Archive for 11


“Norway’s SWF concerned about too much regulation”


“Norway’s SWF concerned about too much regulation”

November 2009

(Part 2 of 2) Conversation with Yngve Slyngstad, Executive Director, Norges Bank Investment Management, on SWF investments in the financial services industry - covered bond funding for banks - greatest fears for the financial services industry - general principles for investing rather than investor activism - interest in Asia - Santiago Principles for SWFs


“Norway’s SWF concerned about too much regulation”


“Norway’s SWF concerned about too much regulation”

November 2009

(Part 1 of 2) Conversation with Yngve Slyngstad, Executive Director, Norges Bank Investment Management, on SWF investments in the financial services industry - the role of Norway’s SWF - moving into less-liquid awssets - corporate governance - concerns for the financial services industry - exposure to the US


“CLS: If member banks provide liquidity, what value do they get in exchange?”


“CLS: If member banks provide liquidity, what value do they get in exchange?”

November 2009

(Part 1 of 3) Conversation with Rob Close, CEO, CLS Group, on what banks get from CLS in exchange for providing liquidity - FX and settlement risk - settling while Lehman collapsed - a new understanding of risk - process changes after Lehman


“CLS: If member banks provide liquidity, what value do they get in exchange?”


“CLS: If member banks provide liquidity, what value do they get in exchange?”

November 2009

(Part 2 of 3) Conversation with Rob Close, CEO, CLS Group, on what banks get from CLS in exchange for providing liquidity - volume aggregation for new entrants - CCPs and providing clearing services - banks as competitors and users - having the renminbi and the rupee in CLS


“CLS: If member banks provide liquidity, what value do they get in exchange?”


“CLS: If member banks provide liquidity, what value do they get in exchange?”

November 2009

(Part 3 of 3) Conversation with Rob Close, CEO, CLS Group, on what banks get from CLS in exchange for providing liquidity - the internationalization of closed currencies - the composition of FX volumes - central banks and FX - meeting local market needs


“Can Clearstream replicate its core businesses in new markets?”


“Can Clearstream replicate its core businesses in new markets?”

November 2009

(Part 1 of 4) Conversation with Jeffrey Tessler, CEO, Clearstream, on replicating core business in other markets - Background of international central securities depositories (ICSDs) - the ICSD duopoly - international vs domestic markets - the case against Clearstream in the EU


“Can Clearstream replicate its core businesses in new markets?”


“Can Clearstream replicate its core businesses in new markets?”

November 2009

(Part 2 of 4) Conversation with Jeffrey Tessler, CEO, Clearstream, on replicating core business in other markets - the competition at stock exchanges - diversification of exchanges - industry-level consolidation - vertical vs horizontal models: vertical won


“Can Clearstream replicate its core businesses in new markets?”


“Can Clearstream replicate its core businesses in new markets?”

November 2009

(Part 3 of 4) Conversation with Jeffrey Tessler, CEO, Clearstream, on replicating core business in other markets - Joint ventures instead of acquisitions for interoperability - keeping local systems but allowing access - regulatory efficiencies provide opportunities for CSDs in Europe