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<br /> Autumn 2012<br /> risk.net/custody-risk<br /> CLEARING l SECURITIES LENDING l FUND ADMINISTRATION<br /> Pressure point<br /> Regulation propels change at custodians<br /> Collateral obligations<br /> Growing demand requires mobility<br /> From Luxembourg to Brazil<br /> José Placido on RBC's growth plans<br /> Concentration risk<br /> Safeguarding CCPs<br /> MORE THAN A PARTNERSHIP:<br /> A GENUINE TEAM<br /> SECURITIES SERVICES<br /> In a complex and constantly-changing financial environment,<br /> we are committed to accompanying our clients' growth with<br /> securities services that meet their needs. Side by side, day<br /> b y d a y, w e b u i l d m o r e t h a n a p a r t n e r s h i p : a g e n u i n e t e a m .<br /> KEEP IN TOUCH WITH US : SG-SECURITIES-SERVICES.COM<br /> TWITTER @SG_SS FACEBOOK.COM/SGSECURITIESSERVICES<br /> Societe Generale Securities Services is a marketing <a title="Custody Risk issue 94 page 1" href="http://viewer.zmags.com/publication/4c372ae7?page=1"> Autumn 2012 risk.net/custody-risk </a> <a title="Custody Risk issue 94 page 2" href="http://viewer.zmags.com/publication/4c372ae7?page=2"> MORE THAN A PARTNERSHIP: A GENUINE TEAM SECURI</a> <a title="Custody Risk issue 94 page 3" href="http://viewer.zmags.com/publication/4c372ae7?page=3"> COMMENT Regulation adds to chilly climate for cu</a> <a title="Custody Risk issue 94 page 4" href="http://viewer.zmags.com/publication/4c372ae7?page=4"> Bottom line: 2Your securities services expert@ </a> <a title="Custody Risk issue 94 page 5" href="http://viewer.zmags.com/publication/4c372ae7?page=5"> CONTENTS ISSUE 94 12 Gl</a> <a title="Custody Risk issue 94 page 6" href="http://viewer.zmags.com/publication/4c372ae7?page=6"> NEWS Region round-up </a> <a title="Custody Risk issue 94 page 7" href="http://viewer.zmags.com/publication/4c372ae7?page=7"> Pension funds will be “cause of next economic cri</a> <a title="Custody Risk issue 94 page 8" href="http://viewer.zmags.com/publication/4c372ae7?page=8"> NEWS News in brief Custody Risk European Awar</a> <a title="Custody Risk issue 94 page 9" href="http://viewer.zmags.com/publication/4c372ae7?page=9"> NEWS Clearing members question indirect cleari</a> <a title="Custody Risk issue 94 page 10" href="http://viewer.zmags.com/publication/4c372ae7?page=10"> FIRST PERSON Resolving regulation Ulf Norén, gl</a> <a title="Custody Risk issue 94 page 11" href="http://viewer.zmags.com/publication/4c372ae7?page=11"> People moves RBC Investor Services has appointed </a> <a title="Custody Risk issue 94 page 12" href="http://viewer.zmags.com/publication/4c372ae7?page=12"> MANDATE WATCH BNY Mellon and Citi lead the way in</a> <a title="Custody Risk issue 94 page 13" href="http://viewer.zmags.com/publication/4c372ae7?page=13"> Events in 2012 Sibos October 29-November 1 INTEX</a> <a title="Custody Risk issue 94 page 14" href="http://viewer.zmags.com/publication/4c372ae7?page=14"> GLOBAL CUSTODY SURVEY Regulations and expectatio</a> <a title="Custody Risk issue 94 page 15" href="http://viewer.zmags.com/publication/4c372ae7?page=15"> (CCPs) and the expectations that securities servi</a> <a title="Custody Risk issue 94 page 16" href="http://viewer.zmags.com/publication/4c372ae7?page=16"> GLOBAL CUSTODY SURVEY “Our industry has reached</a> <a title="Custody Risk issue 94 page 17" href="http://viewer.zmags.com/publication/4c372ae7?page=17"> GLOBAL CUSTODY SURVEY Table C: Global custody st</a> <a title="Custody Risk issue 94 page 18" href="http://viewer.zmags.com/publication/4c372ae7?page=18"> COLLATERAL MANAGEMENT Scope for more efficient c</a> <a title="Custody Risk issue 94 page 19" href="http://viewer.zmags.com/publication/4c372ae7?page=19"> SPONSORED VIEWPOINT </a> <a title="Custody Risk issue 94 page 20" href="http://viewer.zmags.com/publication/4c372ae7?page=20"> COLLATERAL MANAGEMENT Custody Risk: Can y</a> <a title="Custody Risk issue 94 page 21" href="http://viewer.zmags.com/publication/4c372ae7?page=21"> SPONSORED VIEWPOINT On the other sid</a> <a title="Custody Risk issue 94 page 22" href="http://viewer.zmags.com/publication/4c372ae7?page=22"> COLLATERAL MANAGEMENT Dodd-Frank will imp</a> <a title="Custody Risk issue 94 page 23" href="http://viewer.zmags.com/publication/4c372ae7?page=23"> </a> <a title="Custody Risk issue 94 page 24" href="http://viewer.zmags.com/publication/4c372ae7?page=24"> PEOPLE PROFILE Going solo José Placido, chief e</a> <a title="Custody Risk issue 94 page 25" href="http://viewer.zmags.com/publication/4c372ae7?page=25"> senior vice-president of RBC Global Services as a</a> <a title="Custody Risk issue 94 page 26" href="http://viewer.zmags.com/publication/4c372ae7?page=26"> MARGIN EFFICIENCY Margin efficiency: the new bat</a> <a title="Custody Risk issue 94 page 27" href="http://viewer.zmags.com/publication/4c372ae7?page=27"> more capital efficiency than elsewhere, so that i</a> <a title="Custody Risk issue 94 page 28" href="http://viewer.zmags.com/publication/4c372ae7?page=28"> MARGIN EFFICIENCY OTC account. The margin requi</a> <a title="Custody Risk issue 94 page 29" href="http://viewer.zmags.com/publication/4c372ae7?page=29"> actually work in a crisis. If clearing houses fin</a> <a title="Custody Risk issue 94 page 30" href="http://viewer.zmags.com/publication/4c372ae7?page=30"> CCP RESOLUTION Apocalypse never? Some clearing h</a> <a title="Custody Risk issue 94 page 31" href="http://viewer.zmags.com/publication/4c372ae7?page=31"> Commission (EC) is also understood to have begun </a> <a title="Custody Risk issue 94 page 32" href="http://viewer.zmags.com/publication/4c372ae7?page=32"> CCP RESOLUTION Source: LCH.Clearnet 1 CDSClear </a> <a title="Custody Risk issue 94 page 33" href="http://viewer.zmags.com/publication/4c372ae7?page=33"> </a> <a title="Custody Risk issue 94 page 34" href="http://viewer.zmags.com/publication/4c372ae7?page=34"> MARGIN In the balance? Stockholm-based TriOptima </a> <a title="Custody Risk issue 94 page 35" href="http://viewer.zmags.com/publication/4c372ae7?page=35"> MARGIN TriBalance in action In March this year,</a> <a title="Custody Risk issue 94 page 36" href="http://viewer.zmags.com/publication/4c372ae7?page=36"> MARGIN The final say will most likely come </a> <a title="Custody Risk issue 94 page 37" href="http://viewer.zmags.com/publication/4c372ae7?page=37"> The Custody Risk Handbook HANDBOOK 2011/2012 HA</a> <a title="Custody Risk issue 94 page 38" href="http://viewer.zmags.com/publication/4c372ae7?page=38"> LAST WORD The leading question What will be </a> <a title="Custody Risk issue 94 page 39" href="http://viewer.zmags.com/publication/4c372ae7?page=39"> TUESDAY 20TH NOVEMBER 2012 THe Royal Garden Hotel</a> <a title="Custody Risk issue 94 page 40" href="http://viewer.zmags.com/publication/4c372ae7?page=40"> </a>