Tuesday 11th December 2018
Mobile operator EE has said it will activate the UK’s first live 5G trial network in London’s Tech City in October –The UK government says organisations that are aiming to establish themselves or expand as Public Service Mutuals can now apply for a share of £1 million in funding -- India’s central bank raised its benchmark interest rate for the first time since 2014 to curb rising price pressures and calm financial markets as policy tightening in the US rattles emerging markets – A new report from South Africa's Reserve Bank (SARB) contains exception results for a trial of its blockchain-based system for interbank clearance and settlement. According to a release yesterday SARB says it has completed a 14-week "realistic" proof-of-concept that managed to settle the country's typical 70,000 daily payment transactions within two hours, taking an average of 1–2 seconds for each transaction while preserving full anonymity. Absa, Capitec, Discovery Bank, FirstRand, Investec, Nedbank and Standard Bank are among a slew of banks that participated in the exercise. Even so, despite the success claims, SARB says its proof-of-concept doesn't mean it plans to replace the existing real-time gross settlement (RTGS) system with a live blockchain implementation, yet – According to Mickhail Shlemov, VTB’s Capital’s head of research today, “With the demerger of Bank of Georgia Group’s investment business to Georgia Capital PLC, we have revised our forecasts for Bank of Georgia Group so that they now include only the banking business. We expect the bank to benefit from this demerger amid an acceleration in corporate loan growth (although retail lending is likely to decelerate), with the total loan book expanding at a CAGR of 11% in 2017-21F. However, NIM performance headwinds are likely to stay intact. Management has reiterated its strategic targets, and we also expect the bank to show ROE of more than 20% in the next three years, with a 40% dividend payout ratio. As a result, our new 12-month Target Price is GBp 2,300/share. This implies an ETR of only 14% (the stock is up 10% since demerger day).” On May 29th, Bank of Georgia Group (BOGG) announced the completion of the demerger of the Group’s investment business to Georgia Capital PLC. As a part of the process, the bank has issued 9.8mn shares (up to 19.9% of the total share count) to Georgia Capital. Yet the capital will also be diminished by a special dividend payment of some GEL 120mn (GEL 3.10/share), similar to the proposed BGEO Group payment – Reuters reports that European parliament member Danuta Huebner says that London’s call for EU access after Brexit under mutual recognition will not work. Equivalence would let the EU set the rules – Scott Eaton, the former chief operating chief for Europe at MarketAxess has been appointed CEO of Algomi following the departure of co-founder Stu Taylor earlier this year. Eaton has taken over the role with immediate effect and will focus on developing Algomi’s fixed income services, including data aggregation and the Algomi ALFA market surveillance tool – The FCPA Blog notes today that banking giant Credit Suisse Group has agreed to pay a $47m penalty to the US Justice Department to end an FCPA investigation into hiring practices in Asia -- The Securities and Exchange Commission (SEC) voted Tuesday to approve a proposal to modify the Volcker rule, the last of the five agencies responsible for the rule to do so. The proposal is now open to a 60-day public comment period. Treasury Secretary Steven Mnuchin called the move "an important first step" and noted Treasury's support for "better tailoring the application of the rule, preserving liquidity during periods of stress, decreasing unintended compliance burdens and encouraging capital formation." --

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Roundtable
Thursday, 19 April 2018

ETFs Global Markets Roundtable

19 April, 2018, London

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The Expert Panel

  • David Gurtz, Deputy Chief Investment Officer, Director of Risk Management, Massachusetts Pension Reserves Investment Management (PRIM) Board
  • Susan Peters, Chief Operating Officer, Scorpeo
  • Charles Rizzo, Senior Vice President, Chief Financial Officer For The John Hancock Family Of Funds And Chairman John Hancock Funds Risk Committee
  • Craig Starble, Chief Executive Officer, eSecLending
  • Chris Valentino, Director, Sales, EquiLend
  • Robert Zekraus, Director, Prime Services, Scotiabank Global Banking & Markets
  • Francesca Carnevale, Editor, FTSE Global Markets
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Introducing the expert panel (from left to right) Justin Chapman, global head, industry management, Northern Trust; Alex Dockx, T2S programme director, JP Morgan; Guido Wille, head of market development at Clearstream; Paul Bodart, member of the T2S board, ECB; Mike Clarke, global product management, investor services, Deutsche Bank; and Mark Profeti; securities post trade strategy – lead strategist for T2S, Barclays.

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EXPERT PANELLISTS

  • Irina Glazkova, DMA sales director, Asia, Russia and CIS, Otkritie Securities
  • Vladimir Kurlyandchik, business development director, ARQA Technologies
  • Tom O’Brien, head of international sales, Moscow Exchange
  • Francesca Carnevale, Editor, FTSE Global Markets
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RICHARD DEROULEDE, HEAD OF TRADING, EQUITY FINANCE EUROPE, SOCIETE GENERALE, CIB: The development of our business is driven by three key elements: the automation of standard tasks, the search of innovative solutions to answer client needs and face new regulatory challenges, and the increase of our client database. We consider the topic of CCPs as being highly relevant to our business, as the services they offer could fit within these three axes. They will firstly help automating our flow business by concentrating operations in front of a single counterpart, without reducing the number of end users. Besides, they are offering solutions to the challenges posed by new regulation. And lastly, they could ease the operational on-boarding of new clients.

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Market experts at the 2014 thought leadership roundtable on TARGET 2 SECURITIES (T2S)

  • Jo van de Velde, head of product management, Euroclear        
  • Graham Ray, director, global product management, direct securities services, Deutsche Bank
  • Alain Pochet, head of clearing custody & corporate trust services, BNP Paribas Securities Services.
  • Tom Casteleyn, managing director, BNY Mellon        
  • Richard Scavetta, T2S programme director, Citi
  • Eric de Nexon, head of strategy for market infrastructures, Société Générale
  • Alex Dockx, executive director, product strategy, regulations and market infrastructures, Corporate & Investment Banking, JP Morgan  
  • Axel Pierron, head of capital markets, Celent
  • Francesca Carnevale, editor, FTSE Global Markets
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ROUNDTABLE PARTICIPANTS

SAL SASSANO, vice president securities lending/repo finance, Alliance Bernstein
JAMES SLATER, executive vice president, global head of securities finance, BNY Mellon
TIM SMITH, executive vice president, Sungard Astec Analytics
JAMES TEMPLEMAN, global head of securities lending equity trading, Blackrock
Francesca Carnevale, editor, FTSE Global Markets (not pictured)
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Roundtable participants: Brian Staunton, managing director, BNY Mellon’s Global Collateral Services

Joern Tobias, head of collateral services EMEA and global product management collateral services, State Street

Jean-Robert Wilkin, head of product management, Global Securities Financing Services, Clearstream

Meysam Rahgozar, head of collateral management advisory, PwC Consulting

Francesca Carnevale, editor, FTSE Global Markets (not pictured)

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FTSE GLOBAL MARKETS ISSUE 85

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