1. finance
2. bank

REPRINT 2015
Sub Custody Survey
Sub Custody Survey reprinted from
Global Investor/ISF February/March 2015
europe |
austria
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 UniCredit
3 Raiffeisen Bank International
4 Deutsche Bank
WEIGHTED
Rank
1 BNP Paribas Securities Services
2 UniCredit
3 Deutsche Bank
4 Raiffeisen Bank International
Score
6.35
5.70
5.53
5.31
Score
6.69
5.39
5.23
3.68
In August 2014, the Central Counterparty
Austria (CCP.A) achieved authorisation
under European Market Infrastructure
Regulation (Emir) from the national
regulator.
Following the schedule that the record
date needs to be implemented before
switching to Target2-Securities (T2S),
the Austria Corporate Action National
Implementation Group (Canig) decided
in June 2014 to realise this mandatory
step. The appointed date from which
only the record date will be applicable
for corporate events is November 16
2015.
Austria has introduced a range of initiatives aimed at easing intermarket
connectivity and standardisation, says
Robert Scott, head of custody and collateral solutions at Commerzbank.
“The impact of not having a derivatives
market affects the scale of growth and
2
product innovation. However, in 2014
there were record increases in corporate
bond issuance, roughly half of which were
issued by domestic companies. There have
also been significant increases in equity
volumes.”
According to Scott, service providers
have been focused on impending changes
to the Austrian tax reclaim procedure
along with challenges in reporting and the
ability to effectively strip out costs along
the transaction lifecycle.
Please contact Cornelia Raif on
cornelia.raif@bnpparibas.com
or +49 6915 20 5517 for further details
belgium
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Deutsche Bank
WEIGHTED
Rank
1 BNP Paribas Securities Services
2 Deutsche Bank
Score
5.68
5.53
Score
5.99
5.32
The National Bank of Belgium (NBB)
decided to follow a two-phase adaptation
plan for T2S, with the first phase in 201415 and the second (the actual migration to
T2S) in 2016.
In the first phase, which went live in
early February, the NBB implemented
new CSD securities settlement system
software that incorporated T2S-com-
reprinted from february/March 2015 GLOBAL INVESTOR/ISF
pliant features. Migration to T2S will be
completed in March 2016.
According to NBB, the purpose of this
two-phase approach was to spread the
project risks and offer the benefits of the
new harmonised system before the full
migration.
It estimated that by updating the software early, 80% of the procedures and
functionalities required by or offered in
T2S were already available to market
participants.
NBB already had plans to update its
technology platform, so the first phase of
its T2S adaptation plan gave it the opportunity to update its IT system and make
its CSD fully compliant with the latest
market standards. The bank also made
an early start in the reduction of the socalled Giovannini barriers to EU market
integration .
Please contact Nathalie Prunier on
nathalie.prunier@bnpparibas.com
or +33 142 984 213 for further details
cyprus
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Eurobank
WEIGHTED
Rank
1 BNP Paribas Securities Services
2 Eurobank
Score
6.01
5.59
Score
7.07
4.36
WWW.GLOBALINVESTORMAGAZINE.COM
europe |
Cyprus has the objective of becoming an
investment fund centre in Europe. Recent
changes in the legislative and regulatory
framework have been introduced with the
aim of placing the country on the global
map of fund-friendly jurisdictions and
enhancing its strong network of financial and professional service providers,
explains Constantia Constantinou, head
of wealth management operations at
Eurobank Cyprus.
“The Cypriot authorities have worked
diligently to bring the funds framework on
par with other international jurisdictions.
These efforts include the enactment of the
Alternative Investment Funds law in July
2014. Cyprus now offers a European passport to the fund management industry,
providing possibilities for cross-border
and global fund distribution.”
Please contact Kelly Kakanaki on
k e l l y. k a k a n a k i @ b n p p a r i b a s . c o m
or +30 210 74 68 527 for further details
france
UNWEIGHTED
Rank
1 Citi
2 Societe Generale Securities Services
3 BNP Paribas Securities Services
4 Deutsche Bank
WEIGHTED
Rank
1 BNP Paribas Securities Services
2 Citi
3 Societe Generale Securities Services
4 Deutsche Bank
Score
6.05
5.95
5.82
5.48
Score
5.83
5.69
5.48
4.90
The French custody services industry is
fairly stable and has not experienced any
major changes over the last couple of
years.
In relation to T2S, 2015 will see the first
wave markets going live in June. The Harmonisation of Distribution Dates (H2D)
and the Harmonisation of Reorganisation Dates (HDR) are two projects that
follow recommendations from Giovannini Group (barrier 3) and the European
standards from CAJWG (Corporate
Action Join Working Group).
The next step is due in March 2015,
when the custodians will upgrade their
IT systems for mandatory events. This
development is driven by an ESES platform delivery under the supervision of
the French market implementation group
chaired by SGSS.
One of the unique attributes of subcustody provision in the country relates
to BRN (Bordereau de Référence Nominative) management, explains Guillaume
Heraud, global head of business development financial institutions and brokers
at Societe Generale Securities Services
(SGSS).
“The registration process in the name
WWW.GLOBALINVESTORMAGAZINE.COM
of the nominee and/or beneficial owner
includes the management of dedicated
registration form (BRN) that needs to
be sent to Euroclear France before TD+1,
7pm CET at the latest. Otherwise a letter
of formal notice is sent to the custodian
and can lead to penalties.”
Please contact Nathalie Prunier on
nathalie.prunier@bnpparibas.com
or +33 1 42 98 42 13 for further details
germany
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Commerzbank
3 Deutsche Bank
WEIGHTED
Rank
1 BNP Paribas Securities Services
2 Deutsche Bank
3 Commerzbank
Score
5.86
5.82
5.34
Score
5.20
4.94
4.34
The German market has held up well over
the last 12 months with clients continuing
to place importance on regional expertise,
says Robert Scott, head of custody and collateral solutions at Commerzbank.
“Custody of assets is increasing at
both the service providers and the CSD.
Germany continues to play a significant
role in the context of eurozone. For clients, it represents a relatively safe haven
for their assets and Germany therefore
still benefits from strong capital inflows.
Additionally, for German custodians
incorporated in the country, clients have
significant comfort that their assets are
protected under federal law (Depotgesetz) in the event of insolvency or
stressed situations.”
Legal requirements have been further
clarified and amended with the entry
into force of regulatory requirements
as Ucits V, the AIFM directive and the
German Capital Investment Legislation
(KAGB). Almost all contracts and service
level agreements (as well as processes
and documentation) had to be adapted to
ensure compliance with the last of these
regulations, explains KAS Bank Germany
managing director Frank Vogel.
The legal requirements of KAGB, the
level 2 regulation related to the AIFM
directive and some preliminary decisions under the previous interpretations
of the law require an update of the previous custodian circular BaFin 6/2010
(WA). BaFin has published a working
document and discussions are ongoing
through sessions of the local working
group, which includes representatives of
custodian banks.
Please contact Cornelia Raif on
cornelia.raif@bnpparibas.com
or +49 6915 20 5517 for further details
greece
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Eurobank
3 HSBC
WEIGHTED
Rank
1 HSBC
2 BNP Paribas Securities Services
3 Eurobank
Score
5.87
5.69
5.66
Score
7.47
6.32
3.92
Aside from regulatory changes such as
Fatca, the AIFM directive and the tax
changes that local custodians have had
to closely monitor and assess for their
impact on investors, two major changes
in the Greek market were undertaken by
the Athex Group over the last 12 months.
These were the switch from T+3 to T+2,
enforced in October, and the implementation of Emir, in December.
In relation to T2S, the number of market specific attributes in Greece is limited,
as is their impact in terms of scope of
transactions or impacted parties, says
Menelaos Demetriou, securities country manager Greece and Cyprus at Citi,
adding that Bank of Greece Settlement
System has taken a pragmatic approach
to embrace the recommendations of the
corporate actions sub-group.
Despite the turmoil that has significantly impacted the Greek economy over
the past few years and which has resulted
to a significant decrease in the assets
under custody, the provision of securities services remains a reliable source of
income for the domestic banks, which
are investing in post-trade services, adds
Dimitri Vassiliou, head of securities services at Eurobank.
Please contact Kelly Kakanaki on
k e l l y. k a k a n a k i @ b n p p a r i b a s . c o m
or +30 210 7468 527 for further details
hungary
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Deutsche Bank
3 Raiffeisen Bank International
4 UniCredit
5 Citi
WEIGHTED
Rank
1 BNP Paribas Securities Services
2 Citi
3 Raiffeisen Bank International
4 UniCredit
5 Deutsche Bank
Score
6.66
5.77
5.76
5.70
4.96
Score
6.51
5.86
5.48
5.29
4.06
Several changes affected the regulatory
environment and market infrastructure
in Hungary during 2014, most notably the
switch to the T+2 harmonised settlement
cycle, implementation of the AIFM directive regulations and the changes related
GLOBAL INVESTOR/ISF reprinted from february/March 2015
3
europe |
to the new Civil Code. The AIFM directive
discussions were concentrated around two
major topics: the new oversight duty of the
depositories and the valuation function.
The Hungarian parliament also passed
the modifications of the tax rules for 2015
and pursuant to this the planned Financial Transaction Tax for securities and
securities based derivative transactions
will not enter into force in 2015.
The most important change relating
to securities and capital markets was the
regulation, based on which public companies have to apply for stock exchange
listing until March 15 2016 (if they want
to operate publicly), says Babett Pavlics,
head of GSS & FI Hungary at Raiffeisen
Bank International.
“As of March 15 2014, companies can be
established in private limited form only
and become public after being listed on a
stock exchange. Several definitions, such
as trust/trustee or the security itself have
also been updated.”
Please contact Gyorgy Cselenyi on
g yorg y.cselenyi@bnpparibas.com
or +361 374 6161 for further details
italy
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Societe Generale Securities Services
3 Deutsche Bank
4 Intesa San Paolo
WEIGHTED
Rank
1 BNP Paribas Securities Services
2 Societe Generale Securities Services
3 Intesa San Paolo
4 Deutsche Bank
Score
5.87
5.80
5.70
5.44
Score
6.53
5.85
5.43
3.92
One of the main challenges in the Italian
market is the harmonisation of corporate
actions on flows, with market participants
actively working to implement a smooth
approach to new and standardised market
practices.
Following the definition of T2S functionalities and specifications, covering
principally securities settlement activities, some significant additional work is in
progress to define common standards for
various related activities that hinge on the
common settlement platform.
The Italian National User Group (NUG)
is promoting discussion on the harmonisation of the insolvency procedures to be
followed in T2S, one of the many items
that requires common principles under
wider legal, regulatory and supervisory
perspectives.
“Following the introduction of second
layer matching in September 2012, Citi has
been a strong advocate of the adoption of
market standards to optimise usage across
market participants,” says securities country
4
manager Franco Carulli. “This materialised
in early 2014 when Monte Titoli organised a working group of custodians. As a
result the BIC11 was agreed as the market
standard and adopted in April, thereby significantly reducing the inefficient practice
of telephone pre-matching in the market.”
Please contact James Woods on
j a m e s .w o o d s @ b n p p a r i b a s . c o m
or +39 02 7247 4251 for further details
netherlands
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Citi
3 Deutsche Bank
WEIGHTED
Rank
1 BNP Paribas Securities Services
2 Deutsche Bank
3 Citi
Score
5.67
5.57
5.56
Score
6.69
5.78
5.14
Following discussions since 2011 to
expand the protection of derivatives
investors in the Netherlands under the
Securities Giro Transfer Act (SGTA), it
appears that a workable solution has been
agreed upon. This means that from late
2015 the protection of investors in derivatives will be as strong as for securities,
where since January 2011 the SGTA aims
to offer holders protection against the
effects of a custodian’s bankruptcy.
Over the course of 2014 key elements of
Emir were implemented, including repapering (renewal of contracts between parties in
derivatives contracts) and reporting of OTC
and exchange-traded derivatives.
The Dutch are also active in discussing
the recently published consultation on
shadow banking, also known as the regulation on reporting of securities financing
transactions.
As with many other euro markets, the
Dutch market has been preoccupied with
T2S says Arno Vroom, head of network
management at KAS Bank. “In June 2015,
wave 1 of this project will go live. The posttrade providers in the Netherlands work
together in the Dutch Advisory Committee Securities Industry (DACSI).”
Please contact Nathalie Prunier on
nathalie.prunier@bnpparibas.com
or +33 1 42 98 42 13 for further details
Poland
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Societe Generale Securities Services
3 Deutsche Bank
4 Raiffeisen Bank International
5 ING
6 UniCredit
7 Citi
reprinted from february/March 2015 GLOBAL INVESTOR/ISF
Score
6.39
6.37
6.03
5.84
5.55
5.12
5.11
WEIGHTED
Rank
1 Raiffeisen Bank International
2 ING
3 UniCredit
4 BNP Paribas Securities Services
5 Citi
6 Deutsche Bank
7 Societe Generale Securities Services
Score
6.53
6.01
5.51
4.66
4.41
4.09
3.59
Changes introduced in Poland during
2014 include the introduction by the Warsaw Stock Exchange of the WIG50 and
WIG250 indexes and agreement on new
standardised forms for corporate actions
for exchange offers, right issues and tender offers. Developed by brokerage houses
and custodian banks, the new forms and
required information and method of its
transmission are expected to simplify the
handling of corporate action events.
Partial settlement and netting services
in securities for cash market clearing have
been introduced (KDPW_CCP), although
participation in the service is not mandatory, while the national depository for
securities (KDPW) changed the settlement cycle to T+2 as of October for shares,
rights to shares, depository receipts, ETFs
and investment certificates.
Also in October, KDPW_CCP implemented a negotiated securities lending and
borrowing service, while other developments
in 2014 included KDPW as the numbering
agency starting to assign FISN codes and the
implementation of trade repository KDPW_
TR to meet Emir requirements.
“The main change to be introduced in
2015 is that custodians and brokers will be
tax paying agents for withholding tax on
dividend and validity of certificate of residence one year from issue date,” says Jerzy
Kałowski, global banking & markets,
global transactional banking/custody &
securities services Bank Zachodni WBK
(Santander Group).
Please contact Zbigniew Scislowski on
zbigniew.scislowski@bnpparibas.com
or +48 22 38 61 140 for further details
portugal
UNWEIGHTED
Rank
1 Santander
2 Deutsche Bank
3 BNP Paribas Securities Services
WEIGHTED
Rank
1 BNP Paribas Securities Services
2 Santander
3 Deutsche Bank
Score
5.92
5.62
5.55
Score
6.67
5.22
4.89
In October 2014 the Portuguese securities
market moved from T+3 to a T+2 settlement cycle following the harmonisation
introduced by CSDR.
“As the Portuguese market will be joining
T2S in the second wave, March 2016, 2015
WWW.GLOBALINVESTORMAGAZINE.COM
europe |
will be an important year for the industry in
terms of completing the necessary adaptations towards the migration to the European
settlement platform by means of changes
from a business and an operational point of
view,” says Rita Roque, head of custody and
securities services at Banco Santander Totta.
Please contact Nathalie Prunier on
nathalie.prunier@bnpparibas.com
or +33 1 42 98 42 13 for further details
spain
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 BBVA
3 Societe Generale Securities Services
4 Santander
WEIGHTED
Rank
1 Societe Generale Securities Services
2 BBVA
3 Santander
4 BNP Paribas Securities Services
Score
5.93
5.63
5.29
5.28
Score
6.08
5.23
5.22
5.12
Spanish banks are reviewing their network
management strategies, which range from
examining their existing correspondent
and custodial bank relationships to looking at proprietary processes and deciding
which non-core functions could be managed in a cost-efficient but risk-averse
manner by a third party. BBVA Institutional Custody refers to the decoupling of
liquidity services from pure custody.
Questions remain on where custody can
be core to future business models in the
face of continuing economic uncertainty,
increased regulation and supervision and
price compression pressures, says José
Maria Alonso Gamo, managing director
RBC Investor & Treasury Services Spain.
“With continued volatility in the equity
and FX markets, increasing demand for
improved technology and demand for balance sheets to be bolstered, we may yet see
further consolidation of custodial activity and
on the number of providers in the market.”
Market reform in Spain is picking up speed
to ensure that the market conforms to Emir,
pre-T2S settlement scenarios and corporate
action harmonisation, as per the output from
the CAJWG (Corporate Action Joint Working Group), adds Alvaro Camunas, head of
Spain, Portugal and Latin America for BNP
Paribas Securities Services.
Please contact Soledad Lecube on
soledad.lecube@bnpparibas.com
or +34 91 388 8716 for further details
switzerland
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 UBS
3 Credit Suisse
WWW.GLOBALINVESTORMAGAZINE.COM
Score
6.40
5.91
5.48
WEIGHTED
Rank
1 Credit Suisse
2 UBS
3 BNP Paribas Securities Services
Score
6.47
6.05
5.46
Significant progress in preparation for
T2S was made in Switzerland last year and
by June 2015 the Swiss market will be fully
compliant with the T2S corporate action
standards. The trend to further consolidate networks and avoid additional links
in the custody chain has accelerated and
is expected to continue through this year.
A law proposal of the Swiss Federal
Council has been published to adapt the
Financial Market Infrastructure Act
(FMIA) in a way that it is equivalent
to Emir and international recommendations, although with more than 80
requested changes from the industry it is
expected that FMIA will not be formally
enacted before the end of 2015.
Also in 2014, the Federal Council
launched a reform to strengthen the capital market with the proposed introduction
of the paying agent principle for bonds
instead of the current debtor principle.
In preparation for T2S, automated
Swiss cross-ex compensation will be
replaced by the Europe-wide agreed best
market practice market claim procedure.
Other important changes will be in the
field of rights trading with a move from
T+2 to T+1 as well as a manual buyer
protection procedure, explains Ronald
Akkermans, head custody, FI, sales and
business development at UBS.
Please contact Neil Collins on
neil.collins@bnpparibas.com
or +41 58 212 6320 for further details
turkey
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Deutsche Bank
3 Citi
WEIGHTED
Rank
1 Citi
2 Deutsche Bank
3 BNP Paribas Securities Services
Score
6.44
5.54
5.34
Score
6.26
5.57
4.75
Turkey’s Capital Markets Law aims to align
regulations and market practice in the country with those of the European Union while
strengthening investor protection and market liquidity.
Notable changes include implementation of squeeze-out rights; the introduction
of licensing requirements for sub-custodian banks where providers of custody or
sub-custody services are obliged to obtain
a general custody licence from the Capital Markets Board (CMB); and the use of
trading, clearing, market information and
risk management systems and CSD settle-
ment systems of Nasdaq OMX Group by
BIST (Borsa Istanbul) and Takasbank.
Transfer of votes via Swift to the electronic general meeting system (e-GEM) is
expected to be provided in 2015, says Ibrahim Yurtlu, manager custody and clearing
at HSBC Securities Services.
With investment funds representing
only around 2% of Turkish GDP, there
is significant potential for growth adds
Geraud de Saint Vincent, head of Turkey
at BNP Paribas Securities Services. “The
newly created portfolio custodian concept, a version of the depositary bank,
opens up room for specialised securities
services providers.”
The Turkish Council of Ministers has
decided to offer up to 42.75% of Borsa
Istanbul, the Turkish stock exchange, in
2015 with a possible extension into 2016.
Please contact Ertunc Gurson on
ertunc.gurson@teb.com.tr
or +90 216 635 2371 for further details
uk
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 HSBC
WEIGHTED
Rank
1 HSBC
2 BNP Paribas Securities Services
Score
6.20
5.61
Score
6.44
5.36
The UK market has undergone significant
market and regulatory change during 2014.
The most prominent change was the shortening of the trade settlement cycle for Crest
instruments from T+3 to T+2 in October
2014, as required by CSDR.
From a product perspective, an increasing
number of fund managers enabled settlement
of their collective investment schemes in
Crest. Regulatory developments included the
AIFM directive, CRD IV (Capital Requirement Directive), Dodd-Frank and Fatca.
“Looking ahead, the UK will continue
to face further market and regulatory
challenges including proposed changes
to the Bank of England’s real time gross
settlement (RTGS) infrastructure aiming
to extend the Chaps and Crest settlement
day, full dematerialisation of the market
and UK banking reform regulation,” says
Alistair Jones, head of custody Europe at
HSBC Securities Services.
The UK was one of 22 markets in Europe
to adopt a T+2 settlement cycle, which Julien
Kasparian, head of sales and relationship
management at BNP Paribas Securities Services describes as one of the most important
initiatives in European securities markets
since the euro conversion.
Please contact Julien Kasparian on
julien.kasparian@bnpparibas.com
or +44 (0) 20 74 10 1269 for further details
GLOBAL INVESTOR/ISF reprinted from february/March 2015
5
middle east and africa |
MOROCCO
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Citi
3 Societe Generale Securities Services
WEIGHTED
Rank
1 Citi
2 BNP Paribas Securities Services
3 Societe Generale Securities Services
Score
6.37
5.14
4.96
Score
6.20
5.62
5.19
Changes to sub-custody arrangements
in Morocco in 2014 included the implementation of real-time settlement for
off-market trades. Regulatory developments from the Moroccan market
regulator resulted in amendments to the
market code with the addition of a new
section dedicated to securities lending.
According to Hasnâa Barzali, head of
securities services in Morocco, Societe
Generale Securities Services, the planned
introduction of Islamic finance in Morocco
by next year will permit the creation of
new specialist entities, among them Gulf
banks keen to enter the Moroccan market.
Planned changes to sub-custody arrangements include the normalisation of Swift
exchanges between the Moroccan CSD
and its affiliates, as well as the implementation of securities lending schemes in the
securities IT system.
Sylvie Nouri, head of Morocco, BMCI
Security Services, says the market is making
a lot of progress in reaching international
standards and opening doors to investors
in Africa and worldwide. “Looking ahead,
we are excited about the opportunities
arising from a partnership between the
Casablanca Stock Exchange, London Stock
Exchange and the African Stock Exchange
[as well as] the introduction of a derivatives market in 2015. These are proof that
Morocco is becoming more attractive.”
Please contact Thomas Noel on
thomas.noel@bnpparibas.com
or +212 5224-61352 for further details
stocks listed on both exchanges.
“Most market participants are of the
opinion that the benefits will outweigh
the initial cost,” says Andreas Scharbach,
head of sales and relationship management banks and brokers Australia, BNP
Paribas Securities Services, who adds that
ETFs are gaining momentum in Australia.
Please contact Andreas Scharbach on
andreas.m.scharbach@bnpparibas.com
or +61 2 9222 0280 for further details
to the China A-share market through their
Hong Kong broker relationships, where
they previously may not have been able to
do so.
There were a number of challenges that
needed to be addressed for market participants to prepare for such a significant
market change, which essentially saw two
exchanges with different trading rules
and technologies coming together, says
Stephen Pemberton, managing director,
head custody clearing & collateral services transaction banking at Standard
Chartered.
“As expected, some market participants
are taking a wait-and-see approach. Nevertheless, this is a huge milestone, not just
in Asia, but also for global financial markets as it is the first exchange link up of
its kind.”
Operationally, cross-boundary trades
follow the settlement cycle of the respective market – for example, in Hong Kong
A-share trades settle on transaction day
and money settlement takes place on T+1,
adds Soh Ee Fong, head securities & fiduciary services global transaction services
DBS Bank.
Please contact James O’Sullivan on
james.osullivan@asia.bnpparibas.com
or +852 3197 3338 for further details
asia pacific |
australia
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 HSBC
WEIGHTED
Rank
1 HSBC
2 BNP Paribas Securities Services
Score
6.36
5.62
Score
6.00
3.64
In September 2014 the Australian Securities Exchange (ASX) implemented a new
process for the announcement of corporate actions (via online forms) and the
automated capture of data contained in
that announcement to facilitate straightthrough-processing (STP) for ASX and its
customers.
For issuers, the use of ASX online forms
for announcing corporate actions will
become mandatory on March 22 2015.
From this date the use of these forms is
required to announce dividends/distributions, interest payments/interest rate
changes, securities splits/consolidations
and cash capital returns.
ASX has also confirmed its intention
to shorten the settlement cycle to be in
line with most major capital markets
and extend its batch cut-off to 11:30am
in March 2016. This move will be closely
coordinated with New Zealand’s stock
exchange (NZX) since there are many
6
hong kong
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 DBS Bank
3 HSBC
4 Deutsche Bank
5 Standard Chartered
WEIGHTED
Rank
1 = HSBC
1 = Standard Chartered
3 BNP Paribas Securities Services
4 Deutsche Bank
5 DBS Bank
Score
6.61
5.92
5.74
5.67
5.30
Score
5.73
5.73
5.52
4.77
3.76
Shanghai-Hong Kong Stock Connect was
announced in April 2014 and went live in
November. One of the main benefits of this
mutual market access programme is that
offshore investors are able to gain access
reprinted from february/March 2015 GLOBAL INVESTOR/ISF
WWW.GLOBALINVESTORMAGAZINE.COM
asia pacific |
India
UNWEIGHTED
Rank
1 Deutsche Bank
2 BNP Paribas Securities Services
3 Societe Generale Securities Services
4 HSBC
WEIGHTED
Rank
1 HSBC
2 BNP Paribas Securities Services
3 Deutsche Bank
4 Societe Generale Securities Services
Score
6.46
6.35
5.85
5.79
Score
7.16
5.54
5.06
4.18
In January 2014, the Securities and
Exchange Board of India (Sebi) implemented the Sebi (Foreign Portfolio
Investors) Regulations 2014 designed to
rationalise foreign investments made into
India by portfolio investors such as foreign institutional investors and qualified
foreign investors.
The regulations were introduced to
make the Indian market a more attractive
investment destination and include easier
entry norms and operational framework
for foreign entities. The FPI regime provides for a unified regulatory framework
for former foreign institutional investors
and qualified foreign investors.
As per an announcement by Sebi following its board meeting on December 24
2013, the Department of Economic Affairs
communicated to the Central Board of
Direct Taxes and Sebi that all categories
of foreign portfolio investors – foreign
institutional investors/sub-accounts and
qualified foreign investors – be given a
similar tax treatment to that available to
foreign institutional investors.
Please contact Christophe Beelaerts on
christophe.beelaerts@asia.bnpparibas.com
or +91 22 6196 5050 for further details
NEW ZEALAND
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 HSBC
WEIGHTED
Rank
1 HSBC
2 BNP Paribas Securities Services
Score
6.03
5.46
Score
6.07
5.10
The second phase of New Zealand’s new
capital markets and financial services law
took effect from December 1 2014. Phase
two of the Financial Markets Conduct
Act 2013 (FMC Act) includes licensing
provisions that extend to several hundred
further businesses and a major shift in the
quality of investor disclosure for financial
products. It largely completes the regulatory overhaul that began with the Capital
Market Development Taskforce’s final
report in 2009.
In addition to the FMC Act’s focus on
licensing and conduct, the overhaul also
included an expanded prudential role for
WWW.GLOBALINVESTORMAGAZINE.COM
Singapore
the reserve bank, covering banks, insurers
and non-bank deposit takers.
Features of phase two of the FMC Act
include two specific measures. Firstly,
subjecting product disclosure statements
for financial products – including debt
and equity – to page limits. Secondly,
the licensing of managers of registered
schemes (managed investment schemes),
derivatives issuers, independent trustees
of restricted schemes and providers of
discretionary investment management
services.
Several hundred organisations and
individuals are expected to apply for
licences over the next two years, bringing
more than 11,000 firms, professionals,
registered schemes and funds under the
Financial Markets Authority’s mandate.
Please contact Andreas Scharbach on
andreas.m.scharbach@bnpparibas.com
or +61 2 9222 0280 for further details
SINGAPORE
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Standard Chartered
3 HSBC
4 DBS Bank
WEIGHTED
Rank
1 DBS Bank
2 HSBC
3 BNP Paribas Securities Services
4 Standard Chartered
Score
6.55
6.51
6.07
5.26
Score
6.98
6.03
5.49
4.99
In 2014 the Singapore Exchange (SGX)
introduced various circuit breakers and
thresholds for error trades in an effort to
promote greater safety and transparency.
Nine public consultation papers were
issued between the Monetary Authority of Singapore (MAS) and SGX on
various topics related to the securities
market, including proposed measures
to improve the market structure and
practices, enhancements to existing
regulatory frameworks and new product offerings.
Soh Ee Fong, head securities & fiduciary services global transaction services at
DBS Bank, explains that this has resulted
in the progressive planned implementation (in 2014 through to 2016) of several
key changes that include fee revisions,
board lot reduction, minimum share price
and a new post-trade system that would
enable the Central Depository (CDP) to
offer new functionalities to investors and
intermediaries, such as collateralisation
for securities trading.
Market participants and local custodians are therefore required to actively
participate and enhance their current
operating model to meet the requirements
of this new infrastructure, adds Mostapha
Tahiri, head of Singapore BNP Paribas
Securities Services.
Please contact Lily Lim on
l i l y. l i m @ a s i a . b n p p a r i b a s . c o m
or +65 6210 4972 for further details
GLOBAL INVESTOR/ISF reprinted from february/March 2015
7
americas |
BRAZIL
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Deutsche Bank
3 HSBC
4 Santander
WEIGHTED
Rank
1 HSBC
2 BNP Paribas Securities Services
3 Deutsche Bank
4 Santander
Score
6.86
5.98
5.69
5.45
Score
6.57
6.34
4.70
3.48
On December 20 2013, the Brazilian
Securities Commission (CVM) published
CVM Instructions 541, 542 and 543,
which regulate the roles and responsibilities of depositaries, custodians and
registrar agents respectively, replacing
CVM Instruction 89. This is being rolled
out in two phases. The first phase applies
only to new custodians or agents without a license from the CVM. The second
phase will begin December 2015; by this
deadline, all custodians that have already
been granted a licence by the CVM will be
required to adhere to the new rules.
Particularly pertinent is CVM Instruction 542, according to Danilo Christófaro
Barbieri, country manager at Santander
Securities Services (S3). It establishes
that the custodian must: i) Obtain special authorisation from CVM to be able
to provide custodial services ii) Maintain operational and technological
infrastructure and iii) Ensure the accuracy
of information and procedures, especially
related to processing and the registry of
securities, among other subjects.
The action by the CVM aims to ensure
the actual existence of the assets traded in
the Brazilian capital markets as well as the
priority rights of each investor.
“These regulations set a new standard in
the infrastructure of the Brazilian capital
markets and are driving the institutions
involved in such activities to review and
enhance their operations,” says Sergio Mello,
head of HSBC Securities Services, Brazil.
On February 5 2014 the Brazilian Central Bank held a public hearing to discuss a
draft resolution created to update and ease
the rules applicable to foreign investment
in Brazil. The draft turned into Resolution
4.373 and will enter into force in March
2015. The set of proposals makes some
concepts clearer, especially regarding rules
for equity and fixed income investments.
The new resolution also introduced new
mechanisms in order to increase foreign
investment in Brazil, such as the possibility of issuing depositary receipts using
different types of securities.
São Paulo-based stock exchange
BM&FBovespa has launched new,
consolidated clearing operations. The
8
Post-Trade Integration Project (IPN)
combined four existing clearinghouses
into a single entity. The first phase of the
clearing integration was concluded on
August 18 2014 and, since then, exchangetraded and OTC derivatives transactions
have been settled in this new environment, replacing the former Derivatives
Clearinghouse. The second phase of
implementation, which will introduce
equities into the new system, is planned
for the end of 2015, according to Lai Ling,
head of international securities services
at Itaú Unibanco. Fixed income and FX
markets are expected to be integrated at
a future date.
On June 19 2014 Santander announced
its agreement with a group led by Warburg Pincus, including Temasek, for the
creation of new custody business, Santander Securities Services (S3). The group
acquired 50% of the new holding company that will integrate Santander Spain,
Mexico and Brazil’s current custody and
depositary bank business lines. Santander
will continue to hold the remaining 50%
of the business.
Please contact David E Rodrigues on
david.e.rodrigues@br.bnpparibas.com
or +55 11 3841 3065 for further details
COLoMBIA
UNWEIGHTED
Rank
1 BNP Paribas Securities Services
2 Citi
WEIGHTED
Rank
1 Citi
2 BNP Paribas Securities Services
Score
6.48
5.07
Score
6.58
5.87
In December 2014 Colombia’s lower
house passed a tax package worth COP53trn ($22.3bn) to the government over
the next four years. The tax would mostly
be raised from businesses, by extending
and modifying existing taxes that will
expire at the end of the year.
Included in the taxes is an extension
of a three-year wealth tax that will raise
COP12.5trn in 2015 alone, a separate
profits tax on businesses and a banking
transaction tax.
The Colombian authorities seek to hold
its markets to the highest international
standards, says Claudia Calderon, head of
Colombia at BNP Paribas Securities Services: “This is demonstrated by Colombia’s
ambition to becoming a member of The
Organization for Economic Co-operation
and Development (OECD)”.
Colombia is the first market in the
Americas where investment compliance
by custodians has been mandated, says
Calderon.
reprinted from february/March 2015 GLOBAL INVESTOR/ISF
Please contact Claudia Calderon on
claudia.calderon@co.bnpparibas.com
or +571 6514364 for further details
UNITED STATES
UNWEIGHTED
Rank
1 Brown Brothers Harriman
2 Citi
3 BNP Paribas Securities Services
4 BNY Mellon
WEIGHTED
Rank
1 Brown Brothers Harriman
2 BNY Mellon
3 BNP Paribas Securities Services
4 Citi
Score
6.65
5.53
5.45
5.19
Score
8.34
5.37
5.05
5.04
The Depository Trust and Clearing Corporation (DTCC) has developed several
initiatives to reduce risk in the post-trade
environment. In collaboration with the
financial services industry, it is working
to shorten the settlement cycle in the US.
It formed an industry steering committee
and an industry working group to facilitate the move from T+3 to T+2 for trades
in equities, corporate and municipal
bonds, and unit investment trusts (UITs).
In 2013 the Depositary Trust Company
(DTC) began introducing settlement
matching to clients in an effort to reduce
risk and boost intraday settlement finality. Settlement matching leverages DTC’s
existing infrastructure to provide participants with the ability to authorize or
match transactions before it attempts
to process them. This initiative, which is
being implemented in a phased-approach,
has removed approximately $525bn of
risk from the DTC settlement system.
The DTCC and Euroclear have created a
joint venture to create collateral processing
solutions. The joint venture will bring to
market their Margin Transit Utility (MTU)
and Collateral Management Utility (CMU).
The MTU will provide straightthrough-processing of margin obligation
settlement, leveraging the current DTCC
infrastructure, as well as additional infrastructure currently in development in
coordination with the industry. Industry
testing of the MTU is scheduled to begin
in mid-2015. The CMU will address the
global challenge of sub-optimal collateral
allocation and mobility, through utilising
Euroclear’s Collateral Highway, and will
follow the launch of the MTU.
US Foreign Account Tax Compliance
Act, or Fatca, came into force on July 1
2014, requiring foreign institutions to
hand over data on clients to the US International Revenue Service (IRS).
Please contact Claudine Gallagher on
claudine.gallagher@bnpparibas.com
or +1 212 471-6458 for further details g
WWW.GLOBALINVESTORMAGAZINE.COM
Thought leadership: BNP paribas |
The network effect
Philippe Ruault, Head of
Clearing, Settlement and
Custody Solutions, BNP
Paribas Securities Services,
talks about global growth
and how T2S is changing
local custody in Europe
How will Target2-Securities (T2S) change
things for your clients?
T2S is a massive structural change to
European financial markets that fundamentally increases stability and efficiency
for settlements in central bank money by
harmonising the process in all markets.
Firms across the industry in Europe will
automatically benefit from this advance.
But T2S also comes with features, for
example enhanced liquidity management,
that we as a local custodian can help clients access and make the most of.
Before T2S, when an Italian client, for
example, wanted to deposit a German
bond in exchange for a cash payment, the
process was supported by a connection
between two central securities depositories (CSDs). This meant that delivery
was not typically versus-payment – it was
free-of-payment with the cash settlement
coming separately. Using a single external
settlement engine for cross-border settlement in T2S means that all transactions
will be delivery-versus-payment and the
process of exchange will become much
more efficient.
What are the implications for domestic asset
servicing?
The T2S platform, which supports settlement, is operated by the ECB but asset
servicing at the local level remains entirely
in the domain of domestic custodians.
This means that custodians such as BNP
Paribas play an essential role operating
accounts within local infrastructures to
deliver asset servicing, tax and corporate
actions support to clients.
Early in the evolution of T2S there was
WWW.GLOBALINVESTORMAGAZINE.COM
concern that the efficiency of these functions would be threatened by the need
to migrate onto an alternate system and
the result would be increased costs. In
response, the large CSDs have worked to
ensure the process of decommissioning
legacy systems and replacing them has
not meant increased costs for end-users.
actions or at certain CSDs, the Italian
bonds may attract a punitive haircut with
the need to collateralise other assets to fulfil the settlement obligation.
Does it increase the number of netting
opportunities?
Yes, better netting is another benefit.
Because everything settles through T2S,
What are the implications of T2S-compliant the diverse spread of CSDs can all be
viewed as a single netting resource. Clisolutions for liquidity?
The new T2S solutions enable a whole ents can benefit from positions across all
range of liquidity management options. European CSDs, which are supported by
T2S includes features such as auto-collat- the same custodian, being shared from a
eralisation that helps participants access netting point of view. And because a sale
liquidity in central bank money based in the French market, for example, could
on the assets that they are buying. For be netted off with a purchase in the Spanexample, to finance the purchase of a fixed ish market, the client needs ultimately
income instrument, T2S creates an intra- to make less liquidity available to settle
day repo with the central bank generating trades in the cash account.
the cash required for settlement, with the
Banks or brokers that are direct parbond acting as the collateral. This process ticipants must not only finance their
is supported not only in the client’s domes- own connectivity to multiple infrastructic market but also
tures but can also
for trades that cross
draw only on the
“Custodians such as
European borders.
liquidity in their
Consider the
BNP Paribas play an essential portfolio. By using
case of an Italian
a custodian, the
role operating accounts
client with a large
firm in question
portfolio of French
will have the option
within local infrastructures”
securities that is
to have trades netpurchasing Italian
ted off with the
bonds. Assuming the client has signalled shared liquidity pool that sits in the custoto us that it would like to take advan- dian’s omnibus account.
The larger the custodian and the bigger
tage of this feature, the system can select
the collateral required either from the the asset pool comprised in the omnibus
French portfolio or from the Italian bond account, the greater the netting benefits.
The more clients a custodian has, and the
purchase.
The benefits of this become apparent more diverse the clients are, from the buy
when you consider that, for certain trans- and sell side, the more likely it is to have
GLOBAL INVESTOR/ISF reprinted from february/March 2015
9
Thought leadership: BNP paribas |
two clients that are trading in opposite
directions on a given position, allowing
netting benefits by offsetting trades that
are passing in different directions. By getting access to the liquidity that this larger
asset pool provides, clients end up saving
money. Hence through custodian intermediation, liquidity requirements are
considerably lower, resulting in little or
no costs for the client. This is a big benefit
for clients that want to know how they can
best manage the liquidity requirements
for their cash account.
Are there any other benefits?
Another benefit of new T2S-enabled settlement process is that it provides more
functionality related to settlement. Onesuch benefit is “hold and release”, where
clients can specify when a given trade
should settle. Ensuring that the client has
the stock in question before we release
it into the system, for example, provides
additional credit or securities protection.
The transaction linkage facility in T2S
is also a great add-on. Where two transactions occur at similar times, the new
process can ensure simultaneous delivery
and receipt, removing the market risk that
is created by the client being out of a position for the time that it takes a security to
be delivered.
Where do you foresee geographic growth
for your local custody operation?
For custodians, growing a footprint in
emerging markets means a more diversified revenue stream, which makes for a
more robust business. But more importantly it is about supporting clients.
10
European clients, in particular, have been coming from the local network before
looking to diversify their investment expo- broadcasting them out to global custody
sure by increasing allocations to emerging clients.
The third – which is very important
markets. The increase in regulation in
recent years, and the greater emphasis on – is the ability to roll out a single tax sysasset safety, has meant that the ability to tem, where tax can be managed the same
provide local custody services in emerging regardless of whether the service is global
markets as well as global custody is very or local custody and there is ready access
valuable. Because sub-custody is in our for the client to all local tax documents.
DNA we have had a lot of support from This is where much of our investment
our management to expand this part of has focused – harnessing the processes by
our offering.
which local markets will communicate a
Under the AIFM directive and Ucits specific tax rule, translating this and hostrules, the emphasis on global custodians’ ing it to the online platform.
ability to guarantee the local custody netTwo results flow from all this. Firstly, cliwork has increased. Having a domestic ents end up with more accurate and timely
presence in all key markets means that information, fully leveraging our domestic
we hold an average of 90% of client assets presence. Secondly, they are able to conwithin our own network. We can maintain trol their local account structure through
the full level of segregation of assets from the global system. This means the client
the global all the way through to local, can opt for a flexible account structure and
safekeeping in every case.
support model, either local or global or a
A second benefit of a local custody pres- combination, while benefiting from the
ence is the synchronisation of global and same service standards.
local processes. In cases where we act
locally the local custody operation runs on Which developed markets are you focusing
the same framework as the global custody on?
operation, which has benefits for both We have seen a lot of growth recently in
local and global custody clients. This has our offering of local custody in the US.
been a considerable operational challenge Our experience has been that, while this
but brings three major benefits for clients. is a developed market, many of the clients
The first is access to local knowledge. are keen to see a newcomer. Our fresh
This operational model means that a cli- approach and new systems are being
ent can speak to their unique account welcomed.
For European clients working in the US,
manager at the global custody level, who
meanwhile, our
covers the 100-odd
Lisbon operating
markets we serve
“Growing a footprint in
centre means that
with a bird’s eye
they get servicing
view. And when
emerging markets means
on the US market
they need local
a more diversified revenue
in a European time
colour on a specific
stream, but more importantly zone. So we get this
position they have
a local manager on
it is about supporting clients” reverse effect from
the European franthe ground there
who can answer
chise that delivers
questions, for example, in Columbia about new clients and additional assets through
a specific corporate event.
the functionality we are offering in the US.
When we set up a local branch we bring
This principle of reciprocal client benproduct and sales staff who can work efits also applies to emerging markets.
closely with domestic clients. So in Hong Clients that have used us for local cusKong where were we have deployed our tody in Europe will be familiar with our
core local settlement and custody facil- functionality, expertise and service levity, for example, we have been able to very els. This makes them confident that they
quickly implement value-added features can expect the same level of service in the
to support execution and clearing for various emerging markets that they are
the Shanghai-Hong Kong Stock Connect adding to their funds, in search of returns
initiative. We are one of the first global and value for investors. One example is
custodians to support an integrated model Colombia, which we were among the first
such as this.
custodians to enter. A second is Turkey,
The second is harmonisation across where we can offer clients the benefit of a
the sub-custody network for all corporate specific account structure – which enables
actions. This means harmonising the mes- them to employ a wider range of assets on
sages, including filed options, supported their books as collateral – while complying
by a translation mechanism so that the with the local regulatory requirement that
global system can absorb all messages all assets be segregated. g
reprinted from february/March 2015 GLOBAL INVESTOR/ISF
WWW.GLOBALINVESTORMAGAZINE.COM
contacts |
Global Contacts
Alan Cameron
Tel +44 207 75 95 0696
alan.cameron@bnpparibas.com
Nadia Diego
Tel +33 1 42 98 53 18
nadia.diego@bnpparibas.com
| signpost
GERMANY
BNP Paribas Securities Services
Europa-Allee 12, 60327 Frankfurt am Main
Cornelia Raif Tel: +49 6915 20 5517
cornelia.raif@bnpparibas.com
GREECE
Local Market Contacts
BNP Paribas Securities Services
94 V. Sofias Ave & 1 Kerasountos St
115 28 Athens
Kelly Kakanaki Tel: +30 210 7468 527
kelly.kakanaki@bnpparibas.com
AUSTRALIA
HONG KONG
BNP Paribas Securities Services
60 Castlereagh Street, Sydney, NSW, 2000
Andreas Scharbach
Tel: +61 2 9222 0280
andreas.m.scharbach@bnpparibas.com
BNP Paribas Securities Services
21/F., PCCW Tower, Taikoo Place
979 King’s Road, Hong Kong
James O’Sullivan Tel: +852 3197 3338
james.osullivan@asia.bnpparibas.com
AUSTRIA
HUNGARY
BNP Paribas Securities Services
Europa-Allee 12 60327, Frankfurt am Main
Cornelia Raif Tel: +49 6915 20 5517
cornelia.raif@bnpparibas.com
BNP Paribas Securities Services
Szechenyi Istvan ter 7/8, 1051 Budapest
Gyorgy Cselenyi Tel: +361 374 6161
gyorgy.cselenyi@bnpparibas.com
BELGIUM
INDIA
BNP Paribas Securities Services
Boulevard Louis Schmidt 2
1040 Brussels
Nathalie Prunier Tel: +33 142 984 213
nathalie.prunier@bnpparibas.com
BNP Paribas House
1 North Avenue - Maker Maxity
Bandra Kurla Complex - Bandra (East)
Mumbai - 400 051
Christophe Beelaerts Tel: +91 22 6196 5050
christophe.beelaerts@asia.bnpparibas.com
BRAZIL
BNP Paribas Securities Services
Av Presidente Juscelino Kubitschek 510
04543 906 Itaim Bibi
São Paulo
David E Rodrigues Tel: +55 11 3841 3065
david.e.rodrigues@br.bnpparibas.com
COLOMBIA
IRELAND
BNP Paribas Securities Services
Trinity Point, 10-11 Leinster St
South Dublin 2
Julien Kasparian
Tel: +44 (0) 20 74 10 1269
julien.kasparian@bnpparibas.com
BNP Paribas Securities Services
World Trade Center Carrera 8A
N° 99 51 Torre ABogota
Claudia Calderon Tel: +571 6514364
claudia.calderon@co.bnpparibas.com
ITALY
CYPRUS
LUXEMBOURG
BNP Paribas Securities Services
94 V Sofias Avenue &
1 Kerasountos Str. 115 28 Athens
Kelly Kakanaki
Tel: +30 210 74 68 527
kelly.kakanaki@bnpparibas.com
BNP Paribas Securities Services
rue de Gasperich, 33, L-2085, Luxembourg
Georg Lasch Tel: +352 26 96 22 90
georg.lasch@bnpparibas.com
FRANCE
BNP Paribas Securities Services
Grand Moulins de Pantin
9 rue du Débarcadère, 93500 Pantin
Nathalie Prunier
Tel: +33 1 42 98 42 13
nathalie.prunier@bnpparibas.com
WWW.GLOBALINVESTORMAGAZINE.COM
BNP Paribas Securities Services
Via Ansperto 5, 20123 Milan
James Woods Tel: +39 02 7247 4251
james.woods@bnpparibas.com
MOROCCO
BMCI Securities Services
26, Place des Nations Unies, Casablanca
Thomas Noel Tel: +212 5224-61352
thomas.noel@bnpparibas.com
NETHERLANDS
BNP Paribas Securities Services
Herengracht 595,
1017 CE Amsterdam – Netherlands
Nathalie Prunier Tel: +33 1 42 98 42 13
nathalie.prunier@bnpparibas.com
NEW ZEALAND
BNP Paribas Securities Services
Level 15, 171 Featherston Street, P O Box
3299, Wellington 6140, New Zealand
Andreas Scharbach Tel: +61 2 9222 0280
andreas.m.scharbach@bnpparibas.com
POLAND
BNP Paribas Securities Services
Pl. Pilsudskiego 1, 00-078 Warsaw
Zbigniew Scislowski Tel: +48 22 38 61 140
zbigniew.scislowski@bnpparibas.com
PORTUGAL
BNP Paribas Securities Services
Edifício ART’S, Avenida D. João II Lote
1.18.01, Bloco B 9º, 1998-028 Lisbon
Nathalie Prunier Tel: +33 1 42 98 42 13
nathalie.prunier@bnpparibas.com
SINGAPORE
BNP Paribas Securities Services
20 Collyer Quay, 4th Floor, Tung Centre
Singapore 049319
Lily Lim Tel: +65 6210 4972
lily.lim@asia.bnpparibas.com
SPAIN
BNP Paribas Securities Services
C/Ribera del Loira 28, 28042 Madrid
Soledad Lecube Tel: +34 91 388 8716
soledad.lecube@bnpparibas.com
SWITZERLAND
BNP Paribas Securities Services
Selnaustrasse 16, CH-8022 Zürich
Neil Collins Tel: +41 58 212 6320
neil.collins@bnpparibas.com
TURKEY
TEB Securities Services
TEB Kampus saray mahallesi Sokullu
caddesi No 7A / C Blok Umariniye, Istanbul
Ertunc Gurson Tel: +90 216 635 2371
ertunc.gurson@teb.com.tr
UNITED KINGDOM
BNP Paribas Securities Services
55 Moorgate, London, EC2R 6PA
Julien Kasparian
Tel: +44 (0) 20 74 10 1269
julien.kasparian@bnpparibas.com
UNITED STATES OF AMERICA
BNP Paribas Securities Services
51 West 52nd Street, Floor 36, New York,
NY 10019
Claudine Gallagher Tel: +1 212 471-6458
claudine.gallagher@bnpparibas.com
GLOBAL INVESTOR/ISF
GLOBAL
reprinted
INVESTOR/ISF
from february/March 2015
11