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Insurmountable PROTECTION

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Insurmountable PROTECTION Insurmountable PROTECTION 0800-CDCPL (23275) www.cdcpakistan.com 0800-CDCPL (23275) www.cdcpakistan.com Insurmountable PROTECTION Deewar – Wall The insurmountable deewar, one of the most formidable features inside which a fort is firmly enclosed, clearly portrays the powerful message of protection. We at CDC also take the protection of our clientele, our employees, and our values, very seriously. We have mechanisms in place that serve very much like the medieval deewars, such as our pledge to uphold transparency in all dealings, and our unshakeable commitment to provide secured and dependable services second to none. Registered Offices: Registered Offices: CDC House, 99-B, Block ‘B’, S.M.C.H.S., CDC House, 99-B, Block ‘B’, S.M.C.H.S., Main Shahra-e-Faisal, Karachi - 74400. Main Shahra-e-Faisal, Karachi - 74400. Tel: (92-21) 111-111-500 I Fax: (92-21) 34326031 Tel: (92-21) 111-111-500 I Fax: (92-21) 34326031 Lahore Branch: Lahore Branch: 307, 2nd Floor, Upper Mall, Lahore - 54000. 307, 2nd Floor, Upper Mall, Lahore - 54000. Tel: (92-42) 35789378 I Fax: (92-42) 35789340 Tel: (92-42) 35789378 I Fax: (92-42) 35789340 Islamabad Branch: Islamabad Branch: Room # 410, 4th Floor, Islamabad Stock Exchange Room # 410, 4th Floor, Islamabad Stock Exchange Towers, 55-B, Jinnah Avenue, Blue Area, Islamabad. Towers, 55-B, Jinnah Avenue, Blue Area, Islamabad. Tel: (92-51) 2895456-9 I Fax: (92-51) 2895454 Tel: (92-51) 2895456-9 I Fax: (92-51) 2895454 Email: [email protected] Email: [email protected] URL: www.cdcpakistan.com URL: www.cdcpakistan.com Customer Support Services: Customer Support Services: 0800 – 23275 (CDCPL) 0800 – 23275 (CDCPL) For Overseas Callers: +92 (21) 34326038 For Overseas Callers: +92 (21) 34326038 Contents Soft Launch of Direct Settlement Services (DSS) Muhammad Hanif Jakhura, CISSII Agreement Signing Ceremony CEO-CDC represents ACG as its CDC Trustee & Custodial Services between CDC and Life Insurance Executive Committee Chairman welcomes NIUT on board Companies 01 02 in WFC meeting 03 CDC sponsors SAARC Insurance and Regulators’ Meet and International Conference Muhammad Junaid Shekha CDC conducts Knowledge Sharing CDC delegation attends ACG 16th appointed CEO ITMinds Limited 2014 Sessions for Academic Institutions Cross Training Seminar Apr-Jun 04 05 06 Shariq Jafrani Issue No. 57 appointed CIA of CDC NOTICE BOARD Statistical Highlights 07 CDS Updates 08 CISSII Agreement Signing Ceremony between CDC and Life Insurance Companies The CISSII (Centralized Information Sharing Solution for Insurance Industry) participation agreement was signed on 25th April, 2014 at a local hotel between CDC and EFU Life Assurance, Jubilee Life Insurance Company, MetLife Alico Pakistan, Adamjee Life Insurance Company, East West Life Insurance Company, Pak-Qatar Family Takaful and Dawood Family Takaful Limited. The signing ceremony was attended by Mohammad Asif Arif, Commissioner Insurance Executives from CDC, SECP and Life Insurance Companies at the CISSII Agreement Signing Ceremony. Division, SECP, Muhammad Hanif Jakhura, CEO, CDC, and CEOs and other senior executives of life insurance and family takaful operators. The objective of the directive was to promote a formal information-sharing mechanism by making membership mandatory for life insurance companies and family takaful operators. CISSII will bring in greater efficiencies and transparency in the Insurance Industry by exchange of critical information including acceptance of claim and underwriting of hazardous risks. From L to R: Mr. Hanif Jakhura, CEO - CDC presenting a memento to Mr. Mohammed Asif Arif, Commissioner Insurance Division - SECP at the CISSII Agreement Signing Ceremony. The Custodian Slate 2014 1 Muhammad Hanif Jakhura, CEO-CDC represents ACG as its Executive Committee Chairman in WFC meeting International Securities Services Association (ISSA) is a non-profit, private sector, global organization with around 85 members worldwide comprising of custodian banks, clearing organizations, central depositories, stock exchanges, brokers and asset managers. It is a cross-industry and non-partisan association, providing leadership in the formulation and promotion of best practices to improve efficiency and risk management in the global asset servicing industry. The 17th ISSA Symposium was held from 20th to 23rd May 2014 at Wolfsberg, Switzerland. It offers the relevant platform for facilitating interactions, opinion formation and know-how-transfer among the market participants. ISSA officials were also invited to shed light on Collateral Management, Shadow Banking, Corporate Actions, Out-of-Network Assets, Regulatory Impacts and Risk. The WFC meeting was organized on the sidelines of the ISSA Symposium this year. The World Forum of CSDs (WFC) provides a forum Delegates posing for a group photo at WFC meeting in Wolfsberg, Switzerland. for regional CSD associations to exchange information, discuss issues of common interest • European Central Securities Depositories On behalf of ACG, Mr. Yoshinobu Takeuchi, and increase their influence and engagement on Association (ECSDA) ACG Executive Committee Honorary Chairman, Mr. Muhammad Hanif Jakhura, ACG Executive cross-regional and global developments. It is • Association of Eurasian Central Securities Committee Chairman for 2014-16, and comprised of the following five regional CSD Depositories (AECSD) associations, which together represent over 126 Mr. Shariq Naseem AGM-Product Development member CSDs around the world. • Africa & Middle East Depositories Association and Marketing, CDC attended the WFC (AMEDA) meeting in Wolfsberg, Switzerland in May • Americas' Central Securities Depositories 2014. CDC Pakistan is also a member of ISSA. Association (ACSDA) • Asia-Pacific Central Securities Depository Group (ACG) The Custodian 2 Slate 2014 CDC sponsors Soft Launch of CDC Trustee & SAARC Insurance and Direct Settlement Custodial Services Regulators’ Meet and Services (DSS) welcomes NIUT on board International Conference Central Depository Company has received the CDC has taken over the trusteeship of National CDC sponsored the 2nd SAARC Insurance and Regulators’ operational approval from SECP for the clearing and Investment (Unit) Trust (NIUT), the First and Largest Meet and International Conference which was organized by the Insurance Division of Securities and Exchange settlement mechanism of its Direct Settlement Mutual Fund of Pakistan. NIUT carries an Commission of Pakistan (SECP) during April 14 to 16, Services (DSS). investment portfolio of around Rs.64 billion, 2014 at a local hotel in Karachi. The theme of the invested in over 385 listed companies with around event was “Local to Glocal”. The conference was This ground breaking move would help remove the 51,000 unit holders. attended by over 500 delegates, more than 35 panelists from various industries and countries and comprised weaknesses from the prevailing settlement of knowledge sharing and networking sessions. mechanism and enable the investors to settle their With NIUT on board, CDC sustained its legacy to act trades directly from their respective Investor Accounts as the market leader in the business of trusteeship A pre-conference workshop was also organized by ADB (Asian Development Bank) on the subject of risk without the involvement of brokers. services and captured 94% of the market share based supervision and insurance market development. hence winning the trust and confidence which the CDC also placed a stall in the event hall. Mr. Syed Asif Shah, The introduction of DSS is a giant leap towards industry had reposed in it. With NIUT, Trustee and CIO - CDC also delivered a presentation on CDC’s CISSII empowering the investors and bolstering capital Custodial Services has outclassed all its previous (Centralized Information Sharing Solution for market operations. This facility was previousy only records and crossed 459 billion in terms of net Insurance Industry) for the Life Insurance Industry. available for foreign investors who maintain their assets. portfolios with custodian banks and brokers are only involved for the respective trade execution. Mr. Syed Asif Shah, Chief Information Officer - CDC delivering a presentation on CISSII at 2nd Insurance Regulators’ Meet & International Conference. The Custodian Slate 2014 3 CDC conducts Knowledge Sharing Sessions for Academic Institutions CDC conducted knowledge sharing sessions for a number of educational institutions during the second quarter of 2014. Students and faculty members belonging to ICMAP, Bahria University and Maddarsah Jamia-tur Rasheed visited CDC and were imparted knowledge about the Capital Market business and CDC’s pivotal role and responsibility. Mr. Farooq Ahmed Butt and Mr. Arif Ahmed from the Product Development & Marketing department at CDC conducted these sessions. The attendees inquired about the operations of stock market in light of trading, custody and settlement. Bahria University students engrossed in a presentation session at CDC house. Islamic modes of financial solutions for the capital market of Pakistan were also discussed at length. Refreshments were served after the sessions were concluded. ICMAP (Cost Management Students), Bahria University (BBA students) and Scholarly students doing specialization in Islamic Fiscal Jurisprudence which is a 2-year specialization course for Sharia scholars in Islamic Finance, Trade, Banking, Takaful, Business Laws and Practices were the audience along with their respective faculty members. Students from Maddarsah Jamia-tur-Rasheed being informed about
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