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

2. 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

3. Indeval as MX CSD

4. 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)

5. Overview International Division
846.41%
883.60%
34.78%
12.51%

6. 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

7. 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

8. Safekeeping Models
Two-tier Model
CSD P1 P2 I1 I2

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

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

11. 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

12. 2007 ACSDA Leadership Forum
S.D. INDEVAL S.A. de C.V. Mexican Central Securities Depository
New York, October