PARTICIPANT LEVEL MODELS

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Presentation transcript:

PARTICIPANT LEVEL MODELS 2007 ACSDA Leadership Forum PARTICIPANT LEVEL MODELS Leonid Borgmann, Manager International Division S.D. INDEVAL

Agenda Indeval as MX CSD Overview International Division Depository Services Account Types and Functions Safekeeping Models Safekeeping Account Structure Participant Level Multi-tier Model Two-tier Model Indeval as MX CSD

Indeval as MX CSD

Overview International Division 133 Ordinary Shares (129 US, 2 BME, 1 MSE, 1 LUX) 88 ETF´s (82 US, 5 LSE, 1 TSX) 93 ADR´s (Europe, Asia & Australia, Brazil, Venezuela) 379 Corporate Bonds (US, EU) 89 Government Bonds (US, Mexico, France, Germany, Brazil, Venezuela) 103 Europesos 84 Other (Warrants, MBS, CP, CMB, Structured Notes)

Overview International Division 846.41% 883.60% 34.78% 12.51%

Depository Services Tax Services Corporate Actions Safekeeping No Tax Withholding for the domestic market BO Breakdown for Foreign Securities (DTT) Tax reclaim service Corporate Actions Interest/Redemption and Dividend (Cash/Shares) Split/Reverse Split Spin Off Exchange Offers Safekeeping

Safekeeping Physical Securities Immobilised/Dematerialised Securities Domestic Securities High Trading Volumes Immobilised/Dematerialised Securities CSD Book-Entry as transfer/creation of rights MX Treasuries Foreign Securities Multi-tiered Intermediation Cross-Border Settlements Global Custodian Chain Time Zone Problem Operational Risk

Safekeeping Models Two-tier Model CSD P1 P2 I1 I2

Safekeeping Models Multi-tier Model CSD P1 Pn-1 Pn ... I1 I2 In-1 In

Safekeeping Models Account Structure Participant Level PARTICIPANT OWN THIRD PARTY MAIN ADDITIONAL COLLATERAL FOREIGN I.

Safekeeping Models Account Types and Functions Main Account Omnibus Third-Parties/Own Settlement Account Additional Accounts Institutional Investors (Trusts, Investment Funds, Pension Funds) Security Lending Foreign Investors ADR/ADN Creation/Cancellation Collateral Accounts Securities Lending Repurchase Agreements (Repo) Margin Account

2007 ACSDA Leadership Forum S.D. INDEVAL S.A. de C.V. Mexican Central Securities Depository New York, October - 2007 lborgmann@indeval.com.mx