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Banks Can Handle Europe's Debt Woes

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Banks Can Handle Europe's Debt Woes SIBOS ISSUES Scan me to learn more about SWIFT@Sibos Thursday 22 September 2011 Panel rules out Brazil up Surviving the RTGS ‘big bang’ and running regulation page 6 page 6 whirlpool page 8 The official daily newspaper of Sibos 2011 Toronto 19-23 September www.sibos.com BIG ISSUE DEBATE Banks can handle It’s good to talk, and even Europe’s debt woes better to listen Emerging market growth to create wealth of opportunities for banks “Liquidity, espite an uncertain eco- America Merrill Lynch (BAML), management nomic backdrop, there said the fundamental reapprais- of financial Dare many potential sourc- al forced on banks by a difficult es of growth for banks – even as macro-economic outlook and institutions, they confront the cost of regulato- mounting regulatory changes ry change – Sibos delegates were could have benefits to banks and funding told in yesterday’s Big Issue de- their customers alike. and risk bate 2. A key factor, according to “Just because I’ve served clients panellists in the session ‘Where’s in a particular way for 15 years, management the growth in 2012 and beyond?’, have I really stepped back in the has all is proactive client engagement. In- deed, both the search for growth “If you listen improved opportunities and efforts to con- trol the growing cost of regulation to clients and since the could be materially furthered by reposition you can collapse better customer dialogue. Noting that he now spends as take expense out.” of Lehman much of his technology budg- Paul Simpson, head of global et on compliance as he laid out transaction services, BAML Brothers.” three years ago on developing new products and services and last two years and asked whether Rick Waugh, president and CEO, Scotiabank accessing new markets for cli- it’s the optimal way to serve the ents, Tim Keaney, vice chairman client going forward?” he pos- and CEO, asset servicing, BNY ited. “Clients often have great Post-2008 changes in the banking system have left Mellon, said customers found it views on how you should change hard to accept the potential con- your service models. If you listen the industry better equipped to withstand Europe’s sequences of the current “tsuna- to clients and reposition you can mi of regulation”, such as high- take expense out.” Taking the sovereign debt problems er costs or longer lead times. “If example of the slow withdrawal you educate clients on how costs of checks from the domestic US are escalating you can have a ra- payment environment, Simpson A lack of regulatory leadership means that bank and corporate tional conversation,” he added. said banks had to ensure that cli- “It’s frustrating that, when we talk ents were on board when taking liquidity will remain locked upStandfirst text about what’s driving my costs, cost out of their processes to ad- the end-investor is disconnected just to a harsher business climate. loomberg reported on 13 ing on its debt in the next five The European debt question from the benefit.” “You have to be willing to can- September ta Greece had years – much of this debt held by will be high on the agenda at Paul Simpson, head of glob- nibalise yourself,” he said. “If Ba 98% chance of default- Europe’s large banks. continued on page 4 al transaction services at Bank of continued on page 2 Advert red.indd 1 02/08/11 09:17 sibos.com SIBOS ISSUES 1 SIBOS 2011 WHAT’S ON It’s good to talk, and even better to listen Thursday 22 September continued from page 1 Plenary 16:00-17:00 Plenary room Closing plenary In conversation with … 09:30-10:30 Conference room 1 In conversation with Piyush Gupta, CEO and director of DBS Group Holdings and DBS Bank Main conference sessions 09:00-10:30 Conference room 3 Innotribe focus session: future of money – is there still a role for banks? 09:30-10:30 Conference room 2 “When there is a “We’ve got to “I expect countries “Clients often have Commodities: are increased trading and speculation change affecting regain the trust such as India to great views on destabilising the global economy? our clients, it is an that we lost as do much better in how you should 11:00-12:00 Conference room 2 opportunity.” an industry a few future in terms of change your Securities reference data: is your strategy up to scratch? years ago.” growth.” service models. 11:00-12:00 Conference room 3 Tim Keaney, vice chairman and CEO, John Coverdale, head of global MD Mallya, managing director, Paul Simpson, head of global asset servicing, BNY Mellon transaction banking, HSBC Bank of Baroda transaction services, BAML Exchange consolidation: charting the downstream impact 11:00-12:00 Conference room 1 you have a big flow of revenue around global portfolios like I’ve of global transaction banking, al transaction banking products. Mobile payments – is it too late for based on a historical business never seen before,” said BNY HSBC, and MD Mallya, chair- “Asian economies are typically banks? and you’re not willing to take that Mellon’s Keaney. “And when man of the Indian Banks’ Associa- growing at least three times the step, you’re not going to be able there is a change affecting our tion and managing director, Bank rate of the West. That’s bring- 14:00-15:00 Conference room 3 to change your business model. clients, it is an opportunity. Cli- of Baroda, indicated that the op- ing with it a great deal more af- Buy-side operations: as their global You have to have a partnership ents are very willing to sit down portunities from banks stemming fluence and aspiration,” he said. models evolve, what do investment approach because it’s hard to and talk about what we can do in particular from Asia’s growth “That knocks onto trade and managers need from their service change something when a client differently to help them – usual- were likely to continue apace. wealth services, therefore people providers? has been doing it the same way ly that will result in a good prod- “The contribution of emerg- will start investing in ETFs and 14:00-15:00 Conference room 2 for 25 years.” uct idea that clients are willing to ing markets to global GDP has similar products. Not just in Asia, Market infrastructures: new pay for.” increased substantially in re- but also Latin America and po- principles for financial market Power shift BAML’s Simpson pointed out cent years,” said Mallya. “In In- tentially the Middle East and Af- infrastructure markets, the While advocating active engage- that it is not just the banks’ larger dia, we see potential in the in- rica, they’re not dealing with leg- expected response to better ment with clients, panellists sug- clients that are pursuing opportu- frastructure and services sectors. acy regulation and infrastructure, mitigate risk? gested that institutional and cor- nities in emerging and develop- Even having achieved consistent so can build anew.” porate customers were already ing markets. “We’ve seen huge GDP growth rates of 7.5-8%, I But he warned that banks could Conference room 1 14:00-15:00 leading banks toward the oppor- growth in commercial banking expect countries such as India to not take growth for granted. First, Internationalisation of the tunities created by the shift in and middle market clients going do much better in future in terms they had to build the confidence Renminbi – the implications for economic power from developed over to the developing countries of growth.” of their customers. “Without the the global industry to emerging markets. and looking at growing new busi- banks, there is no safe interme- “Clients rely on us now more ness opportunities,” he said. Fulfilling aspirations diary. That is what we exist for. Standards Forum than ever for responsiveness on Looking at the shift in invest- HSBC’s Coverdale said that con- We’ve got to regain the trust that (Standards Forum stand) questions around risk, evalua- ment and business flows from tinued high rates of growth were we lost as an industry a few years 09:30-09:45 tions, custody of assets. Custom- the perspective of the emerging feeding into greater demand in ago. If we don’t, the world is go- Education session – the ISO 20022 ers expect immediate answers markets, John Coverdale, head Asia and beyond for tradition- ing to have a very difficult time.” cooking class 09:45-10:30 Breaking down silos 10:45-11:30 T2S case study: SWIFT Standards T2S delay “a huge disappointment” gets closer to its customers 11:45-12:15 ECB decision postpones cheaper equity trading costs in Europe Education session – how to get your new and improved messages im Keaney, vice chairman T2S programme board intend- T2S nevertheless represented faster? and CEO, asset servicing, ed to recommend that the pro- “It helps drop the “the first step in further harmo- BNY Mellon, said he felt ject be delayed by “more than nisation that will really dramati- 12:30-13:30 T cost of owning Food for thought – vets vs. rookies: “a huge sense of disappointment” three months and less than a cally restructure the cost base” of not your standard face-off following the confirmation by the year”. equities and securities trading in Europe. “It European Central Bank (ECB) Designed to centralise securi- helps drop the cost of owning 14:00-14:45 that the launch of its pan-euro- ties settlement in Europe, T2S that benefits equities and that benefits every- LEI in practice zone settlement platform, TAR- has already been postponed once everybody.” body,” he said.
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