment Company

Moderator:

• Thomas Egner, Director Transaction Banking, Commerzbank AG

Workers' remittances has been a key focus in the payments market for some time. Banks, technology vendors, and industry utilities are increasingly engaged. An estimated 600 to 800 million consumers touched by the market. For banks, person-to-person payments services are a turnkey product to gain new relationships in these customer segments and cross-sell other services.

Banks' deeper engagement in workers' remittances should, therefore, ultimately have the added social benefit of promoting higher levels financial inclusion - access to basic savings, credit and insurance products for currently unbanked and underbanked consumers. In fact, financial inclusion is seen as key to achieving United Nations Millennium Goal #1 "to reduce by half the number of people living on less than USD 1 per day".

Speakers:

• Daniel Ayala, Senior Vice President, Group Head of Global Remittance Services, Wells Fargo
• Ignacio Mas, Senior Advisor, CGAP
• Girish Nayak, General Manager, Head NRI Services, ICICI Bank Ltd.
• Bhairav Trivedi, Managing Director, Global Head of Remittance Services, PayQuik Inc., a subsidiary of Citibank, N.A.
  

Moderator:

• Donald Terry, Former Manager, Multilateral Investment Fund, Inter-American Development Bank

SEPA is considered to be the biggest transformational programme for the European payment industry. But several months after the start of SEPA credit transfer volumes remain marginal - and certainly quite below original expectations. Considering the investment that went in this programme, this can hardly be considered as satisfactory. Or is it?

If the take up is disappointing, what could be the reasons and what should be done before direct debit kicks in? Is it caused by operational difficulties? Is the SEPA vision sufficiently compelling and promoted by all stakeholders - including by institutions at the origin of this vision? Is there a SEPA implementation project managed with what it takes to lead the Industry on to mass adoption? What are the alternatives and improvements to the project that should be adopted? Who is ready to commit? Who should take the lead?

This session will debate the root causes of the limited momentum in the SEPA migration and will explore pragmatic solutions susceptible to put the SEPA implementation on track.

Speakers:

• Olivier Brissaud, Chairman of the Board of EACT, Volkswagen Group Services SA
• Jean-Michel Godeffroy, Director General, Payments and Market Infrastructures, European Central Bank
• Gerard Hartsink, Senior Executive Vice President, ABN AMRO Group
• Michael Steinbach, Chairman of the Board of Directors, EQUENS SE

Moderator:

• Geoffroy de Schrevel, Head of Banking Initiatives EMEA, SWIFT

In Europe, the Code of Conduct requires access and interoperability between all European 'domestic' infrastructures. In the U.S., the DTCC is the result of a 30 year evolutionary process which began at the same point. However, does starting from the same point mean arriving at the same destination? Does Europe need a single provider or is the competition model a better solution? What should Europe learn from the U.S. experience, and what can the U.S. learn from Europe? What is the Asian view? What transatlantic and transpacific bridges will be required for efficient global settlement?

Speakers:

• Jan Bart de Boer, Global Director, Global Brokerage, Clearing and Custody, Fortis
• Paul Bodart, Executive Vice President, Bank of New York Mellon, Brussels
• Donald F. Donahue, Chairman & CEO, DTCC
• Pierre Francotte, Chief Executive Officer, Euroclear SA/NV
• Jeffrey Tessler, President & CEO, Clearstream

Moderator:

• Hal McIntyre, Managing Partner, The Summit Group

Who will win the battle between platforms, independent advisors and the banks? Global funds distribution is still a costly and inefficient process, and with financial services firms spending escalating amounts of time and money trying to attract new customers to their distribution channels rather than in enhancing operational efficiencies, will the casualties of this war be the end customers?

Speaker:

• Robert Brown, CEO, Ausmaq
• Pierre Yves Goemans, Managing Director, Product Management, Euroclear SA/NV
• Thomas S. Marsh, Director, Cerulli Associates
• Gavin Ralston, Head of Continental Europe and Middle East, Schroders

Moderator:

• Adam Lessing, Head of European Business Development Fund Management, Morley Fund Management

The funds industry is facing a tide of regulation, of which UCITS (Undertaking for Collective Investment in Transferable Securities) III and IV are the latest examples. In addition, the European regulator is demanding more transparency from the fund industry, especially around cross - border distribution (for example the Klinz report). How much impact will these initiatives have? What does the industry need to do to comply? Can initiatives such as the Fund Processing Passport provide an answer? And, most importantly, will the regulation help or hinder the industry going forward?

Speakers:

• Mattias Bauer, Chairman, EFAMA
• John G. (Jack) Gaine, Managed Funds Association
• A.P. Kurian, Chairman, Association of Mutual Funds in India
• Mick McAteer, EU Consumer Representative, Fin-Use
• Susan Mangiero, CEO, Pension Governance LLC

Moderator:

• Bob Currie, Editor, FSR Magazine

How is the industry tackling the challenge of standards co-existence and what real progress is currently being made across industry segments? What are the key issues for different market segments and how are institutions and communities dealing with the nuances and complexities surrounding this challenge? What is driving the pace of change? What are the implications for your institution?

Speaker:

• Jonathan Arneault, Executive, WebSphere Business Process Management and Connectivity, IBM Corporation
• Armin Borries, Managing Director, Clearstream Operations Prague and Chair of the Export Working Group Communications (WG6) of ECSDA
• Ingrid Versnel, Head, Payments and Trade - Global Technology and Operations, Royal Bank of Canada

Moderator:

• Alan Goldstein, Chief Information Officer, Bank of New York Mellon Asset Management
  

Can consortia be successful in providing industry solutions to industry problems? Can we determine the criteria for success by examining past and future options? How can these initiatives strike a compromise between the forces of competition and cooperation? What can we learn from past failures, for example GSTPA, and successes such as FIX?

Speakers:

• Mark S. Garvin, Chairman, Treasury and Securities Services International, J.P.Morgan Europe Limited
• Tomas Kindler, Managing Director, LinkUp Markets
• William Meldrum, Managing Director & Head of BOAT, markitBOAT
• Clive Triance, COO, Instinet

Moderator:

• Peter Norman, Journalist/Author, Plumbers & Visionaries Securities Settlement and Europe's Financial Market

Carbon trading is an offset scheme that enables companies to buy credits so they can emit more CO2 than otherwise allowed under national/international reduction schemes like Kyoto organizations that have successfully reduced their emissions can in turn sell their credits to those who have not. Thus, a trading market is established. The theory is that carbon trading will lead to overall emissions being reduced with optimum cost efficiency. Can this scheme work to reduce overall global carbon emissions?

Speakers:

• Mrs. Mahua Acharya, Head of Carbon Markets & Climate Change, ArcelorMittal
• Stuart Turner, Consultant, TZ1 Limited
• Peter Zapfel, Co-ordinator for Carbon Markets & Energy Policy, European Commission - Directorate General Environment

Moderator:

• Mark Tennant, Chairman, Bluerock Consulting

FX trade volumes are surging, trading platforms and market participants are proliferating and up to 80% of global FX trading is predicted to be electronic within two years. In the face of all of this activity, a bottleneck has formed. Does the market have appropriate settlement and clearing structures to support increased volumes? What is the impact of algorithmic trading? Should FX participants be investing more heavily in their back offices, or is an industry-wide solution needed? Will more efficient processing ultimately lead to some winners and losers?

Speakers:

• Bill Boss, Head FX/Cash Collateral Trading Operations Global, UBS AG
• Robert Close, CEO, CLS Group and Bank
• Gil Mendelzis, CEO, Traiana Inc
• Jonathan Wykes, Head of AES FX Sales Europe, Credit Suisse AES

Moderator:

• Sang Lee, Managing Partner, Aite Group

New trading platforms such as Turquoise and Chi-X promise to revolutionise the trading landscape by providing significant cost savings as compared to traditional exchanges. How should traditional exchanges respond? Are European markets likely to follow the U.S. trend to more fragmented liquidity? What is the impact of this fragmentation on market transparency and post-trade costs?

Speakers:

• Anthony Attia, Executive Director, Head of Business Change Management, NYSE Euronext
• Angus Fletcher, Head of European Business Development and Market Infrastructure, Morgan Stanley
• Andrew Gelb, Head of Securities and Fund Services, EMEA, Citi
• Eli Lederman, CEO, Turquoise
• Scott Riley, Director, Chi-X Europe

Moderator:

• John Lee, Publisher, The Trade

Securities lending is important to the efficiency and liquidity of the financial markets. The demand for securities lending is growing, but so is the controversy related to its effect on corporate governance. Academics have noted voting controversies in securities lending activities before the record date of a significant or contested vote. What effect does stock lending have on voting power in public companies today?

Speakers:

• Peter Friz, Head of Custodian Services, Risk Metrics Group
• Irving J Klubeck, Managing Director, Pershing LLC
• Michael P McAuley, Senior Managing Director & Chief Product Officer, State Street Securities Finance, State Street Bank & Trust Company
• Professor Henry TC Hu, Allan Shivers Chair in the Law of Banking and Finances, University of Texas School of Law

Moderator:

• Ed Blount, Executive Director, Center for the Study of Financial Market Evolution

Legacy systems still abound, yet they are no longer able to cope with increasing transaction volumes. What's next: complete paralysis or total off-shoring? Is it time for a different approach? Emerging markets like India have built new infrastructures configured to handle exploding volumes and provide enhanced support for new products and processes. Given the competition, does the back office in European and North America still have a future?

Speakers:

• Jeff Conway, Executive Vice President, Head of Investment Manager Services and New Business Integration, State Street
• John Galante, MD & CIO, Worldwide Securities Services, J.P.Morgan
• David Gilmore, Global Head of Operations for Securities Services, Standard Chartered Bank
  

Moderator:

• N.Ganapathy Subramaniam, President, TCS Financial Solutions

The market for new financial products such as collateralised debt obligations (CDOs) has been notable both for innovation and the creation of major problems when things go wrong. Has the crisis in trading and valuing CDOs exposed a lack of control and/or understanding among senior management in the financial sector? Do authorities believe markets to be self correcting and self policing? And if they once believed it, do they still? What can the industry do to reinstate confidence and realise the potential of these new products?

Speakers:

• Joseph Duffy, Managing Director, Global Corporate Trust Bank of New York Mellon
• Jeff Gooch, Senior Executive Vice-President, Markit
• Donna Howe, Managing Director, UBS New York

Moderator:

• Philippe Carell, Executive VP, Global Head of Business Development, Thomson Reuters

As a result of competition from traditional investment firms and negative press coverage, popular opinion now regards hedge funds with suspicion. Secretive investment strategies, lack of regulation, and over-leveraged, risky debt are just some of the factors that make up this 'evil' image. Another factor is the power of hedge funds to shift markets and make or break entire economies. This is because they are less constricted by the regulation and disclosure rules imposed on others and because of the huge size of their portfolios. "Foul!" cries the rest of the industry. Is the fear justified? Is it fair to single out hedge funds as the industry's evil cousin?

Speakers:

• Gary Aguirre, Principal, The Aguirre Law Firm; Former SEC Senior Counsel
• Jack Bouroudjian, Chairman, Capital Markets Technology
• Tim Lind, Managing Director, OMGEO
• Sean Pairceir, Managing Director, Brown Brothers Harriman
• Julian Shaw, Head of Risk Management and Quantitative Risk, Permal Asset Management

Moderator:

• Julian Tregoning, Director, Bank of New York Mellon

We are seeing over-the-counter (OTC) products being cleared centrally, inter-dealer/brokers becoming exchanges and brokers creating alternative trading facilities for derivatives. Meanwhile, regulators are pushing the industry to create better, more centralised ways to manage the risk created by OTC products. Given these trends, what is the future for OTC?

Speakers:

• Dr. Thomas Book, Member of the Executive Board, Eurex Clearing AG
• Cathryn Lyall, COO, Exchange Projects, ICAP
• Richard Metcalfe, Deputy Regional Director, EMEA, Senior Regulatory Adviser, Head of Global Policy
• Dr. Christopher Sier, Director, Alpha Financial Markets Consulting

Moderator:

• Natasha de Terán, Freelance journalist

Just as Henry Luce famously described the 20th Century as 'The American Century', many now view the 21st Century as 'The Asian Century'. With nearly 60% of the world's population, 30% of its global market capitalisation, a doubling of foreign reserves since 2003 and continued brisk growth in GDP - Asia is clearly on the rise.

The financial industry, both regionally and globally, must plan for this change. How will market participants cope with this expansion? Will Asia become the source of product innovation and the world centre of financial services? What strategies can investors and banks adopt to leverage growth in domestic and cross-border capital, payment and trade flows? How can the quantum leap in Asian retail banking services be optimised? How are leading players responding to the opportunities to invest in new service delivery models and technologies?

Speakers:

• Naina Lal Kidwai, Group General Manager, HSBC Companies in India
• Peter Lighte, Chairman, J.P.Morgan (China)
• Eddie Yue, Deputy Chief Executive, Hong Kong Monetary Authority
  

Moderator:

• Dr Gerard Lyons, Chief Economist & Group Head of Global Research, Standard Chartered

The burden of regulatory reporting is creating a drain on financial market participants around the globe. This is being driven by ever-growing volumes and different types of information. Each market has its own flavour of requirements, resulting in a fragmented approach.

This panel will address trends in regulatory requirements and possible actions to reduce process management and costs.

Speakers:

• Peter Haener, Executive Director, Compliance, UBS AG
• Mario Nava, Head of Unit G2 Financial Markets Infrastructure, European Commission
• Michael Somes, Merrill Lynch

Moderator:

• Clifford Smout, Associate Partner, Deloitte & Touche LLP