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Trade Talk / November 2016 Edition 1 by Catalin Codita Product Manager, Capital Markets

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Trade Talk / November 2016 Edition 1 by Catalin Codita Product Manager, Capital Markets TitleTrade Akkurat Talk Light Pro 30/34 (30) Reporting on CIBC Mellon initiatives and developments within the securities industry. NOVEMBER 2016 EDITION Innovation Driving CIBC Mellon and Advancing the Client Experience The financial services sector in Canada is abuzz with activity in the fintech arena, with a flurry of bank-fintech partnerships and blockchain technology that is showing no signs of slowing. CIBC Mellon is relied upon for custody, safekeeping, and asset servicing, and as such, trust and confidence are paramount to our client experience. Nonetheless, we are discovering ways to innovate our client experience in a controlled manner as we seek as always to further enhance accuracy, operational efficiency and consistency. Standing still is not an option during this time of innovation and technological change. We are experimenting in a controlled way and discussing how best to develop and RICHARD ANTON IS SENIOR VICE deploy technology to our clients. For example, we are in the development stages of a PRESIDENT, CHIEF OPERATIONS robotics pilot program, designed to help enhance efficiency and accuracy in repetitive OFFICER AT CIBC MELLON. HE HAS tasks across multiple systems. We are also exploring emerging technology such as OVERALL RESPONSIBILITY FOR THE blockchain - a distributed ledger technology - with the aim of leveraging blockchain’s DIRECTION OF THE OPERATIONS AREA properties and exploring its capabilities for conducting transactions. In collaboration OF THE COMPANY. RICHARD HAS with our parent company, BNY Mellon, CIBC Mellon has created a proof-of-concept MORE THAN 17 YEARS OF FINANCIAL prototype to test the potential benefits of this technology. We continue to build upon our SERVICES INDUSTRY EXPERIENCE, expertise and relationships with third-party providers in order to be better positioned to FOCUSED PRIMARILY ON OPERATIONS adopt cutting-edge technological solutions. AND RELATIONSHIP MANAGEMENT. While the technology is new and may be far from a roll-out, we are currently looking ahead to make sense of emerging technology such as blockchain in order to unlock great potential and advance the client experience. Our people are at the centre of innovation as we design the financial services of tomorrow. I am certainly excited for the possibilities to come. What’s Inside? To Hedge or Not to Hedge Accessing New Chinese Trends in Alternative Asset Leveraging Exchange-Traded Investment Markets Allocation in Canada and Globally Funds By Catalin Codita, Product Manager, By Paul Pierce, Director, Product By Claire Johnson, Senior Vice President, By Camilo Gil, Executive Director, Capital Markets Management Strategy and Corporate Development Institutional ETF Services, CIBC Capital Markets 2 4 7 10 TRADE TALK / NOVEMBER 2016 EDITION 1 BY CATALIN CODITA PRODUct MANAGER, Capital MARKEts To Hedge or Not to Hedge: Managing Foreign Exchange Risk Institutional investors are under increasing pressure to achieve enhanced performance. In the current low interest rate environment, there is a continued need for investors to seek returns and pursue investments globally, while managing risk. Currency volatility can pose a risk to investment performance when an investor purchases a non-Canadian asset. REASONS WHY INSTITUTIONAL INVESTORS MAY HEDGE CURRENCY RISK When purchasing a foreign asset, the underlying investments are bought in a foreign currency; therefore, the appreciation or depreciation of that currency CATALIN CODITA IS PRODUCT against the Canadian dollar can either enhance or weaken the total return. MANAGER, CAPITAL MARKETS Strategies to mitigate the foreign exchange risk may not always be utilized; a fund AT CIBC MELLON. CATALIN IS can be completely exposed to currency fluctuations or it could be fully currency RESPONSIBLE FOR HELPING CLIENTS hedged, eliminating or reducing the exposure. ACCESS FOREIGN EXCHANGE SERVICES OFFERED BY BNY MELLON Some investors choose to employ currency hedging as a way to protect their AND CIBC, AS WELL AS OTHER portfolios against adverse currency movements, such as an appreciating CAPITAL MARKETS SERVICES SUCH Canadian dollar or falling foreign currencies. This approach is designed to mitigate AS FIXED INCOME, EQUITIES, AND the impact of exchange rates and volatility while still benefitting from investing in PRIME BROKERAGE. CATALIN HAS foreign markets. The goal of currency hedging is to remove the effects of foreign MORE THAN 20 YEARS OF CAPITAL exchange movements, providing investors with a return that generally reflects the MARKETS EXPERIENCE. return of the respective local market. Therefore, currency hedging is designed to allow the currency allocation to be separable from the asset allocation, without impacting the underlying investment allocation. For more information on currency A currency hedging program seeks to offer several advantages, including: hedging services, contact your CIBC Mellon Relationship Executive or • A more efficient use of risk budget at the total portfolio level Account Manager. • Access to foreign asset risk premium without the impact of currency movements • Protection against foreign currency devaluations • Relatively low cost for implementation • Reduction of volatility due to exchange rate moves • Protection of the base currency value of foreign investments to help maintain funding for future liability payments FINDING THE BEST BUSINESS MODEL FOR YOUR CURRENCY HEDGING NEEDS – INSOURCING OR OUTSOURCING? For institutional asset owners, a key decision involves which hedging activities are to be handled in-house and which are best managed externally. There are many factors to consider when deciding whether a given organization has the scale to commit to an in-house currency hedge program – for example, does it have the time, technology and resources to manage a program? Some firms find it easier to meet the BACK TO COVER complexities of currency hedging by outsourcing these areas and focusing instead on their core investment decisions. By using a currency administration service, funds may achieve a higher level of automation and efficiency and reduce operational risk and exposure. Another consideration is whether currency hedging is being implemented on a passive or dynamic basis. In other words, is currency hedging being used to protect funds or to capture the benefits of currency fluctuations. TRADE TALK / NOVEMBER 2016 EDITION 2 TO HEDGE OR NOT TO HEDGE: MANAGING FOREIGN EXCHANGE RISK USING A THIRD-PARTY FOR HEDGING EXECUTION, ADMINISTRATION AND OPERATIONS Questions and key actions for Through CIBC Mellon’s parent companies, clients can tap into BNY Mellon’s institutional investors to consider: currency administration service, or CIBC World Market’s benchmark hedging service, which integrates and administers a passive currency hedging program, • What is your global portfolio which includes foreign exchange (FX) execution services. Through this approach, exposure? investors retain all investment management decisions. • How do you manage currency exposure? OUTSOURCING IT ALL - FROM INVESTMENT AND HEDGING MANAGEMENT DECISIONS TO EXECUTION AND BACK-OFFICE • What are your investment Investors may choose to outsource currency hedging management decisions as well. expectations? CIBC ASSET MANAGEMENT • Do you have any investment CIBC Asset Management offers a large scale platform with annual trades of policy constraints? 2 approximately C$117 billion currency per year. CIBC Asset Management is one • Do you prefer an outsourced of the largest asset managers in Canada, with more than 40 years of active solution? management experience. CIBC Asset Management currency strategies cover 30+ country markets, including 18+ emerging market currencies. Its traders have • Are you looking to generate experience in back-office operations, and this knowledge allows them to consider alpha from non-CAD crosses? the entire implementation process beyond execution. CIBC Asset Management • What currency hedging also has a large active currency book; it is active in a wide range of foreign strategy is preferred? exchange markets. With a combination of active and passive mandates, CIBC Asset Management has the capability to pool trades for lower cost execution and can trade for a single mandate to match its active and passive mandate requirements. INSIGHT INVESTMENT Through Insight Investment,1 one of BNY Mellon’s leading investment management boutiques, CIBC Mellon clients can access Currency Risk Management (CRM), a hedging program that is tailored to manage clients’ foreign currency exposure and risk sensitivity. CRM is a systematic program that is supported by leading infrastructure and an experienced trading desk with dedicated client portfolio managers. It employs a proprietary quantitative model with a flexible framework that is designed to accommodate a range of client requirements. In addition, proprietary currency models are also offered, which use statistical modeling, monitors for hedge levels, and calculates adjustment trades. Its systems and processes are embedded with operational and risk controls. Insight Investment can manage portfolios against a range of benchmark hedge ratios from zero to 100 per cent and can adhere to specific downside loss constraints, as well as incorporate additional elements that seek to capture value as opportunities arise. NOTES 1. A BNY Mellon company 2. As at June 30, 2016. CIBC Asset Management presentation, “Passive Currency Hedging Capabilities” July 30, 2015 CIBC Mellon supports FX processing and settlement services for clients and
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