Collaboration and innovation dominate this year’s critical dialogue
Sibos 2009: An overview
In unprecedented economic conditions, Sibos continues to deliver unique value
• The world’s premier financial services event took place in Hong Kong from 14 to 18 September 2009
• Almost exactly one year from the collapse of Lehman Brothers, Sibos participants gathered to network, debate and do business.
• Sibos 2009 was the biggest ever in Asia:– 5,782 participants
• 42% of whom were from Asia
– 176 exhibiting firms– 173 journalists
• 117 of whom were from Asia,• representing more than 30 Asia-based titles
2
Collaboration and innovation dominated the dialogue Regulation, trust, living wills, casino banking and SEPA were hotly debated
3
Living will
Innovation
Trust
Cost efficienciesThe future
Central Asia
Outlook Japan
FocusChina focus
Corporate treasurer
Counterparty risk
Payment market infrastructures
Government ownership
MT/MX
Corporate actions
Workers' remittances
Corporates
Partnerships
Collaboration
Governance
Casino banking
Community
AsiaEuro centric
SEPA
SWIFTReady
Liquidity risk
ISO20022
Payments innovation
Islamic finance
Globalisation
Carbon trading
Standards
Trade and supply chain
InformationRegulation
Web 2.0
SWIFT
On innovation, Sibos said…
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“We have to work together on new efficient solutions, otherwise we will
not be competitive. Pricing in transaction banking is not going up.” - Werner Steinmuller, Deutsche Bank
“Liquid carbon… is not a commodity but an innovative new
financial accommodation product…” - Graham Cox,
Deutsche Bank
“We won't stop taking risks, it's what we're paid for. If we don't do
it we won't stay in business.” - Andrew Long, HSBC
“There is now a trend towards greater innovation in financial products and instruments, but there is still lots of room for development.” - Ping Lian,
Bank of Communications
“For supply chain. Innovation is going to be the key.
Look at Dell.” - John Ahearn, Citi
On the future of banking, Sibos said…
5
“Despite rebounding stock markets and unprecedented levels of government intervention, the world’s financial and
economic infrastructures remain under a cloud of uncertainty.” - Martin Wolf,
Financial Times
“Too big to fail is a false debate. This issue is governance. Do you have
people who understand risk in financial services.” - Dr Rannee
Jayamaha, Central Bank of Sri Lanka
“The line between regulators regulating, board of directors governing and management
managing is getting very blurred.” - Mike Bodson, DTCC
“The mood is much more bearish than I had anticipated… there are going to be a myriad of unintended consequences
as a result of the financial crisis.” - Suzanne Duncan, IBM
“Banks need to show a resolute and united front to prevent an increase in protectionism.” - Catherine Bessant,
Bank of America
“My concern is that regulation will be
increased, driven by politics and emotion.
Don’t be afraid to talk to regulators.” - Andrew
Long, HSBC
“The Payment Services Directive is a European initiative, but individual countries
are allowed different laws and interpretations. A European or even a
global regulator would help us to standardise and save a lot of money.” - Werner Steinmueller, Deutsche Bank
On globalisation, Sibos said…
6
“There is a lot that the West can learn from the East, and maybe it’s time that
the western egos were put aside to allow us to learn some of the lessons from the East.” - Leigh Daniel, Strate
“The gentleman from ICBC mentioned that if you were to move 1% of the population from rural to urban areas, it would have a massive
effect on consumption in China…When someone from China says this you have a feeling they may actually do it.” - Monica
Steward, GlobeTax
“With their large balance sheets, Chinese banks pose a threat to
us if they move out of their markets.” - Andrew Long, HSBC
“The mood is much more bearish than I had anticipated… there are going to be a myriad of unintended consequences
as a result of the financial crisis.” - Suzanne Duncan, IBM
"The crisis showed that none of us can 'de-couple' from the global
economy. Prospects for Asia are good.” - John Ahearn, Citi
“China will embrace financial innovation to drive consumer
spending to the levels needed to maintain its recent period of
outstanding economic growth.” - Huiman Yi, ICBC
On our responsibilities, Sibos said…
7
“Mainly they [independent prime brokers] were too busy saving
themselves to care much about clients.” - Juan Carlos Nieto, Index Intelligence
“Competitors… sharing infrastructure for the sake of customers, this is the balance we have to think about.” - Rodrigo Caramez, HSBC Brazil
“We owe it to our customers to rebuild trust.” - Kah Chye Tan,
Standard Chartered
“Other key principles of Islamic finance are that we should not speculate, and that there should be certainty in our
financial arrangements.”- Mohammed Paracha, Al Salam
“Lack of transparency has been known as the cause of the current crisis.” -
Atsushi Saito, Tokyo Stock Exchange
“What was said about co-operation between banks was the most important
fact that I will bring home and think about. Fantastic!” - Anna-Maria Dandenell Gibelio, HCDC-B Handelsbanken
Who was at Sibos 2009?
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Sibos 2009 was the biggest ever in Asia
2004 Atlanta
2005 Copenhagen
2006 Sydney
2007 Boston
2008 Vienna
2009 Hong Kong
10EMEAAsia Pacific
Americas
13%
Who came?The 5,782 participants by region
42%
45%
Who came?
Commercial bank
36 %
Software supplier/Consultancy 25 %
Investment bank
5 %
Payments Market Infrastructure
4 %
Central Bank
5 %
Corporate
7 %
Securities Market Infrastructure
3 %
Custodian
3 %
Broker/dealer
2 %
Exchange
1 %
By market By type of institution
Payments
33 %
Securities
16 %
Cash management
21 %
Trade services
16 %
FX/MM
3 %
Derivatives
2%
Who came?The 5,782 participants by job function
MD / Director / EVP
24 %
Departmental manager
15%
VP / Functional Head
14 %
Account manager 15 %
Section Head / Supervisor
8 %
Board member / CEO
7 %
Analyst / consultant
7 %
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Sibos highlights 2008 _final – October 2008 – Confidentiality: Public 13
The conference
The conference at a glance155 speakers in 100 sessions
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Fo
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s an
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Forum for Corporates
Standards Forum
Exporta@Sibos
Securities Market Infrastructure Forum
The conference at a glance
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Fo
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Forum for Corporates
Standards Forum
Exporta@Sibos
Securities Market Infrastructure Forum
Plenaries: SWIFT plenaryIncreasing efficiency, mitigating risk and putting the customer first
“We need to think broadly and deeply about future opportunities and decide either to do them well or not do them
at all.” – Yawar Shah, chairman, SWIFT
“If we are to grow beyond messaging, we have to change now.” – Lázaro Campos, CEO, SWIFT
• SWIFT’s financials remain sound andits commitment to reduce overall pricesby 50% by 2011 stands
• The crisis has heightened awarenessof risk and SWIFT is ready to play amitigating role in this regard: reducing operational risk but also counterparty, settlement and liquidity risk
• SWIFT is increasing its operationalefficiency while embracing innovation,collaboration and a ‘customer first’mindset
• Broad and deep consultation isunderway with SWIFT customers aboutSWIFT2015, its five year strategy
“We should move to regulating activities
regardless of the institutions they are in.” – Peter Sands, CEO, Standard Chartered
Plenaries: Big issue 1Sibos one year on: Leading through uncertainty
• Despite rebounding stock markets andunprecedented levels of governmentintervention, the world’s financial andeconomic infrastructures remain undera cloud of uncertainty
• Concept of a ‘living will’ has merit ofreducing complexity
• Asia will become more like westerneconomies over time but this will nothappen overnight
• Mood was more bearish than expected
“I know of no other industry with more conflicts of interest than investment banking.” – Ronnie Chan, Hang Lung
Properties
“Yes there are some green shoots, but
what’s being used to fertilise them?” –
William White, OECD
“Financial systems should not have a life of
their own” – Joseph Yam, CEO, Hong Kong
Monetary Authority
• Banks that do not establish a crediblepresence in Asia risk becomingmarginal players in the Asian century
• Financial innovation must be harnessedto drive Asian consumer spending
• Regulators need to be sensitive to theneeds of the market
Plenaries: Big issue 2The Asian century
“If you do not have a footprint in Asia, or at least some kind of anchor, you will become
an irrelevant institution within 10 years.”- Dominic Barton, worldwide managing
director, McKinsey & Company
“If we cannot boost consumer demand, the sustainability of
growth will be checked.” – Huiman Yi, vice president,
Industrial and Commercial Bank of China
“Regulatory guidelines should not kill the industry, rather they should prevent bubbles that could cause problems.” – Ranee Jayamaha, adviser to the president of Sri
Lanka
“Banks have to meet those [changing] customers’ financial needs, but we should
not forget the lessons learned from the financial crisis.”– Tetsuya Kubo, senior
managing director, Sumitomo Mitsui Bank
“With a banking license and regulators in 104 countries, the reality is that just
to switch the lights on, we have to constantly upgrade our platforms and adapt to changes in regulation so that
we can continue to serve our clients.” – Francesco Vanni d’Archirafi, CEO,
global transaction services, Citi
Plenaries: Big issue 3Will transaction banking be the engine for sustainable growth?
• Banks must confront regulatorybacklash
• They need to engender a greaterunderstanding of transaction bankingamong regulators
• Collaborative solutions are needed totackle regulatory and cost pressures
“Banks need to show a resolute and united front to
prevent an increase in protectionism.” – Catherine
Bessant, president, corporate banking, Bank of America
“We have to work together on new efficient solutions, otherwise we will
not be competitive.” – Werner Steinmueller, head of global
transaction banking, Deutsche Bank
“My concern is that regulation will be increased, driven by
politics and emotion.” – Andrew Long, head of global
transaction banking, HSBC
Plenaries: Closing53 weeks since ‘Lehman Brothers Monday’
• Engage with each other, engage with customers and engage with regulators to find common solutions
• True innovation is not a 10-15% improvement but something that makes things 10 to 15 times better
• Innovation prize awarded to digital safety deposit box idea generated during Innotribe at Sibos
“In the 19th century, none of the ice factories became refrigeration
manufacturers, because too many firms define themselves in terms of what they
do now.” – Guy Kawasaki, Founding Partner, Garage Technology Ventures
“The regulatory process will take time. That’s why there
must be an effort by the community itself to advance critical dialogue.”– Stephan
Zimmerman, COO, UBS
“This week we heard a loud cry: engage with the regulators!” – Lázaro
Campos, CEO, SWIFT
The conference at a glance
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Sta
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Tra
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Mai
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Fo
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s an
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Forum for Corporates
Standards Forum
Exporta@Sibos
Securities Market Infrastructure Forum
Main conference sessions: cross-market
• Market infrastructures proved themselves in the recent crisis – the risks lie elsewhere
• Conference split on whether global market redesign is called for
• Profits of the past were based on the under-pricing of risk and inadequate capital provision
• The pain of the current crisis won’t last forever, but restructuring is compulsory to achieve sustainable profits
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“There has been a sea-change in how institutional
investors look at their risks.” – Tom Isaac, managing
director, global transaction services, Citi
“We should raise the bar. If the infrastructures had failed, the
problem would have been unmanageable.” – Pierre Francotte, CEO, Euroclear
“The real question for us is: can we get back to the profits of the past, or are we moving
towards a new normal?” – Shanker Ramamurthy, global managing partner, banking &
financial markets, IBM
“The lesson of the Asian crisis is that we’re only just beginning. We’ve gone through the mess and the panic; now it’s time to
calm down and restructure.” – Karen Fawcett, group head of transaction banking, Standard Chartered Bank
“We have shed our oriental self and are becoming more global. We hope that
bringing this model into Japan will help stimulate its economy”- Minoru
Shinohara, CEO, Nomura Asia Holdings
Main conference sessions: focus on Asia
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“China is mainly focused on equities, and would benefit from
a debt market and simple instruments like short-selling.” – Cao Yuan Zheng, director of the board and chief economist, BOC
International Holding
“G20 will want each jurisdiction to move to whatever they agree the
global standard is.” – Martin Wheatley, chief executive officer,
Hong Kong’s Securities and Futures Commission
“It’s time for India to be more relaxed over the participation of foreign
international investors to allow the country to benefit from greater capital
flows and, more importantly, new investment practices.” – James
Shapiro, head of market development, Bombay Stock Exchange
• India growth is on a par with China, but there is still work to be done before its ambitious goals can be realised
• G20 may name and shame Asian markets that do not conform with new financial market regulations
• The dominance of the retail segment in China is limiting opportunities for wholesale financial services
• China’s renminbi trade settlement pilot scheme is a crucial step towards internationalisation of the currency
• Japan’s government and regulators must do more to embrace global trends
Main conference sessions: corporatesCrisis pushes treasury into the limelight
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“The cost of access to hedging capacity to manage our
financial risks has been a challenge.” – Dennis Tosh,
global director of capital markets and risk management,
Ford Motor Company
“A precise, technical understanding of a client’s balance sheet, transaction flows, liquidity needs and cash flows allows you
to pre-empt their requests.”- Lloyd O’Connor, managing director, treasury
services, J.P. Morgan
• Managing risk within corporate treasury departments is now of concern to senior management
• Three key challenges: drying up of funding; access to heading capability; and assessing counterparty risk.
• Corporate connectivity to SWIFT continues to climb despite the economic downturn
Main conference sessions: FX
• Innovation in FX needs to match client needs• The push to standardise FX products and
have them centrally cleared and listed on exchanges, as a result of the crisis, could damage the relationship between prime brokers and their clients
25
“Having technology that helps you bridge the gap between FX and payments, for instance, helps relieve traders of the stress of handling low-value items.” –
Timothy Merrell, director, head of FX4Cash, GTB, Deutsche Bank
“If we find we are getting pumped full of messages from a
particular bank, we would simply take them off our lists.” – Ben Robson, head of FX Asia
Pacific, MF Global
“If you take Islamic principles and set them beside the principles that many
banks hold to be true, you can potentially see a correlation between them.” – Mukhtar Hussain, deputy chairman,
HSBC Bank Middle East – DIFC Branch
“Remitters are shopping around a lot more. They’re sensitive to fees
as well as FX rates.” – Michael Bellacosa, managing director, treasury services, The Bank of
New York Mellon
Main conference sessions: payments
• SEPA is getting there but there’s much work to be done. A clear end-date is needed.
• Central banks, regulators and settlement systems must pull together to lower remittance costs. The remittance business is all about relationships
• With an asset pool of USD 1 billion, Islamic finance is compelling for ‘conventional’ banks
• Systems convergence won’t happen without consensus – and it’s a long way off
• Banks risk losing out to disruptive innovators as they struggle to create a single payments platform
• Innovation in the payments space is playing catch-up rather than leading from the front
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“We are pooling the effort to make remittances cheaper
and we want to exceed 5x5.” – Dave Mitchell, head of
national payment systems development, South Africa
Reserve Bank
“If you’re going to take a domestic flight, you take a
domestic airline…An end-date would ground those domestic
airlines.” – Gianfranco Tabasso, chairman of the
EACT Payment Commission
Main conference sessions: securities
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“Availability of liquidity is a matter of market confidence not financial analysis. – Greg
Young, head of credit risk management and advisory in
Asia, Goldman Sachs
“The balance of the relationship between prime
brokers and hedge funds has changed irrevocably.” – John Callegari, managing director,
global markets operations and middle office, Bank of America
Merrill Lynch
“Issuers and advisers are continuously innovating in
ways that add complexity.” – Paul Bodart, executive vice president, asset servicing
sector, The Bank of New York Mellon
• Counterparty risk considerations will underlie the future direction of securities finance
• Prime brokerage was a causality of the crisis but now opportunity beckons as more hedge funds look to spread the risk through multi-prime broker arrangements
• Carbon trading to rival today’s hedge fund market by 2020: global standards and infrastructure required for stellar growth
• In corporate actions, Asia sees opportunity where Europe and North America see only risk and obstacles
Main conference sessions: standards
• While interoperability, not single dominance, seems set to define the new standards era globally, Asian markets are well placed to drive the region towards convergence.
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“If we were starting from scratch, we’d develop a single standard – but we aren’t.” – Rick Leander,
chief strategy officer, The Clearing House
Main conference sessions: trade
• Shortage of trade finance could stall recovery• Banks and corporates must work together to
avoid bottlenecks in the supply of credit to finance trade
• The trade supply chain in Asia has been hit following the financial crisis, but confidence is starting to return
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“We owe it to our customers to rebuild
trust.” – Kah Chye Tan, global head of trade finance, Standard
Chartered
“Talking to our clients, we found they were more worried about the default of overseas
payments and finding banks to support them in trade finance.” – Justin Yue, CEO, Tradelink
Electronic Commerce
The conference at a glance
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Asi
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cus
• Out
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Indi
a•
Out
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Chi
na•
Tim
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to s
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N in
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• Cha
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oppo
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for
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corp
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• C
orpo
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req
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FX
• Do
rela
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Pay
men
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• SE
PA
• W
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Isla
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• S
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Mar
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Pay
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Sec
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• Cen
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• S
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fina
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g an
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Prim
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age
• F
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dis
trib
utio
n•
Car
bon
trad
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• C
orpo
rate
act
ions
Sta
nd
ard
s
• Now
mor
e th
an e
ver
Tra
de
• Will
the
shor
tage
of t
rade
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dit
reve
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glob
alis
atio
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Fin
anci
ng th
e su
pply
cha
in in
A
sia0
Ple
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Mai
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Fo
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s an
d s
trea
ms Innotribe at Sibos
Forum for Corporates
Standards Forum
Exporta@Sibos
Securities Market Infrastructure Forum
Innotribe continues as a framework to generate ideas, collaborate on specific projects, and openly share innovation
effortsJoin us at www.innotribe.com
Forums and streams: Innotribe at SibosEnabling collaborative innovation
• Lively, interactive panels discussed: the economics of the cloud; the future of banking; and mash-ups
• Three teams (40 people from 19 different organisations) worked on three ideas to pitch to a buyer’s panel:– U-View: a portal aggregating and displaying in
real time all the financial data of an organisation bytapping into the systems of all the banks they have positions in.
– T-Score: a trust certificate assembledby tapping into all existing data onlineor from an individual, including social networks.
– And the winner, E-Me: a transaction based electronic safe to store valuable documents.Hosted by SWIFT and distributed by banks.
“Despite having only a few hours over four days to prepare, the winning
pitch was better than 98% of the pitches we see at
Garage Ventures.” – Guy Kawasaki, Founding
Partner, Garage Technology Ventures
“We will run with it.” – Kosta Peric, head
of innovation, SWIFT
Forums and streams: Forum for Corporates
• SWIFT has an important role in helping corporates and banks deal with the global financial crisis: corporates want better and faster visibility on their cash.
• Most requested: visibility,resilience/security and scalability.
• Make it easier for corporates to join, with particular attention to smaller corporates
• Continue to expand the SWIFT for corporates offering: electronic bank account management and SWIFT’s new personal digital identity initiative both hot topics.
• Suggestion that corporates should be more involved with the Trade Services Utility
• Bank readiness should remain a high priority
The Standards Developer Kit
• ISO 20022 brings tangible benefits to the financial industry
• SWIFT leads its community to facilitate progress around standardization and market practice
• SWIFT makes it easier to implement standards
What does it do?•Lowers implementation costs•Provides faster time to market•Reduces hand-coding
Forums and streams: The Standards ForumWhere business and standardisation meet
What is it?•A new set of tools and resources for standards implementers•Helps you implement standards•Leverages the technology you already have•Makes it cheaper and more efficient to implement MT and MX standards
So the industry can:
•Reduce duplicated effort•Adopt a common XML approach
Corporate social responsibility
• Greening Sibos: Target Amsterdam 2010– The International Polar Foundation is
SWIFT’s partner– Greening Sibos workshop held during
which partners and exhibitors shared ideas• Giving back to the community
– One Laptop per Child exhibited with SWIFT’s help
– SWIFT also supported a Hong Kong-based organisation that shares our values: the Changing Young Lives foundation that focuses on changing underprivileged children’s lives for the better received EUR 10,000 from SWIFT
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Sibos highlights 2008 _final – October 2008 – Confidentiality: Public 35
Sibos – the exhibition
Exhibition highlights
• 176 companies exhibited at Sibos in Hong Kong• 98% of participants visited the exhibition• Conference brought into the exhibition area through extra-large
screen• Two open theatres in exhibition area - 52 presentations of
research papers, reports, case studies relevant to Sibos participants
• Interest in exhibiting at Sibos 2010 in Amsterdam is high despite bearish market predictions
Communications & media coverage
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Key SWIFT announcements at SibosFrom the Americas
• SWIFT, XBRL and DTCC combine to tackle one of the last bastions of manual processing: corporate actions
• Working with SWIFT, Citi has joined forces with Proctor & Gamble to jointly lead an American working group to improve the quality of cash reporting
• Bradesco, one of Brazil’s largest private banks to act as a wholesaler to corporates for Alliance Lite
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Key SWIFT announcements at SibosFrom Asia Pacific
• Bank of Tokyo Mitsubishi UFJ, HSBC and Citi all sign MOUs with JASDEC to use SWIFTNet to connect to JASDEC’s pre-settlement matching system (PSMS) and book-entry transfer system (BETS)
• Corporate actions: Bombay Stock Exchange goes live with SWIFT’s Corporate Actions solution and Shenzhen Stock Exchange signs MOU
• Trade: KEB (Korea), CCB (China) and BTMU (Japan) to go live on exchanging trade documents over SWIFTNet, Tradelink Electronic Commerce, Bank of China (Hong Kong), Shing Kong Bank and Taishin Bank now registered for Trade Services Utility
• ICBC goes live with Bank of New York Mellon on Exceptions and Investigations
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Key SWIFT announcements at SibosFrom EMEA
• Strate joins Link up Markets – South Africa CSD makes Link up Markets a truly global initiative
• NDC’s Alliance Lite deal to boost international standards in Russia – Market innovation aim to ease access and increase efficiency
• Angolan banks sign for Alliance Integrator and technical assessment – Broader cooperation envisaged with Lusophone countries in Africa
• BBVA to use SWIFT’s Alliance Integrator and FileAct messaging service
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Sibos media partnersLead media partners
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Sibos media partners
Coverage of Sibos and SWIFT in the independent press
• A record 173 journalists attended– Asia Pacific:
• Hong-Kong-based: 100• China: 9• Singapore: 7 • Australia: 1
– EMEA: 48– Americas: 8
• Extensive coverage of Sibos and SWIFT– Sibos: 389 references on Google alone. Coverage of SWIFT but
mainly vendor announcements made during Sibos. Tremendous visibility for the Sibos brand.
– SWIFT: Good in-depth coverage of the SWIFT press briefing and the opening plenary, and pick up of TSU and XBRL new releases.
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Coverage of Sibos and SWIFT in the independent press
• American Banker (US)• Asian Banker (Hong Kong)• Asian Investor (Hong Kong)• Asia Risk (Hong Kong)• Bank Technology News online (UK)• Bank Systems & Technology Online (US)• Bobsguide• China Business Times (Hong Kong)• China Daily - Hong Kong Edition• CNBC online (Hong Kong)• Daily News at Sibos• Data reference Review• Dow Jones Financial Newswire • FinanceAsia online (Hong Kong)• Finextra.com (UK)• Financial News Online (UK)
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• Financial Times (FT.com)• Finet (web site) (Hong Kong)• Global Custodian Online (US)• Global Investment technology• Gtnews at Sibos 2009, Wednesday
16 (UK)• Hong Kong Economic Journal (3
articles)• International Finance News (Hong
Kong)• MK Korea (web site)• Nihon Keizai Shimbun (Japan) • OnWindows.com (US)• PC Market (Hong Kong)• People.com.cn• Securities Industry News• Sing Pao Daily (Hong Kong)
Coverage of Sibos and SWIFT in the independent press
• South China Morning Post (Hong Kong)
• The Banker (online)• Trade Finance• Treasury today in China• Tmi (Treasury management
international)• The Asset (Hong Kong)• The Asian Banker online• Wall Street & Technology Online
Chinese language coverage• Shanghai Financial News, • International Finance News• China Business Times• Shanghai Securities Industry (online)
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More• Sibos 2009 wrap-up reports, conference
highlights, videos and speeches can be found on www.Sibos2009.com
• The Sibos dialogue continues all year round on www.swiftcommunity.net
Sibos 2009Hong Kong, 14-18 SeptemberSibos 2010Amsterdam, 25-29 October
Thank you