GLOBAL PAYMENTS PRIORITY ASIA
|
|
- Jared Shelton
- 6 years ago
- Views:
Transcription
1 September 16, 2009 GLOBAL PAYMENTS PRIORITY ASIA Abdul Raof Latiff Managing Director Head of Clearing and Foreign Exchange Asia Pacific JPMorgan Chase & Co. All Rights Reserved. JPMorgan Chase Bank, N.A. Member FDIC. All services are subject to applicable laws and regulations and service terms. Not all products and services are available in all geographic areas. Eligibility for particular products and services is subject to final determination by J.P. Morgan and or its affiliates/subsidiaries.
2 This presentation was prepared exclusively for the benefit and internal use of the J.P. Morgan client to whom it is directly addressed and delivered (including such client s subsidiaries, the Company ) in order to assist the Company in evaluating, on a preliminary basis, certain products or services that may be provided by J.P. Morgan. This presentation contains information which is confidential and proprietary to J.P. Morgan, which may only be used in order to evaluate the products and services described herein and may not be disclosed to any other person. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Company or which was otherwise reviewed by us. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by J.P. Morgan. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of J.P. Morgan. J.P. Morgan makes no representations as to the legal, regulatory, tax or accounting implications of the matters referred to in this presentation. Notwithstanding anything in this presentation to the contrary, the statements in this presentation are not intended to be legally binding. Any products, services, terms or other matters described in this presentation (other than in respect of confidentiality) are subject to the terms of separate legally binding documentation and/or are subject to change without notice. Neither J.P. Morgan nor any of its directors, officers, employees or agents shall incur any responsibility or liability whatsoever to the Company or any other party in respect of the contents of this presentation or any matters referred to in, or discussed as a result of, this document. All services are subject to applicable laws and regulations and service terms. Not all products and services are available in all geographic areas. Eligibility for particular products and services is subject to final determination by J.P. Morgan and or its affiliates/subsidiaries. J.P. Morgan is a marketing name for the treasury services businesses of JPMorgan Chase Bank, N.A. and its subsidiaries worldwide. J.P. Morgan is licensed under U.S. Pat Nos. 5,910,988 and 6,032,137. JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. 1
3 Agenda J.P. Morgan Treasury Services Where We Are Today Emerging Clearing Systems in Asia Growth in Intra-Asia Payment Flows Greater China Market Demands Greater China and Japan J.P. Morgan Innovation U.S. Dollar Clearing - Asia Direct Summary 2
4 J.P. Morgan Treasury Services Where We Are Today South Korea >40 Japan >240 China >190 # of Accounts in Asia Asia > 1500 (incl. Sri Lanka, Bangladesh, Maldives etc.) India >70 Thailand >50 Singapore >150 Taiwan >110 Hong Kong >210 Vietnam >30 Philippines >70 Malaysia >30 Indonesia >50 Major Banks Countries that we have any of the top 3 banks in the country In-Country USD Clearing Systems Australia >160 Held #1 position in CHIPS and FED for over 10 consecutive years. #1 US dollar clearer with the leading combined CHIPS and FED market share. Average daily volume: 350,000 and Average daily value: $3.7 trillion Peak day volume: 596,000 and Peak day value: 5.05 trillion Closed to 50% Book Transfer Rate One of the highest straight-through processing (STP) rate of 97% New Zealand >30 Extensive global correspondent banking relationships 3 of more than 4,500.
5 Emerging Clearing Systems in Asia Emerging trend in Asia: Development of in-country or regional USD clearing system in financial hubs: Recognition that payments are faster when settlement occurs locally; To facilitate respective countries commercial flows, thus creating a shift in commercial payments offshore from the US. Driving factors are: Fast growth of Intra-Asia payment flows (i.e. 18%) Market pressure to deliver USD payments to the beneficiary in Asia on same day. Rationale for creating value to expedite payments into Asia: The complexity of payment infrastructures in Asia are hierarchical, thus creating inherent delays in payment delivery. To encourage better account consolidation and cash concentration, thus overcoming the issue of liquidity fragmentation. Creating the optimal funding model for both treasury and commercial payments. 4
6 Growth in Intra-Asia Payment Flows Greater China #1 US dollar clearer with leading market share; highest book transfer ratio; 4,500+ correspondent banks. Top 10 Countries Making Payments Into 50% 40% 30% 20% 10% 0% Top 10 Countries Receiving Payments From 0% 10% 20% 30% 40% 50% 40.7% 9.1% 8.5% 6.0% 3.0% 1.9% 1.9% 1.5% 1.5% 1.3% USA Japan China Hong Kong Australia Germany France UK Netherlands Spain China China USA Hong Kong Japan Taiwan Korea Singapore UK Germany Australia 9.5% 4.9% 4.6% 4.2% 3.9% 2.8% 1.2% 1.1% 16.4% 40.5% 40% 30% 20% 10% 0% 0% 5% 10% 15% 20% 25% 33.9% USA China 21.6% 14.9% UK USA 12.0% 5.8% Hong Kong UK 11.9% 35% 32.0% 30% 25% 20% 15% 5.5% 4.5% 3.4% 3.2% 2.7% 2.4% 2.1% 10% 5% 8.0% 7.8% 7.0% 6.6% 4.1% 3.6% 2.9% 2.8% 2.2% China Taiwan Japan Singapore Australia Germany France 0% USA Taiwan UK Hong Kong Japan China Korea Singapore Germany Australia Hong Kong Taiwan 5 Hong Kong 11.7% Taiwan 8.8% Singapore 5.5% Korea India Japan Australia 3.4% 2.5% 2.1% 1.8% 0% 5% 10% 15% 20% 25% 30% 35% Taiwan 29.1% USA 16.9% UK 12.3% Hong Kong 9.6% China 7.1% Singapore 4.2% Luxembourg 2.3% Korea 2.3% Japan 2.3% France 1.3%
7 Market Demands Greater China and Japan Greater China Common challenges - lead time of between 3 to 4 days when making payment to sub-branch level. Geographical barrier to make payment within China on the same day. Japan JPM pioneered Tokyo Dollar Clearing (TDC) in TDC mitigates FX settlement risk by settling the USD leg of an FX transaction during Tokyo business hours. Difficulty in identifying the growing number of bank branches in provinces, cities and remote areas. Beijing Hong Kong Taipei 6 Growth of commercial payment flows in Asia region resulting in greater demand for same day settlement of commercial payments. Tokyo
8 Asia Direct Prioritizing Market Demands Market Needs Making US Dollar payments within and into Asia faster than today Opportunity cost due to fragmented liquidity Cost inefficiency related to managing multiple nostro accounts and clearing memberships Creating value-add service for your customers Large investments required to develop state-of-the-art payment technology and lack of scale. 7
9 J.P. Morgan Innovation U.S. Dollar Clearing - Asia Direct J.P. Morgan Client TRADITIONAL USD CLEARING FLOW Instruction MT J.P. MORGAN NY Time typically taken 3-4 days USD CLEARING - ASIA DIRECT FLOW 3 J.P. Morgan NY Book Transfer BRANCHES Book Transfer Book Transfer Same Day Transfers J.P. Morgan JP J.P. Morgan HK TDC 8 FED Regional CHATS & China Cross Border Link Bene Bank Branch at Sub-Level Branch J.P. Morgan NY CHIPS Correspondent Bank CLEARING SYSTEMS Correspondent Bank Bene Bank Branch at Sub-Level Branch
10 Asia Direct - How It Benefits You Accelerates commercial payments into and within Asia, thus removing time zone barriers Improving liquidity flow by recycling funds for same day use Single account concept creating cost and process efficiency Leveraging your banker s expertise on intelligent routing of payment Enables you to: offer enhanced, value-add service to your customers; generate a new source of fee revenue. Enables your customers to: reduce counterparty risks exposure; negotiate better terms with their suppliers. Leveraging your banker s expertise to determine the quickest way to pay into Asia without the investment in technology. 9
11 Summary Payment systems have evolved into a borderless payment infrastructure. This creates an interdependence on multiple clearing systems globally. As a result of a borderless community, the need for consistency in timing for settlements of cross-border transactions is a major factor prompting our innovation of US Dollar Clearing Asia Direct. Being a market leader in US Dollar clearing, we consider how the changing payments landscape will impact our client s organization and help our clients to address the change. Provide value-add to our clients organizations by helping them reassess their best practices through continual focus on mitigating payment risks, drive efficiencies through speed of payments and to stay ahead of competition. 10
12 September 16, 2009 November 21, 2009: Are you COVered? Greg Murray Executive Director Product Executive for US Dollar Clearing JPMorgan Chase & Co. All Rights Reserved. JPMorgan Chase Bank, N.A. Member FDIC. All services are subject to applicable laws and regulations and service terms. Not all products and services are available in all geographic areas. Eligibility for particular products and services is subject to final determination by J.P. Morgan and or its affiliates/subsidiaries.
13 MT 202 COV Introduction MT202 History Bank to bank transfers used to settle trade, treasury and commercial transactions In case of the latter, sent in cover of a commercial payment (e.g. MT103) These cover payments typically used to bridge time-zone differences and mitigate fees Contain no reference to ordering and/or beneficiary party Implications Lack of transparency to ordering/beneficiary party prevents effective compliance by banks with local regulations related to payment screening In turn, this impacts efforts to control money laundering, terrorist financing and sanctions compliance Industry Response ( ) Private sector recognized need to create workable solution; Wolfsberg Group, Clearing House Association and others take up the initiative. BIS/Basel Committee outlines expectations of banks and their regulators in ensuring cover intermediary banks receive originator and beneficiary information 12
14 MT 202 COV Introduction Industry Solution New message type MT202COV, to be used in cover of MT102 and MT103 messages To be implemented by SWIFT and major clearing systems in November
15 MT 202 COV Current State Scope of Implementation Specific to MT202COV, but also includes new MT205COV (domestic customer credit transfer) To be used in cover of MT102, 102+, 103, 103+ messages Standard MT202 s remain in effect and are legitimate for treasury and trade settlements. SWIFT requires members be able to receive and process the new message types. SWIFT states that members should use the MT202COV for cover payments Global; applies to all currencies Industry Readiness On schedule for SWIFT 2009 Standards Release Major payment systems/networks (e.g. Fed, CHIPS, SEPA, etc) are ready Interviews with JPM clients indicate majority of clients are planning to implement and are on schedule Some countries systems to be ready 2010 (e.g. Bank of Japan) 14
16 MT 202 COV Compliance Questions Is use of the MT202COV is mandatory and/or regulated? SWIFT requires members to be able to receive, and that those members using the cover payment method should use, the MT202COV. Governmental regulation and enforcement is country-specific. BIS stipulates supervisory expectations that originating banks must ensure presence of originator & beneficiary information in messages sent to covering intermediary banks Why should we adopt? What will happen if we don t? The underlying rationale for increased transparency is sound, and in keeping with all historical precedents (AML, FATF SR7, EU Reg 1781, etc). Rapid market adoption will moderate regulatory scrutiny Apathy may accelerate and complicate it, possibly including additional measures What are our MT202COV obligations? As originating banks, we must include ordering and beneficiary party information As intermediary banks, we must (1) screen payment information and (2) monitor messages on a post-transaction basis for suspicious activity as is currently done today. 15 As global banks, we must endorse and promote greater transparency
17 MT 202 COV Other Key Questions Transaction Processing Will MT202COV messages result in delayed payments due to sanctions screening filters? It is possible. Banks obligations to scan all messages remain unchanged. However incidence of true delays beyond value date are rare. Will Beneficiary Banks continue to act on the strength of the MT103 prior to receiving the covering funds? Payment policy varies even today from bank to bank. It is possible the MT202COV may cause banks to take additional precautions. If so, will we be notified and how? The PMPG recommends, upon delay in processing of an MT202COV: The receiver of the MT202COV advise the remitting bank via MT299 The remitting/ordering bank advise the beneficiary bank via MT199 JPMorgan will advise COVDELAYs for overnight holds. Ordering Customer 16 Ordering Customer s bank 299 Sender s Correspondent Clearing & settlement 299 Beneficiary Customer s bank Receiver s Correspondent Beneficiary Customer
18 MT 202 COV Other Key Questions Charges and Advising Will the MT202COV result in additional charges or fees? COV remains an inter-bank transfer and should thus not bear any deductions. It is also unlikely banks will charge an additional fee to avoid penalizing clients for compliance. Will our cover payments be advised by a different or new message type? COV only introduces an additional sequence of data. Methods of advising (e.g. MT910, MT940, MT950) should remain unchanged. What options do we have? If not already done so, update your systems to 202COV to support the use of cover payments. Convert to MT103 serial payments. With 24 hour processing, pre-advising and extensive principal preservation capabilities, rationale for cover payments diminishing. Dialogue with your regulators 17
19 Thank You 18
Liquidity Regulation in the UK & Europe Impact on International Banks and Broker-Dealers
S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L 7 th July, 2010 Liquidity Regulation in the UK & Europe Impact on International Banks and Broker-Dealers Derek Paine - Compliance Manager (Speaker)
More informationResearch Note. Asia-Pacific Derivatives Survey. April 2019
April 19 Research Note In anticipation of ISDA s 34th Annual General Meeting in Hong Kong, ISDA conducted a survey of derivatives markets in the Asia-Pacific region. The survey reveals that market participants
More informationLiquidity Management Strategies: Moving Towards Integration, Visibility and Agility
Liquidity Management Strategies: Moving Towards Integration, Visibility and Agility Martijn Stoker Head of Global Liquidity and Escrow Services, Asia Pacific Treasury Services J.P. Morgan Agenda 1. The
More informationFOREIGN ACCOUNT TAX COMPLIANCE ACT: FINAL REGULATIONS AND CURRENT DEVELOPMENTS
FOREIGN ACCOUNT TAX COMPLIANCE ACT: FINAL REGULATIONS AND CURRENT DEVELOPMENTS J.P. Morgan Corporate & Investment Bank Presented by Client Tax Services April 2013 S T R I C T L Y P R I V A T E A N D C
More informationCross Border Cooperation :
Cross Border Cooperation : Case of ASEAN Capital Market Integration Pattera Dilokrungthirapop Chairperson Association of Thai Securities Companies October 24, 2013 Agenda ASEAN Capital Market integration;
More informationMaking Our Mark Outside of North America
Making Our Mark Outside of North America Roger Sargeant Managing Director, Interactive Data (Europe) Ltd. 1 December 14, 2007 Making Our Mark Outside North America A Trusted Leader Serving a Global Customer
More informationMaking Low Value Payments Work for You. Anthony Danda, HSBC Paul Thomas, Earthport
Making Low Value Payments Work for You Anthony Danda, HSBC Paul Thomas, Earthport 2 Agenda Market trends Regional initiatives and models US regulation Dodd-Frank Cross-border efficiencies? In summary Market
More informationLisbon Business Forum Business Intelligence Insights. Henrique Teixeira, Market Manager, Business Intelligence 20 October 2016
Business Intelligence Insights Henrique Teixeira, Market Manager, Business Intelligence 20 October 2016 World Regional FIN Traffic Live total traffic in H1 2016 Africa 3% FIN traffic by regions Asia- Pacific
More information2017 Asia and Pacific Regional Economic Outlook:
217 Asia and Pacific Regional Economic Outlook: Preparing for Choppy Seas Ranil Salgado International Monetary Fund Asia and Pacific Department May 12, 217 OAP Seminar Key messages and roadmap The near-term
More informationBIS International Locational Banking Statistics and International Consolidated Banking Statistics in Japan (end-june 2018)
FOR RELEASE 8:5 A.M. September 14, 218 BIS International Locational Banking Statistics and International Consolidated Banking Statistics in Japan (end-june 218) I. BIS International Locational Banking
More information2017 Renminbi Internationalisation Survey Report. Together we thrive
2017 Renminbi Internationalisation Survey Report Together we thrive 2 2017 Renminbi Internationalisation Survey Report HSBC is at the forefront of both offshore and onshore Renminbi (RMB) business: One
More informationFTSE Global Equity Index Series
Methodology overview FTSE Global Equity Index Series Built for the demands of global investors Indexes for a global market The FTSE Global Equity Index Series (FTSE GEIS) includes objective, rules-based
More informationBank of America Merrill Lynch The Future of Financials Conference. November 6, Citi Investor Relations
Citi Investor Relations Bank of America Merrill Lynch The Future of Financials Conference November 6, 2018 Francisco Aristeguieta CEO, Citigroup Asia Pacific Agenda Franchise Overview Asia Institutional
More informationPrincipal Asia Pacific High Dividend Equity Fund Grasp the Chance for Yielding Growth and Income! August 2018
Principal Prosperity Series Principal Asia Pacific High Dividend Equity Fund Grasp the Chance for Yielding Growth and Income! August 218 Important Notes 1. The Principal Asia Pacific High Dividend Equity
More informationS T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L Agenda PRAGUE CONFERENCE ROAD TO COPENHAGEN CONTENTS. Page
S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L Richard Folland Senior Climate Change and Energy Adviser JPMorgan ROAD TO COPENHAGEN PRAGUE, 23 SEPTEMBER Agenda CONTENTS JPMorgan Environmental
More informationOffshore CNY Guidelines
Offshore CNY Guidelines Offshore CNY Background Industry stakeholders have approached SWIFT on challenges surrounding offshore Chinese Yuan operations, in particular concerns regarding straight-through-processing
More informationJ.P. Morgan Global Liquidity
J.P. Morgan Global Liquidity FOR INSTITUTIONAL AND PROFESSIONAL INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION 2 Introducing J.P.Morgan Global Liquidity YOUR PARTNER: One of the world s largest liquidity
More informationEXAMINING REIT JURISDICTIONS, STRUCTURES AND INVESTOR APPETITE ACROSS ASIA PACIFIC MARKETS
PERPETUAL CORPORATE TRUST EXAMINING REIT JURISDICTIONS, STRUCTURES AND INVESTOR APPETITE ACROSS ASIA PACIFIC MARKETS GLEN DOGAN, SENIOR SALES & RELATIONSHIP MANAGER PERPETUAL: 128 YEARS OF HISTORY We are
More informationIntroduction Background of the ASEAN+3 Bond Market Forum and the Way Forward
Background of the ASEAN+3 Bond Market Forum and the Way Forward A. Background ASEAN+3 member countries (Association of Southeast Asian Nations plus People s Republic of China, Japan, and Republic of Korea)
More informationFRB Chicago OTC Derivatives Symposium Panel: CCP Loss Allocation and End of Waterfall Scenarios
FRB Chicago OTC Derivatives Symposium Panel: CCP Loss Allocation and End of Waterfall Scenarios Presented by: Marnie Rosenberg April 2014 This presentation was prepared exclusively for the benefit and
More informationSUSTAINABLE TREASURY MANAGEMENT: TRENDS, SUCCESSES AND CHALLENGES
SUSTAINABE TREASURY MANAGEMENT: TRENDS, SUCCESSES AND CHAENGES OCTOBER 28, 2010 A Presented by: Greg ong, Vice President, Treasury Services Y P R I V A T E A N Corporate environmental sustainability As
More informationInvestment Theme 3Q18. Ageing Population. Source: AFP Photo
Investment Theme 3Q18 Ageing Population Source: AFP Photo 91 Investment Theme III: Ageing Population Jason Low, CFA Strategist The global population is growing older and people are living longer. Demographics
More informationContents. 1. Working with Barclays 2. Bespoke client solutions 3. Your Barclays team 4. Appendix 5. Client case studies. 2 Offshore Corporate
Offshore Corporate Contents 1. Working with Barclays 2. Bespoke client solutions 3. Your Barclays team 4. Appendix 5. Client case studies 2 Offshore Corporate Working with Barclays 3 Offshore Corporate
More informationAEGON Asia. Building scale. Marc van Weede. Executive Vice President Group Strategy Analyst and Investor Conference, London, 2-3 June 2008
Unlocking the global potential AEGON Asia Building scale Marc van Weede Executive Vice President Group Strategy Analyst and Investor Conference, London, 2-3 June 2008 Local knowledge. Global power. 1 Key
More informationRegional Strategy: Asia Pacific. Chi-Won Yoon, Chairman and CEO Asia Pacific
Regional Strategy: Asia Pacific Chi-Won Yoon, Chairman and CEO Asia Pacific Investor Day November 17, 2009 Cautionary statement regarding forward-looking statements This presentation contains statements
More informationInstitutional Investors and Infrastructure Financing
Institutional Investors and Infrastructure Financing Tientip Subhanij Policy Dialogue on Infrastructure Financing Strategies for Sustainable Development in North and Central Asia 7-8 June 2017 Tbilisi,
More informationProduct Key Facts PineBridge Global Funds PineBridge Asia Dynamic Asset Allocation Fund
Product Key Facts PineBridge Global Funds PineBridge Asia Dynamic Asset Allocation Fund Issuer: PineBridge Investments Ireland Limited September 2018 This statement provides you with key information about
More informationH S B C H O L D I N G S P L C HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS. (Country-by-Country Reporting) REGULATION 2013
HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS (Country-by-Country Reporting) REGULATION 2013 31 December 2015 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to
More informationGlobal RMB Clearing Service. Bank of China Head Office Clearing Department Apr. 2018
Global RMB Clearing Service Bank of China Head Office Clearing Department Apr. 2018 CONTENT I. Global RMB Clearing II. BOC RMB Clearing Service III. BOC s Strength 1. Overview of RMB Internationalization
More informationThe role of private pension in Homo-Hundred era
The role of private pension in Homo-Hundred era Many a little makes a mickle many a pixel makes a picture by Yvonne Sin Towers Watson 26 September 2013 Outline The retirement gap challenge The emerging
More informationThe Capital Requirements (Country-by-Country Reporting) Regulations December 2017
HSBC Holdings plc The Capital Requirements (Country-by-Country Reporting) Regulations 2013 31 December 2017 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to
More informationTransformation in China: New Opportunities and Challenges
Transformation in China: New Opportunities and Challenges March 2008 The information contained herein does not constitute and shall not be construed to constitute investment, tax or legal advice by Deutsche
More informationIntraday Liquidity Monitoring Solution
Treasury and Trade Solutions Global Clearing & FI Payments Citi Academy for Financial Institutions July 2015 Intraday Liquidity Monitoring Solution Carolina Caballero Intraday Liquidity Product Manager
More informationFTSE Global All Cap Index
FTSE Russell Factsheet FTSE Global All Cap Index bmktitle1 The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally.
More informationPineBridge Investments Asia Limited, based in Hong Kong (internal delegation) State Street Custodial Services (Ireland) Limited
Issuer: PineBridge Investments Ireland Limited Product Key Facts PineBridge Global Funds PineBridge Asia ex Japan Small Cap Equity Fund 27 April 2018 QUICK FACTS Fund Manager (Manager) Investment Manager
More informationAIA-JF MPF FUND PERFORMANCE RANKS NUMBER ONE TWO YEARS IN A ROW
3 MARCH, 2003 AIA-JF MPF FUND PERFORMANCE RANKS NUMBER ONE TWO YEARS IN A ROW (HONG KONG, 3 March 2003) American International Assurance (AIA) JF Asset Management Limited (JF) announces its number one
More informationDigital Platforms : Collaboration revolutionising cross-border payments. Hank Uberoi 16 November 2017
Digital Platforms : Collaboration revolutionising cross-border payments Hank Uberoi 16 November 2017 Challenges of Cross- Border Payment 2 Need for Change Transparency Efficiency Diversity 3 Earthport
More informationGlobal/Regional Economic and Financial Outlook. Odd Per Brekk Director IMF Regional Office for Asia and the Pacific APEC SFOM, June
Global/Regional Economic and Financial Outlook Odd Per Brekk Director IMF Regional Office for Asia and the Pacific APEC SFOM, June 11-12 2015 2015/SFOM13/002 Session: 1 Global/Regional Economic and Financial
More informationFTSE Global All Cap Index
FTSE Russell Factsheet FTSE Global All Cap Index bmktitle1 The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally.
More informationYour wealth, your family, your enduring legacy. AIA Platinum Legacy (VIII) grows and protects your wealth for the next generation.
WEALTH MANAGEMENT AIA PLATINUM LEGACY (VIII) (VIII) Your wealth, your family, your enduring legacy. AIA Platinum Legacy (VIII) grows and protects your wealth for the next generation. (VIII) aia.com.sg
More informationJPMorgan recognises the importance of the personal information we hold about individuals and the trust they place in us.
JPMorgan Privacy Policy for use in its Australian Operations JPMorgan recognises the importance of the personal information we hold about individuals and the trust they place in us. By explaining our Privacy
More informationDivision on Investment and Enterprise
Division on Investment and Enterprise Readers are encouraged to use the data in this publication for non-commercial purposes, provided acknowledgement is explicitly given to UNCTAD, together with the reference
More informationTHE SCOTTISH ORIENTAL SMALLER COMPANIES TRUST PLC
This document is issued by The Scottish Oriental Smaller Companies Trust PLC (the "Company") solely in order to make certain particular information available to investors in the Company before they invest,
More informationVontobel Summer Conference
Pierre L. Ozendo Member of the Executive board Head of Asia Division Cautionary note on forward-looking statements Slide 2 Certain statements contained herein are forward-looking. These statements provide
More informationInvestment Management Association of Singapore. Annual Conference 2015
www.pwc.com/assetmanagement Investment Management Association of Singapore Annual Conference 2015 26 March 2015 Panel Discussion: The Rise of Regional Passporting Schemes in Asia Your Panel Today Panel
More informationMoney market reform in China
FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION Money market reform in China J.P. Morgan Global Liquidity About J.P. MORGAN GLOBAL LIQUIDITY
More informationProduct Key Facts Franklin Templeton Investment Funds Templeton Asian Smaller Companies Fund
Product Key Facts Franklin Templeton Investment Funds Templeton Asian Smaller Companies Fund Last updated: April 2018 This statement provides you with key information about this product. This statement
More informationA Perspective of Trade Finance by Bank of Tokyo- Mitsubishi UFJ
2013/FMP/WKSP4/003 Session: I A Perspective of Trade Finance by Bank of Tokyo- Mitsubishi UFJ Submitted by: Bank of Tokyo-Mitsubishi UFJ Workshop on Trade Finance Lombok, Indonesia 1 July 2013 A Perspective
More informationFX Less Risk, More Value?
Links Edition 1, Spring 2000 CLS News from Chase Treasury Solutions FX Less Risk, More Value? In today s environment, a typical settlement of a foreign exchange instruction is made by making separate payments
More informationThird Global Market Expansion Services Report Executive Summary
1 EMERGING MARKET PLAYERS ON THE RISE DISCOVER HOW MARKET EXPANSION SERVICES PROVIDERS HELP EMERGING MARKET PLAYERS DRIVE GROWTH, EXPANSION AND REGIONAL INTEGRATION Third Global Market Expansion Services
More informationBenefit and Privilege for Foreign Investment in Myanmar. Aung Naing Oo Director General Directorate of Investment and Company Administration
Benefit and Privilege for Foreign Investment in Myanmar Aung Naing Oo Director General Directorate of Investment and Company Administration Outline 1 Myanmar in Brief 2 3 4 Mode of Doing Business Investment
More informationBlackRock Asset Management North Asia Limited Trustee:
PRODUCT KEY FACTS BlackRock Premier Funds ishares Asia ex-japan Equity Index Fund November 2018 Quick facts This statement provides you with key information about this product. This statement is a part
More informationSTOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE
STOXX Limited STOXX EMERGING MARKETS INDICES. EMERGING MARK RULES-BA TRANSPARENT UNDERSTANDA SIMPLE MARKET CLASSIF INTRODUCTION. Many investors are seeking to embrace emerging market investments, because
More informationStatistical release: BIS international banking statistics at end-september 2018
January 9 Statistical release: BIS international banking statistics at end-september Global cross-border credit grew at an annual rate of % for the fourth consecutive quarter. Cross-border claims denominated
More informationA world in transition: PwC s 2017 APEC CEO Survey, November APEC CEO Survey. The Philippines findings.
A world in transition: PwC s 2017 APEC CEO Survey, November 2017 2017 APEC CEO Survey The Philippines findings www.pwc.com/apec Key themes Making of the workforce of the future An operating model for a
More informationIntroduction to MALAYSIA
Introduction to MALAYSIA Malaysia is an upper-middle income, highly open economy with a record of strong economic performance and poverty reduction since independence from Great Britain in 1957. Malaysia
More informationA world in transition: PwC s 2017 APEC CEO Survey, November APEC CEO Survey. The United States findings.
A world in transition: PwC s 2017 APEC CEO Survey, November 2017 2017 APEC CEO Survey The United States findings www.pwc.com/apec Key themes Making of the workforce of the future An operating model for
More informationMove to T+2 settlement cycle: Singapore market
Move to T+2 settlement cycle: Singapore market Lum Yong Teng 20 May 2015 Singapore Exchange Contents 1 Overview of Singapore market 2 Drivers for SGX to move to T+2 settlement cycle 3 Benefits for the
More informationPicture area. HSBC Commercial Banking. Citibank Investor Presentation. Alan Keir Group Managing Director and Global Head, Commercial Banking
Picture area HSBC Commercial Banking Citibank Investor Presentation Alan Keir Group Managing Director and Global Head, Commercial Banking March 2012 Forward-looking statements This presentation and subsequent
More informationPRODUCT KEY FACTS PARVEST Equity High Dividend Asia Pacific ex-japan April 2018
Issued by BNP PARIBAS ASSET MANAGEMENT Asia Limited PRODUCT KEY FACTS April 2018 This statement provides you with key information about this product. This statement is a part of the offering document and
More informationA world in transition: PwC s 2017 APEC CEO Survey, November APEC CEO Survey. Malaysia s findings.
A world in transition: PwC s 2017 APEC CEO Survey, November 2017 2017 APEC CEO Survey Malaysia s findings www.pwc.com/apec Key themes Making of the workforce of the future An operating model for a fluid
More informationNewsletter No. 77. A brief introduction to the legal environment for investments in Vietnam. December 2012
Newsletter No. 77 (EN) A brief introduction to the legal environment for investments in Vietnam December 2012 All rights reserved Lorenz & Partners 2012 Although Lorenz & Partners always pays great attention
More information2017 Global Trends in Investor Relations
0 2017 Global Trends in Investor Relations Primacy of Geopolitical Risk Geopolitical risk is still the number one concern for companies globally. Concern is increasing regarding the impact of emerging
More informationInternational ACH Transactions Glossary of Terms & Acronyms. APACS - manages the main clearing networks which allow UK banks and building
APACS - manages the main clearing networks which allow UK banks and building societies to exchange payments. BACS Payments Schemes Ltd - BACS is the scheme manager for the UK ACH payments system. Bank
More informationFINANCIAL INSTITUTIONS KNOW YOUR CUSTOMER / ANTI-MONEY LAUNDERING & COUNTERING THE FINANCING OF TERRORISM QUESTIONNAIRE
FINANCIAL INSTITUTIONS KNOW YOUR CUSTOMER / ANTI-MONEY LAUNDERING & COUNTERING THE FINANCING OF TERRORISM QUESTIONNAIRE Section I General Administrative Information Legal Name of Institution Taiwan Shin
More informationFTSE Annual Country Classification Review Published: 26 September 2018
FTSE Classification of Markets FTSE Annual Country Classification Review Published: 26 September 2018 Headlines China A to be assigned Secondary Emerging market status commencing June 2019 Iceland to be
More informationTHE EUROPEAN COMMISSION S GREEN PAPER ON PENSIONS
S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L THE EUROPEAN COMMISSION S GREEN PAPER ON PENSIONS Sheenagh Gordon-Hart Industry and Client Research Executive J.P. Morgan Worldwide Securities
More informationPower. Schroder Asian Income. your way to higher yields. p.a.
Schroder Asian Income POTENTIAL PAYOUTS 6% PAID MONT HLY* p.a. Power your way to higher yields * It is Schroder Investment Management (Singapore) Ltd s (the Manager s ) current intention to declare distributions
More informationCOUNTRY COST INDEX JUNE 2013
COUNTRY COST INDEX JUNE 2013 June 2013 Kissell Research Group, LLC 1010 Northern Blvd., Suite 208 Great Neck, NY 11021 www.kissellresearch.com Kissell Research Group Country Cost Index - June 2013 2 Executive
More informationA world in transition: PwC s 2017 APEC CEO Survey, November APEC CEO Survey. Australia s findings.
A world in transition: PwC s 2017 APEC CEO Survey, November 2017 2017 APEC CEO Survey Australia s findings www.pwc.com/apec Key themes Making of the workforce of the future An operating model for a fluid
More informationInternational Tax. international tax developments in the Asia Pacific region. February 2015
International Tax A Hong Kong perspective on key international tax developments in the Asia Pacific region February 2015 An overview of key international tax developments and structuring considerations
More informationMarket Bulletin. The LIBOR spike. May 1, In brief. What is LIBOR and why does it matter?
Market Bulletin May, 8 The LIBOR spike In brief One of the most important interest rates in global financial markets, U.S. LIBOR, has spiked causing some investors to fear that there is a fundamental problem
More informationCircular to all Unitholders of PineBridge Asia Balanced Fund (the Sub-Fund ), a sub-fund of PineBridge Global Funds (the Fund )
PineBridge Investments Ireland Limited 78 Sir John Rogerson s Quay Dublin 2 Ireland This Circular is important and requires your immediate attention. If you are in doubt as to the action you should take
More informationCBRE CAMBODIA SEA MARKET & VALUATION TRENDS 28 SEPTEMBER 2018
CAMBODIA & VALUATION TRENDS 28 SEPTEMBER 2018 BRIEF Emerging/developing markets are on the radar for a broader base of regional investors Positive demographic fundamentals, improving socio-economic status,
More informationHow Do I Wire My Stock Plan Proceeds?
How Do I Wire My Stock Plan Proceeds? As the service provider for your company s stock plans, Morgan Stanley offers an automated way to transfer proceeds directly to your financial institution of choice.
More informationExchange Traded Funds (ETFs): The New Packaged Product of Choice
Financial Institutions Profiles Series Exchange Traded Funds (ETFs): The New Packaged Product of Choice (Table of Contents) April 20, 2017 TABLE OF CONTENTS Evolution of the Exchange Traded Funds (ETFs)
More informationINTERNATIONAL TAX PLANNING. Singapore Domestic Law And Treaties SHANKER IYER FCA
INTERNATIONAL TAX PLANNING Singapore Domestic Law And Treaties SHANKER IYER FCA Contents Singapore Tax System Corporate & personal Recent tax developments What makes Singapore an attractive centre for
More informationSINGAPORE - FINAL LIST OF MFN EXEMPTIONS (For the Second Package of Commitments) Countries to which the measure applies
All Sectors: Presence of: - unskilled and semi-skilled natural persons - skilled persons (include craftsmen skilled in a particular trade, but exclude specialists/professio nal personnel at management
More informationInaugural Infrastructure Project Finance Securitisation in Asia
Inaugural Infrastructure Project Finance Securitisation in Asia Significant milestone with creation of new asset class to facilitate institutional investor access to infrastructure debt in Asia-Pacific
More informationMorgan Stanley Asia: Overview
Morgan Stanley Asia: Overview July 2007 Notice The information provided herein may include certain non-gaap financial measures. The reconciliation of such measures to the comparable GAAP figures are included
More informationTempleton Asian Growth ex Japan. Equity Composite
Templeton Asian Equity Product Profile Product Details Strategy Assets $4,835,954,296.20 Inception Date 31/12/2001 Base Currency USD Investment Style Overview Templeton s interest and research in emerging
More informationO P E R A T I O N A L A N D C O S T E F F I C I E N C I E S F O R A C O M P E T I T I V E E D G E
O P E R A T I O N A L A N D C O S T E F F I C I E N C I E S F O R A C O M P E T I T I V E E D G E I n v e s t m e n t O p e r a t i o n s O u t s o u r c i n g F O C U S O N Y O U R C O R E S T R E N
More informationSavest SAVINGS AIA WEALTH PRO ADVANTAGE. The best of savings and investments in one place.
SAVINGS AIA WEALTH PRO ADVANTAGE Savest TM The best of savings and investments in one place. AIA Wealth Pro Advantage, a unique 2-in-1 plan that offers the stability of long-term savings and the growth
More informationPRODUCT KEY FACTS BOCHK Asia Pacific Property Fund
PRODUCT KEY FACTS BOCHK Asia Pacific Property Fund a sub-fund of BOCHK Investment Funds Issuer: BOCI-Prudential Asset Management Limited 30 April 2015 This statement provides you with key information about
More informationPresentation 22 August 2018
Presentation 22 August 2018 Exceeded 3YP targets in 2017, but 2018 is challenging due to continued destocking, store closures and bankruptcies Profit attributable to shareholders (like-for-like) down 19%
More informationUnderstanding Flex Dist Share Classes
Understanding Flex Dist Share Classes Inside Investments for Global Liquidity The Flex Dist share class is designed to operate in both positive and negative yield environments, enabling you to continue
More informationOverview of retirement adequacy and impact of NPS
Overview of retirement adequacy and impact of NPS Anuradha Sriram 21 August 2015 Retirement adequacy - What is the issue? 2 We are a country of high savers Average annual savings as a percentage of income
More informationI write to update you on the latest developments with respect to the Asia Aluminum Group and actions going forward.
Our Ref : AMC/AAH547CLM/B3(CORR) Your Ref: STAKEHOLDERS OF THE ASIA ALUMINUM GROUP INCLUDING HOLDERS OF ASIA ALUMINUM HOLDINGS LTD SENIOR 8% NOTES ( Bondholders ) CUSIPs: 04519DAA5, G0536XAA1 ISINs: US04519DAA54,
More informationInvestment Trend and Economic Situation in Myanmar
Investment Trend and Economic Situation in Myanmar Dr. Marlar Myo Nyunt Director Directorate of Investment and Company Administration Myanmar Economic Policies Expanding our financial resources Improving
More informationEVERYBODY OUT OF THE POOL!
EVERYBODY OUT OF THE POOL! Optimizing Outcomes if There is a Shift From a Collective to an Individual Pension Risk System Amy Kessler Senior Vice President and Head of Longevity Risk Transfer Prudential
More informationConnecting Our Clients to Global Investment Opportunities
Connecting Our Clients to Global Investment Opportunities Connecting Clients to Investment Opportunities Our Mission 1 The HSBC Group is one of the world s largest financial services organisations, with
More informationHALF-YEARLY FINANCIAL RESULTS 2018 ROBERT WALTERS PLC
HALF-YEARLY FINANCIAL RESULTS ROBERT WALTERS PLC INTRODUCTION PEOPLE ARE THE MOST IMPORTANT COMPONENTS OF OUR BUSINESS. FROM THE JOB SEEKER, TO THE HIRING MANAGER, TO THOSE WHO BRING THEM TOGETHER. SO
More informationFDI in Myanmar and Its Outlook. Aung Naing Oo Director General / Secretary MIC
FDI in Myanmar and Its Outlook Aung Naing Oo Director General / Secretary MIC Outline Myanmar Nowadays Trend of Investment New Investment Law Way Forward Myanmar Nowadays Foreign Investment in Myanmar
More informationGLOBAL BREXIT BAROMETER 2018
GLOBAL BREXIT BAROMETER 2018 Tuesday 20 March 2018 Gary Baker, CFA, Managing Director EMEA and Industry and Policy Research, CFA Institute Rhodri Preece, CFA, Head of Industry Research, CFA Institute Will
More informationEconomic Development. Business Plan to restated. Accountability Statement
Economic Development Business Plan 1999-2000 to 2001-02 - restated Accountability Statement As a result of government re-organization announced on May 25, 1999, the Ministry Business Plans included in
More informationHSBC GIF Managed Solutions - Asia Focused Growth Quarterly fund report Q2 2014
HSBC GIF Managed Solutions - Asia Quarterly market review Most global stock markets continued to make progress during 2Q 2014, such that the MSCI World Index has now risen for four consecutive quarters.
More informationAsian Banking, Depositor Preference, and Deposit Insurance
Asian Banking, Depositor Preference, and Deposit Insurance Kevin Davis Professor of Finance, University of Melbourne Research Director, ACFS Professor, Monash University University of Melbourne 1 Summary
More informationASIA EX JAPAN: NEITHER BOOM NOR DOOM
2016 Global Market Outlook Press Briefing ASIA EX JAPAN: NEITHER BOOM NOR DOOM Anh Lu Portfolio Manager (Asia ex Japan Equity Strategy) The Good news, the Bad News, Our Outlook The Good News Not a crisis
More informationHSBC Trade Connections: Trade Forecast Quarterly Update October 2011
HSBC Trade Connections: Trade Forecast Quarterly Update October 2011 New quarterly forecast exploring the future of world trade and the opportunities for international businesses World trade will grow
More informationFRANKLIN TEMPLETON INVESTMENTS. Franklin Resources, Inc. Bank of America Merrill Lynch Banking and Financial Services Conference November 18, 2010
Franklin Resources, Inc. Bank of America Merrill Lynch Banking and Financial Services Conference November 18, 2010 Forward-Looking Statements The financial results in this presentation are preliminary.
More information