In a May 2014 interview with Funds Europe, Clearstream CEO Jeffrey Tessler talks about his firm’s acquisition of Citco’s hedge fund custody business in Cork and why
the AIFMD means liabilities can multiply.
Fighting Global Corruption by @EricPesikEric Pesik
Fighting global corruption by building sustainable corruption risk assessment process and developing a proactive risk management plan proportional to your organization’s risk exposure. Presented by Eric Pesik at Asia Risk Professionals Congress at the Carlton Hotel, in Singapore, March 2012
Jonathan K. Becker is a theatre professor specializing in physical acting, movement, stage combat, masks, and puppetry with over 25 years of teaching experience at universities across the US and abroad; he holds both MFA and MA degrees and has extensive training in performance techniques; he currently teaches at Ball State University and owns an online business creating masks and puppets for theatre productions.
This document provides an agenda and overview for Deutsche Börse Group's 2015 Investor Day in London on June 2nd. The agenda includes presentations on the group overview, cash and derivatives markets, post-trade services, and market data and services. The document also discusses the changing market environment and regulatory landscape, Deutsche Börse Group's business model and strengths, financial and operational performance, growth strategy through partnerships and M&A, and outlook for meeting mid-term revenue targets.
Jeffrey Tessler, a member of Deutsche Börse's executive board, welcomes guests to a symposium on the role of capital markets and banks in fueling economic recovery. He notes that Deutsche Börse processes all steps of the trading, clearing, settlement and custody cycle, making it affected by financial regulations. Tessler believes regulated markets can balance market freedom and stability, as long as regulation avoids hidden agendas that undermine fair competition. Overall, Tessler supports regulation aimed at rediscovering core values like responsibility, integrity and transparency, while acknowledging challenges around regulatory costs and uncertainty.
Limit, Quotes und offenes Orderbuch – Wie Sie die Vorteile der Börse in der P...Deutsche Börse AG
In einem halbstündigen Online-Workshop erklären wir Ihnen anschaulich, wie Sie den passenden Handelsplatz finden, geschickt Limits setzen und so den Kurs mitbestimmen können. Außerdem gehen wir auf verfügbare Ordertypen ein und schauen ins offene Xetra-Orderbuch.
Diese Präsentation stammt aus einem Webinar, das als Aufzeichnung auf http://www.boerse-frankfurt.de/webinare-boersenwissen verfügbar ist.
Wegen ihrer überdurchschnittlich hohen Verzinsung sind Hybrid-Anleihen bei Anlegern beliebt. Die Kehrseite der guten Rendite ist das Risiko: Bei dieser nachrangingen Anleiheart mit langer, manchmal auch unendlicher Laufzeit, hängt die tatsächliche Zinszahlung vom Ergebnis des Unternehmens ab. Vorzeitige einseitige Kündigung seitens des Emittenten ist möglich.
Tim Oechsner, Spezialist bei der Hellwigbank, die solche Hybrid-Anleihen in Frankfurt betreuen, stellt die beiden Typen Cocos und Perps vor, erläutert, worauf es beim Handel im Vergleich zu gewöhnlichen Anleihen ankommt.
Diese Präsentation stammt aus einem Webinar, das als Aufzeichnung bei http://www.boerse-frankfurt.de/webinare-anleihen verfügbar ist. Wegen des höheren Risikos sind Hybrid-Anleihen nur für erfahrene Anleger geeignet, an diese richtet sich auch das Webinar.
Neue Chancen mit Short-, Hebel- und Smart-Beta-ETFs: Worauf Sie beim Einsatz ...Deutsche Börse AG
Short- und Hebel-ETFs geben Ihrem Depot den extra Rendite-Kick, wenn Sie einige Besonderheiten beachten. Wir stellen diese vor. Außerdem geben wir Ihnen Tipps zur optimalen Platzierung Ihrer Order, zeigen das offene Xetra-Orderbuch und wie Sie dieses geschickt nutzen können. Zum Abschluss greifen wir den neusten Trend in passiven Investments auf: Smart-Beta-ETFs.
Der Vortrag richtet sich an Anlage-orientierte Selbstentscheider, die mit den Grundbegriffen der börslichen Geldanlage bereits vertraut sind.
Fighting Global Corruption by @EricPesikEric Pesik
Fighting global corruption by building sustainable corruption risk assessment process and developing a proactive risk management plan proportional to your organization’s risk exposure. Presented by Eric Pesik at Asia Risk Professionals Congress at the Carlton Hotel, in Singapore, March 2012
Jonathan K. Becker is a theatre professor specializing in physical acting, movement, stage combat, masks, and puppetry with over 25 years of teaching experience at universities across the US and abroad; he holds both MFA and MA degrees and has extensive training in performance techniques; he currently teaches at Ball State University and owns an online business creating masks and puppets for theatre productions.
This document provides an agenda and overview for Deutsche Börse Group's 2015 Investor Day in London on June 2nd. The agenda includes presentations on the group overview, cash and derivatives markets, post-trade services, and market data and services. The document also discusses the changing market environment and regulatory landscape, Deutsche Börse Group's business model and strengths, financial and operational performance, growth strategy through partnerships and M&A, and outlook for meeting mid-term revenue targets.
Jeffrey Tessler, a member of Deutsche Börse's executive board, welcomes guests to a symposium on the role of capital markets and banks in fueling economic recovery. He notes that Deutsche Börse processes all steps of the trading, clearing, settlement and custody cycle, making it affected by financial regulations. Tessler believes regulated markets can balance market freedom and stability, as long as regulation avoids hidden agendas that undermine fair competition. Overall, Tessler supports regulation aimed at rediscovering core values like responsibility, integrity and transparency, while acknowledging challenges around regulatory costs and uncertainty.
Limit, Quotes und offenes Orderbuch – Wie Sie die Vorteile der Börse in der P...Deutsche Börse AG
In einem halbstündigen Online-Workshop erklären wir Ihnen anschaulich, wie Sie den passenden Handelsplatz finden, geschickt Limits setzen und so den Kurs mitbestimmen können. Außerdem gehen wir auf verfügbare Ordertypen ein und schauen ins offene Xetra-Orderbuch.
Diese Präsentation stammt aus einem Webinar, das als Aufzeichnung auf http://www.boerse-frankfurt.de/webinare-boersenwissen verfügbar ist.
Wegen ihrer überdurchschnittlich hohen Verzinsung sind Hybrid-Anleihen bei Anlegern beliebt. Die Kehrseite der guten Rendite ist das Risiko: Bei dieser nachrangingen Anleiheart mit langer, manchmal auch unendlicher Laufzeit, hängt die tatsächliche Zinszahlung vom Ergebnis des Unternehmens ab. Vorzeitige einseitige Kündigung seitens des Emittenten ist möglich.
Tim Oechsner, Spezialist bei der Hellwigbank, die solche Hybrid-Anleihen in Frankfurt betreuen, stellt die beiden Typen Cocos und Perps vor, erläutert, worauf es beim Handel im Vergleich zu gewöhnlichen Anleihen ankommt.
Diese Präsentation stammt aus einem Webinar, das als Aufzeichnung bei http://www.boerse-frankfurt.de/webinare-anleihen verfügbar ist. Wegen des höheren Risikos sind Hybrid-Anleihen nur für erfahrene Anleger geeignet, an diese richtet sich auch das Webinar.
Neue Chancen mit Short-, Hebel- und Smart-Beta-ETFs: Worauf Sie beim Einsatz ...Deutsche Börse AG
Short- und Hebel-ETFs geben Ihrem Depot den extra Rendite-Kick, wenn Sie einige Besonderheiten beachten. Wir stellen diese vor. Außerdem geben wir Ihnen Tipps zur optimalen Platzierung Ihrer Order, zeigen das offene Xetra-Orderbuch und wie Sie dieses geschickt nutzen können. Zum Abschluss greifen wir den neusten Trend in passiven Investments auf: Smart-Beta-ETFs.
Der Vortrag richtet sich an Anlage-orientierte Selbstentscheider, die mit den Grundbegriffen der börslichen Geldanlage bereits vertraut sind.
Intelligente Ordertypen: Mit Strategie und Ziel geschickt Aufträge platzierenDeutsche Börse AG
Eine ganze Reihe von Ordertypen und -zusätzen bestimmen die Reiseroute Ihrer Kauf- und Verkaufsaufträge. Insbesondere eine zweite Generation intelligenter Ordertypen ermöglicht die geschickte Platzierung "mitdenkender" Orders in einem dynamischen Markt. Dieses Webinar gibt einenkurzen Überblick über die wichtigsten Ordertypen und geht dann intensiver auf die
intelligenten Ordertypen ein bzw. in welchen Szenarien ihr Einsatz sinnvoll ist.
Themen des Webinars in der Präsentation:
Geschichte des Goldes
Gold als Krisen- und Inflationsindikator
Gold zur Portfoliodiversifikation: 5 Prozent-Empfehlung von Mercer Investment Consultants
Kostenvergleich der Goldanlagemöglichkeiten
Annual General Meeting: Presentation to the report of the CEO Deutsche Börse AG
This document provides a summary of Deutsche Börse Group's financial results for 2014 and the first quarter of 2015, as well as the company's financial guidance for 2015. In 2014, net revenue increased 7% to €2.043 billion, EBIT adjusted rose 5% to €954 million, and earnings per share adjusted grew 3% to €3.63. For 2015, the company expects net revenue of €2.2-2.4 billion and EBIT of €975 million to €1.175 billion. Deutsche Börse Group remains focused on growing its business through organic and acquisition-based strategies while effectively managing costs.
Annual General Meeting: Report of the Chief Executive OfficerDeutsche Börse AG
- The document is the speech from the CEO of Deutsche Börse AG, Reto Francioni, at the company's annual general meeting on May 13, 2015.
- In 2014, Deutsche Börse saw a 7% increase in net revenue to €2,043 million and a 3% increase in EBIT to €982.8 million. The company proposed a stable dividend of €2.10 per share, distributing 58% of net income.
- In Q1 2015, net revenue increased 16% to €600 million and adjusted EBIT grew 16% to €319 million. The CEO was confident about the full year results based on this strong start.
- Reto Francioni, CEO of Deutsche Börse AG, is giving his farewell speech at the company's New Year's reception after over a decade as CEO.
- He thanks Chancellor Merkel for her support of Frankfurt as a financial center and interest in Deutsche Börse.
- Francioni highlights Deutsche Börse's recent expansion into Asia, including a partnership with Bank of China and activities in Singapore, to capitalize on Asia's economic growth and demand for financial services.
- While more progress remains, Francioni is proud of Deutsche Börse's role in stabilizing markets during the 2008 financial crisis and looks forward to the company continuing to support European growth and job creation under
- Joachim Faber, Chairman of the Supervisory Board of Deutsche Börse AG, welcomed guests to the New Year's Reception, including the German Chancellor.
- He noted that Germany's capital markets are underperforming given the size of the economy, with low participation from German investors and a high proportion of foreign investors in German companies.
- Two ways to improve the situation are expanding capital investment allowed in insurance and significantly growing pension coverage through large pension pools to deepen Germany's capital markets.
The European Central Bank yesterday published the results of its Comprehensive Assessment and stress test. As a key European market infrastructure with a banking license Clearstream was included in the assessment - and achieved very good results.
ETFs – ein ganzer Markt in einer Order. Wie Sie den passenden Indexfonds find...Deutsche Börse AG
ETFs sind ein tolles Anlageinstrument insbesondere für private Anleger. Günstiger und oft erfolgreicher als aktiv verwaltete Investmentsfonds, handelbar wie Aktien aber diversifiziert.
Der Vortrag geht auf diese Themen ein:
- Definition, Vorteile, Risiken von ETFs
- Der Markt
- Tipps für den Kauf von ETFs
- 10 Schritte zum ETF für Anleger
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
The document provides an agenda and highlights for an investor day event held by Deutsche Börse Group. The agenda includes presentations on group strategy and financials, the cash and derivatives markets (Xetra and Eurex), post-trade services (Clearstream), and market data and services. Investment highlights note Deutsche Börse's unique position to benefit from regulatory trends, long-term growth strategy across divisions, cost management, and attractive returns delivered to shareholders.
During the Global Securities Financing conference in Singapore on 20 May 2014 we have asked the delegates - who represent pan-regional institutions, infrastructures, investment banks, universal banks and central banks – for their opinion on the role of collateral for the financial industry in Asia. These are the results.
Deutsche Börse Group Annual General Meeting 2014 Presentation CEO Reto FrancioniDeutsche Börse AG
The document provides an overview of Deutsche Börse AG's annual general meeting, including key financial figures for 2013 and Q1 2014. Net revenue for 2013 was €1.9 billion, a 1% decrease from 2012. EBIT declined 5% to €954 million. For Q1 2014, net revenue increased 6% to €514.2 million and EBIT rose 5% to €271.6 million. The company aims to increase efficiency and pursue growth opportunities in areas like OTC clearing, collateral management, and expanding its Asian business.
Deutsche Börse Group Annual General Meeting 2014 Presentation CEO Reto FrancioniDeutsche Börse AG
- Net revenue for Deutsche Börse Aktiengesellschaft in 2013 was €1,912.3 million, down 1% from 2012. Operating costs increased 5% to €967.6 million. EBIT decreased 5% to €954 million.
- For the first quarter of 2014, net revenue was €514.2 million, up 6% from the first quarter of 2013. EBIT increased 5% to €271.6 million.
- Deutsche Börse Group is focused on growth initiatives in areas like OTC derivatives clearing, collateral management services, and expanding its Asian business to increase revenue from structural and cyclical opportunities.
Intelligente Ordertypen: Mit Strategie und Ziel geschickt Aufträge platzierenDeutsche Börse AG
Eine ganze Reihe von Ordertypen und -zusätzen bestimmen die Reiseroute Ihrer Kauf- und Verkaufsaufträge. Insbesondere eine zweite Generation intelligenter Ordertypen ermöglicht die geschickte Platzierung "mitdenkender" Orders in einem dynamischen Markt. Dieses Webinar gibt einenkurzen Überblick über die wichtigsten Ordertypen und geht dann intensiver auf die
intelligenten Ordertypen ein bzw. in welchen Szenarien ihr Einsatz sinnvoll ist.
Themen des Webinars in der Präsentation:
Geschichte des Goldes
Gold als Krisen- und Inflationsindikator
Gold zur Portfoliodiversifikation: 5 Prozent-Empfehlung von Mercer Investment Consultants
Kostenvergleich der Goldanlagemöglichkeiten
Annual General Meeting: Presentation to the report of the CEO Deutsche Börse AG
This document provides a summary of Deutsche Börse Group's financial results for 2014 and the first quarter of 2015, as well as the company's financial guidance for 2015. In 2014, net revenue increased 7% to €2.043 billion, EBIT adjusted rose 5% to €954 million, and earnings per share adjusted grew 3% to €3.63. For 2015, the company expects net revenue of €2.2-2.4 billion and EBIT of €975 million to €1.175 billion. Deutsche Börse Group remains focused on growing its business through organic and acquisition-based strategies while effectively managing costs.
Annual General Meeting: Report of the Chief Executive OfficerDeutsche Börse AG
- The document is the speech from the CEO of Deutsche Börse AG, Reto Francioni, at the company's annual general meeting on May 13, 2015.
- In 2014, Deutsche Börse saw a 7% increase in net revenue to €2,043 million and a 3% increase in EBIT to €982.8 million. The company proposed a stable dividend of €2.10 per share, distributing 58% of net income.
- In Q1 2015, net revenue increased 16% to €600 million and adjusted EBIT grew 16% to €319 million. The CEO was confident about the full year results based on this strong start.
- Reto Francioni, CEO of Deutsche Börse AG, is giving his farewell speech at the company's New Year's reception after over a decade as CEO.
- He thanks Chancellor Merkel for her support of Frankfurt as a financial center and interest in Deutsche Börse.
- Francioni highlights Deutsche Börse's recent expansion into Asia, including a partnership with Bank of China and activities in Singapore, to capitalize on Asia's economic growth and demand for financial services.
- While more progress remains, Francioni is proud of Deutsche Börse's role in stabilizing markets during the 2008 financial crisis and looks forward to the company continuing to support European growth and job creation under
- Joachim Faber, Chairman of the Supervisory Board of Deutsche Börse AG, welcomed guests to the New Year's Reception, including the German Chancellor.
- He noted that Germany's capital markets are underperforming given the size of the economy, with low participation from German investors and a high proportion of foreign investors in German companies.
- Two ways to improve the situation are expanding capital investment allowed in insurance and significantly growing pension coverage through large pension pools to deepen Germany's capital markets.
The European Central Bank yesterday published the results of its Comprehensive Assessment and stress test. As a key European market infrastructure with a banking license Clearstream was included in the assessment - and achieved very good results.
ETFs – ein ganzer Markt in einer Order. Wie Sie den passenden Indexfonds find...Deutsche Börse AG
ETFs sind ein tolles Anlageinstrument insbesondere für private Anleger. Günstiger und oft erfolgreicher als aktiv verwaltete Investmentsfonds, handelbar wie Aktien aber diversifiziert.
Der Vortrag geht auf diese Themen ein:
- Definition, Vorteile, Risiken von ETFs
- Der Markt
- Tipps für den Kauf von ETFs
- 10 Schritte zum ETF für Anleger
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
The document provides an agenda and highlights for an investor day event held by Deutsche Börse Group. The agenda includes presentations on group strategy and financials, the cash and derivatives markets (Xetra and Eurex), post-trade services (Clearstream), and market data and services. Investment highlights note Deutsche Börse's unique position to benefit from regulatory trends, long-term growth strategy across divisions, cost management, and attractive returns delivered to shareholders.
During the Global Securities Financing conference in Singapore on 20 May 2014 we have asked the delegates - who represent pan-regional institutions, infrastructures, investment banks, universal banks and central banks – for their opinion on the role of collateral for the financial industry in Asia. These are the results.
Deutsche Börse Group Annual General Meeting 2014 Presentation CEO Reto FrancioniDeutsche Börse AG
The document provides an overview of Deutsche Börse AG's annual general meeting, including key financial figures for 2013 and Q1 2014. Net revenue for 2013 was €1.9 billion, a 1% decrease from 2012. EBIT declined 5% to €954 million. For Q1 2014, net revenue increased 6% to €514.2 million and EBIT rose 5% to €271.6 million. The company aims to increase efficiency and pursue growth opportunities in areas like OTC clearing, collateral management, and expanding its Asian business.
Deutsche Börse Group Annual General Meeting 2014 Presentation CEO Reto FrancioniDeutsche Börse AG
- Net revenue for Deutsche Börse Aktiengesellschaft in 2013 was €1,912.3 million, down 1% from 2012. Operating costs increased 5% to €967.6 million. EBIT decreased 5% to €954 million.
- For the first quarter of 2014, net revenue was €514.2 million, up 6% from the first quarter of 2013. EBIT increased 5% to €271.6 million.
- Deutsche Börse Group is focused on growth initiatives in areas like OTC derivatives clearing, collateral management services, and expanding its Asian business to increase revenue from structural and cyclical opportunities.
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AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
Efficient PHP Development Solutions for Dynamic Web ApplicationsHarwinder Singh
Unlock the full potential of your web projects with our expert PHP development solutions. From robust backend systems to dynamic front-end interfaces, we deliver scalable, secure, and high-performance applications tailored to your needs. Trust our skilled team to transform your ideas into reality with custom PHP programming, ensuring seamless functionality and a superior user experience.
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Unlock your kitchen's true potential with expert remodeling services from O'Brien Group Inc. Transform your space into a functional, modern, and luxurious haven with their experienced professionals. From layout reconfiguration to high-end upgrades, they deliver stunning results tailored to your style and needs. Visit obriengroupinc.com to elevate your kitchen's beauty and functionality today.
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During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
Tired of chasing down expiring contracts and drowning in paperwork? Mastering contract management can significantly enhance your business efficiency and productivity. This guide unveils expert secrets to streamline your contract management process. Learn how to save time, minimize risk, and achieve effortless contract management.
1. May 2014
interview
TAKE THE LEAD:
Tessler hopes
Clearstream will
play a leading role
in adapting to any
new rules.
to Clearstream and should
allow the firm to process clients’
alternative fund holdings
through the same platform as
conventional funds, offering a
one-stop shop that could lead to
more efficiency savings.
“I’ve had a lot of clients come to
me and tell me it’s a great idea. In
their back office, they have all this
inefficiency. Now they can start
to consolidate more of their back
office and rely more on us.”
The acquisition is Clearstream’s
second foray into Ireland, having
opened and closed a small Dublin
office, and will give the company
its fifth major operating centre
after Luxembourg, Frankfurt,
Prague and Singapore.
In the nineties, when Jeff
Tessler was running the securities
business at the Bank of NewYork,
it was common for teams such as
his to be based on the first floor.
Why? Because from 5pm delivery
boys would arrive to collect and
deliver paper securities across
town and office managers didn’t
want them jamming up the
elevators.“Physical securities
still exist, but you don’t have
messengers going round lower
Manhattan with a million dollars
of bonds on a bicycle,” he says.
“The securities industry evolved
and now we’re doing the same
with the funds industry.”
Tessler joined his current
employer, Deutsche Börse, in
2004 and is now chief executive
of Clearstream, the clearing and
settlement division. Although the
funds arm is a relatively small
part of Clearstream’s business –
about €400 billion out of a total
€11 trillion of assets – he sees it
as a key area to develop because
the system of transfer agents and
custodians, in which order routing
systems still rely on phone and
fax, offers so many opportunities
for improvement.
Complexity is particularly rife in
the world of alternatives – hedge
funds, private equity funds and
the like – which continue to elude
automation, creating back-office
work for investors and custodians.
Clearstream has a plan, however,
having bought the hedge fund
processing business, based in
Cork, Ireland, of Citco Global
Securities Services.
The deal brings 300 employees
The chief executive of Clearstream Jeff Tessler talks about his firm’s
acquisition of Citco’s hedge fund custody business in Cork and why
the AIFMD means liabilities can multiply. George Mitton reports.
‘We’ve become the sexy
part of the business’
2. The AIFMD
Perhaps more importantly,
the deal is seen as a good
opportunity to get into the hedge
fund space – a timely move.The
Alternative Investment Fund
Managers Directive (AIFMD)
came into force last July, with a
range of reporting requirements
for alternative funds and,
significantly for custodians, new
rules that make depositaries
liable for lost assets.
As a central securities
depositary (CSD), Clearstream
is fairly comfortable with the
rules, says Tessler. Regulators are
effectively asking the industry to
underwrite funds’ exposures and,
as a CSD, Clearstream is already
positioned to do this. However,
there are still areas of concern.
“What becomes unclear is about
the networks,” he says.“When
you’re using an agent bank in
another country, who’s going
into the depositary, where’s the
liability? This is like a gigantic
game of hot potato.”
The onset of the directive has
already had some interesting
effects; for instance BNY Mellon
declaring it would become a
CSD, a decision taken largely to
comply with the directive.
The question is animating
executives at the highest level of
banks from the around the world,
and Tessler says he does not
expect the scrutiny to stop, given
the intention of the public and the
regulators to hold the alternative
funds industry to account.
Talking at the top
The AIFMD is just one of a
number of regulatory moves
that have made the job of being
a CSD, which is sometimes
considered merely the plumbing
of the financial system, into an
increasingly important role.
Tessler says the move to take
derivatives out of the opaque,
over-the-counter market and
into central clearing parties is
“the number one game changer
in banking”. Parties must now
collateralise their trades, but
where do they find the collateral?
How do they move it?
“In the past, I would go into
an organisation and if I met
with the CEO he would always
bring either his COO or head of
operations and say Jeff,‘I’m more
than happy to meet with you, but
these are the guys who you really
need to speak to.’We’d have a
conversation about pricing and
trends in the industry, and the
CEO didn’t care.
“Now, I go into visit these same
CEOs and they’re sitting there
with paper and pencil saying,
‘Basel III, how can you help me?
EMIR [the European Market
Infrastructure Regulation], how
can you help me? AIFMD, how
are you guys going to help me?’
We’ve become the sexy part of
the business.”
Another regulatory change that
affects Clearstream is Target-2
Securities (T2S), an initiative
to harmonise the post-trade
landscape in Europe.
Tessler is clear about the
significance of the project, which
amounts to European politicians
“erasing the blackboard” after 40
years of relative stability in the
post-trade environment.
Again, he hopes Clearstream
will play a leading role in
adapting to the new rules.The
project may even be a chance for
Clearstream to gain a lead over its
post-trade rival, Euroclear.
“We think our status and our
strong working relationship with
the Bundesbank will help us,”
says Tessler.
Coke and Pepsi
All these big regulatory changes
have had another effect.Tessler
says that as clients digest the
various compliance headaches,
they become more open to
swapping between Clearstream
and Euroclear in a way they
weren’t before.
“In the past, clients of our
competitor [Euroclear], would say,
it’s Coke and Pepsi. I like Coke, I
don’t want to drink Pepsi, let’s not
even talk,” says Tessler.“Now, we
can have a wider conversation.”
Issues such as T2S, the AIFMD
and the European Market
Infrastructure Regulation are, in
effect, entry points which can lead
to discussions and eventually to
the winning of new business.
These changes come
alongside a more general focus
on cost savings, which makes
Clearstream’s project to increase
automation and transaction
efficiency popular among a new
set of potential clients.
“The private banks and the
global institutions are facing a lot
of pain now.They’ve got to push
towards more efficiency, less pain,
not more inefficiency. In the funds
business, there are still lots of
people, faxes, paper.Their senior
management are saying,‘Are you
kidding me? You’ve got to be
more efficient’.”
The acquisition of Citco’s
hedge fund processing business
in Ireland is a step forward in
Clearstream’s project to do away
with faxes and paper. fe
❱❱ Whenyou’re using an agent
bank in another country,who’s
going into the depositary,
where’s the liability? This is like
a gigantic hot potato game. ❰❰