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ACSDA’s 2009 GENERAL ASSEMBLYINDEX

ACSDA NewsletterDecember 2008Official Newsletter of Americas’ Central Securities Depositories Association

Plaza Mayor of Lima

Registration forms for the meeting andhotel, and other documents relating toACSDA's 2009 General Assembly can bedownloaded from www.acsda.org inEnglish or Spanish. Watch for this logoon the ACSDA.org home page.

Season's greetings! Y, ¡Feliz año nuevo!

This year-end holiday edition of the ACSDANewsletter, besides offering best wishes forthe season, looks ahead enthusiastically toour 2009 General Assembly, now set forWednesday through Friday, February 25 to27, in Lima, Peru. Inside this issue, we alsolook back with great satisfaction on the successof the 8th ACSDA Seminar, held in Toronto,Ontario, Canada, in October.

As for the General Assembly, ACSDAmembers should have received their officialinvitations and registration details in Englishand Spanish by email in mid-November. Bynow, a wider number of industry partners andcolleagues are registering as well.

This will mark the eleventh 2009 General

ACSDA’s 2009 General Assembly p1-3ACSDA’s 8th Seminar in Toronto p4-5CEDEVAL Celebrating 10 Years p6-75th Anniversary of MercadoGlobal BMV, Mexico p810 Years of STRATE p8Lima Hosts APEC Leaders p9ACG12, CSD10 and SecuritiesOperations Forum p10

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December 2008Official Newsletter of Americas’ Central Securities Depositories Association

Assembly since the Association was officiallyestablished on August 10, 1999, in Lima, whereACSDA still maintains its incorporation, thanksto Cavali, I.C.L.V., which is our host again for2009.

All members and colleagues are urged maketheir travel and hotel plans immediately, inorder to reserve at the best negotiated ratesbefore the room registration deadline inDecember at The J.W. Marriott Hotel, wherethe official meetings will also be held.

“For all of us, this General Assembly promisesto be special, not only because Lima representsACSDA's home, but also as the setting formuch needed regional dialogue amongACSDA's members and close colleagues inlight of the recent world economic and marketevents,” said ACSDA President Mary AnnCallahan. “Given the challenges faced by theentire financial community, we have invitedleaders and partners from a cross-section ofthe industry to join us in Lima and share theirviews and perspectives on the global situationwith our members.”

“Among voting items on the agenda this year

are ACSDA's updated and ambitious Strategyand Work Plan for the next several years, aswell as the election of a new ExecutiveCommittee for the 2009-2011 term,” addsBruce Butterill, Executive Secretary. “We willalso, of course, review ACSDA's achievementsand progress over the past year and reaffirmwith the membership ACSDA's budget planfor programs and activities in the coming year. If any ACSDA member wants to confirm itsorganization's voting representative, make anychanges or arrange for a proxy, please contactme at [email protected].”

“All of us at Cavali look forward to welcomingACSDA,” adds Francis Stenning, Cavali'sChairman and CEO, “and we will also offerbriefings about the Peruvian market andCavali's operations.” Magaly Martinez, LegalCounsel, who is leading Cavali's planning teamfor the event, and who also contributed thepage 9 feature about the recent APEC Summitheld in Lima, notes that, “with many interestingthings to do and see in Peru, we urge you toconsider extending your stay and wideningyour experience of Peruvian hospitality.However, to avoid disappointment, be sure tomake your travel plans and register now.”

The JW Marriott Hotel Lima, site ofACSDA's 2009 General Assembly,stands in front of grand cliffs in theMiraflores district, with sweeping viewsof the Pacific.

A related article on the recent APEC Summit, held in Lima, Peru, appears on page 9.

2009 ACSDA GENERAL ASSEMBLY AGENDAWednesday, February 25, 2009

9:00 – 12:00p.m. Overview Visit to the Peruvian Securities Market Building of the Lima StockExchange – BVL, Downtown Lima

1:30 - 4:30p.m. ACSDA Executive Committee MeetingNew Offices of CAVALI S.A. I.C.L.V., San Isidro

7:30 – 10:00p.m. Welcome Cocktail ReceptionCALA Restaurant, Barranco

Thursday, February 26, 2009

6:30 - 7:15a.m. Morning Walk

8:00 – 8:45a.m. Breakfast Buffet

8:45 – 9:00a.m. RegistrationSala San Martin, 4th Floor

RESERVED FOR ACSDA MEMBERS ONLY

9:00 – 9:10a.m. Welcome RemarksFrancis Stenning, CEO, CAVALI S.A. I.C.L.V.

9:10 – 9:15a.m. Official Meeting Opening Remarks and Agenda ApprovalMary Ann Callahan, President of ACSDAManaging Director, The Depository Trust & Clearing Corporation

9:15 – 10:45a.m. ACSDA’s Administrative Matters:1. President’s Report: Mary Ann Callahan2. Vice President’s Report: Jorge Hernan Jaramillo, CEO, Deceval S.A.3. Executive Secretary’s Report: Bruce Butterill


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Continued from p2

4. Treasurer’s Report: Francis Stenning• 2008 Financial Statements Approval• 2009 Annual Budget Approval• 2009 Member Annual Dues Approval

5. Working Committees Report: Hector Anaya, CEO, S.D. Indeval Institución para el Deposito de Valores, S.A. de C.V., with participation of committee chairs and representatives6. Election of ACSDA Executive Committee for the years 2009 – 2011

• Nomination of candidates, followed by Election

THE ASSEMBLY OPENS TO INVITED GUESTS

10:45 – 11:15a.m. Coffee Break, Sala San Martin, 4th Floor

11:15 – 7. Looking Ahead: Presentation, review and approval of12:45p.m. ACSDA’s Strategy & Work Plan for 2009-2011

Panel: Members of the Executive Committee

12:45 – 1:15p.m. Official Photograph

1:15 – 2:30p.m. Lunch: Terraza del Mar, 4th Floor (JW Marriott Hotel)

2:30p.m. Meeting resumes in Sala San Martin

2:30 – 4:30p.m. Update from each ACSDA MemberFacilitated by Bruce Butterill

4:30 – 4:50p.m. Coffee Break

4:50 – 5:30p.m. Preview of CSD 10 Agenda and ACSDA Representation

5:30p.m. Conclusion of the Day’s Meeting

5:30 – 6:15p.m. New Executive Committee Meeting• Appointment of President and other Executive Committee Posts• Confirmation of Hosts of the 2010 General Assembly

8:00p.m. Departure to Official DinnerMeeting place: Hotel Lobby

8:30 – 11:00p.m. 2009 General Assembly Official DinnerLa Huaca Restaurant, Miraflores

Friday, February 27, 2009

6:30 - 7:15a.m. Morning WalkMeeting place: Hotel Lobby

8:00 – 8:45a.m. Breakfast Buffet

8:45a.m. Meeting resumes in Sala San Martin, 4th Floor.

8:45 – 10:00a.m. Addresses by Invited Officials from the Peruvian Capital Market

10:00 - 11:30a.m. Panel: Global Situation of the Capital Markets and the Financial IndustryResponse

11:30 – 11:45a.m. Coffee Break

11:45 – 12:45p.m. A Conversation with Invited Industry Partners and Colleagues

12:45 – 1:30p.m. Conclusions, Announcements and Closure of the General AssemblyFinal Comments• Announcement of the New President and Executive Committee positions• DCV’s Presentation regarding the upcoming ACSDA Leadership Forum• Announcement of the Host for the 2010 General Assembly

1:30 – 1:40p.m. Acknowledgements and FarewellACSDA’s New President, and Francis Stenning, CEO, CAVALI S.A. I.C.L.V.

2:00p.m. Departure to Restaurant for Closing LunchMeeting place: Hotel Lobby

2:15 – 4:3p.m. Closing Lunch at Casa Moreyra Restaurant


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With seasonably crisp October winds blowing

outside, over one hundred and twenty

delegates from around the globe kept warm

at the 8th Americas' Central Securities

Depositories Association (ACSDA) seminar

at the Sutton Place Hotel in Toronto, Ontario

on October 1-3, 2008.

Representatives from Central and South

America, North America, the Caribbean,

Europe, South Africa and Asia participated in

in-depth sessions exploring topics of interest

to world-wide central securities depositories.

A panel of securities industry experts discussed

subjects that included:

> Trends around the world with

respect to vertical and

horizontal integration

> The expansion of central securities

depositories into various foreign

markets

> The growing diversity of services

currently being offered by central

securities depositories

> Enterprise risk management and

its importance given the current

financial market

> How to improve processing of

corporate actions.

"Forums, such as today's seminar, provide

opportunities for members of the association

to interact with market participants and

regulators to exchange views and improve

understanding of our respective interests,"

said Charles Moses, Chairman, The Canadian

Depository for Securities Limited, during his

opening remarks.

"It is through participation in associations such

as ACSDA that depositories can raise their

game and provide enhanced value to their

customers. By acting as a regional forum for

depositories with common issues and interests,

ACSDA provides its members with

opportunities to learn from the experience of

others in developing solutions for their

markets and acts as a collective voice to

advocate issues of importance for its

members." said Moses.

A question and answer period followed each

session to encourage open dialogue and the

sharing of expertise and best practices on

these topics.

Delegates were also invited to an opening

reception at Sutton Place's Stop 33 (sponsored

by Omgeo) and a dinner at Palais Royale

(sponsored by Tata Consultancy Services),

where guests experienced Canadiana with a

dinner of venison and entertainment by a

rousing Celtic band, Poor Angus.

ACSDA’s 8th SEMINAR IN TORONTOBy Michelle Moore and Elaine Reyes, CDS

For all presentations please visit the Events and then Seminar page ofwww.acsda.org in English and Spanish

Peter Gnepf of ISSA with ACSDAExecutive Secretary Bruce Butterill

Panel on STP from ISSA, DTCC andOntario Securities Commission

Dr. Wenhua Dai of SD&C Chinaclearrepresenting ACG, during Roundtable

Ian Gilhooley, CDS President & CEOwelcomes ACSDA to Toronto

Beyond CSD Core Business panelistsfrom JCSD, DCV, ECSDA


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ACSDA’s 8th SEMINAR IN TORONTO (Cont..)

On behalf of the Legal Committee, I would like

to tell you about one of the highlights of our

meeting in Toronto on November 30th and

October 1st. At the conclusion of our Legal

Committee's day-and-a-half meeting, we were

invited along with our special guest, Dr.

Wenhua Dai of the ACG, to visit Osgoode Hall;

a beautiful heritage building located a short

walk from the offices of our hosts CDS. This

historic site is the focus for legal activity in

Ontario, and it has been co-owned by the

Ontario Government and the Law Society

since 1840. The Court of Appeal for Ontario,

the Superior Court of Justice and the Law

Society of Upper Canada are all currently

located in this building.

During our tour, we had the opportunity to

learn about Osgoode Hall, its impressive

architecture and history, as well as the role it

has played in Ontario's legal community. We

also learned about the legal profession in

Ontario and Canada, and were able to make

interesting comparisons to the legal systems

of our own countries.

The highlight of our visit to Osgoode Hall came

half way through our tour when we were invited

to meet the current president of the Law Society

(his official title is Treasurer), Mr. William Millar.

Mr. Millar, a very prominent Toronto lawyer,

took a few minutes from his busy schedule to

invite us into his office and tell us a little bit

about the Law Society of Upper Canada

(Ontario) and his role as its Treasurer. We

had the opportunity to tell him about ACSDA

and the purpose of our visit to Toronto. He

was delighted to learn that we were from Latin

America and proceeded to tell us about his

early days as a teacher in Colombia.

This was certainly a very interesting and

memorable experience for all for us!!!

LEGAL COMMITTEE MEETS IN TORONTO, TOOBy Javier Jara, DCV

Mark Weseluck of CDS introduces roundtable sessions, and facilitator Jerome Dumaineof IBM Global Business Services records discussion findings.

ACSDA Legal Committee at OsgoodeHall in Toronto

Noberto Gysin of Caja de Valorespresents Argentina’s market model

Gustavo Pereira of Clearstream andNoris Aguirre of CVV Venezuela

Tanya Knowles of Strate and EduardaMatos of CDS with ACSDA friends

Celtic Band, Poor Angus, entertainsACSDA at the Seminar’s official dinner


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Central de Depósito de Valores S.A. de C.V.

El Salvador, C.A. (CEDEVAL) began

operations in November 1998, with an initial

deposit of US$514 million in securities. By

the end of October 2008, the amount on

deposit had surpassed US$4.9 billion.

CEDEVAL was incorporated under the

Securities Market Law (Ley del Mercado de

Valores). It also provides the recording and

management of dematerialized securities

subject to that which is established in the Law

of Electronic Registry of Securities on Account

(Ley de Anotaciones Electrónicas de Valores

en Cuenta).

CEDEVAL's principal objective is to mitigate

the risk associated with the custody and

management of securities; furthermore, it

provides the technological platforms and

operational mechanisms which allow the

clearing and settlement of transactions, as

well as the transfer of securities in a dynamic,

safe and timely manner, using state of the art

technologies and adopting international

business practices.

Since its creation, CEDEVAL has played a

key role in the development of the securities

market in El Salvador.

As a result of CEDEVAL´s risk management

policies, issuers and investors can rest assured

that their operations carried out on the

Salvadoran Stock Exchange are cleared

through efficient systems that guarantee

safety.

“Throughout the past decade, CEDEVAL has

developed a mastery of core skills in custody,

administration, clearance and settlement, and

setting priorities in international best practices

and regulatory compliance so as to achieve

risk mitigation in all operations,” explained

Mariano Novoa Flores, CEO of CEDEVAL.

According to Rolando Duarte Schlageter, El

Salvador´s Stock Exchange CEO, “CEDEVAL

successfully achieved its goals of becoming

acknowledged as a Depository which meets

consumer's needs and international standards

like those adopted by more developed

markets, due to its constant innovation,

focusing on breakthrough technology and the

adoption of best practices.”

In 1999, agreements signed with important

global custodians helped facilitate the trading

of international securities and cross-border

transactions, thereby increasing Stock

Exchange and custody volumes. As part of

its global vision, in 2000 CEDEVAL joined the

Americas´ Central Securities Depositories

Association (ACSDA), allowing the Depository

to share international best practices.

Over the past years CEDEVAL has

significantly strengthened risk and compliance

systems and methodologies to protect against

credit, market and operational risks. An

example of major initiatives was the

implementation of Securities Dematerilisation

in 2002, which represented a major

contribution to improve trading efficiency,

reduced operating costs and the elimination

of risks associated with physical securities

certificates.

During 2007 CEDEVAL was able to list its

shares in the Stock Market of El Salvador. At

the same time, an important rating of AA+,

with a stable perspective as an issuer of

CEDEVAL CELEBRATING 10 YEARS OF PROVIDING SAFETYAND TRUST TO THE SALVADORAN SECURITIES MARKETBy Jorge Moreno, CEDEVAL

From left to right: Marvin Cerros,Alejandra Huezo, Walter Hernández,Jorge Moreno, General Manager,CEDEVAL, Javier Mayora, GeneralManager, Bolsa de Valores, Dr.Guillermo Hildago Qüehl, Founder andDirector, CEDEVAL, Ivette Sigüenza,Jorge Cabrera and Byron Martínez, allfrom CEDEVAL


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securities was obtained from Fitch of Central

America.

CEDEVAL´s outstanding growth in securities

custody reflects the market's trust which has

been built during the past 10 years. By October

2008, custody volume reached US$4,9 billion

representing 25% of El Salvador's GDP,

highlighting its important role in Salvadoran

economy.

Regarding future plans, the Depository is

working on a project to simultaneously execute

the Delivery vs. Payment process, which was

previously managed by the Stock Exchange.

In November CEDEVAL celebrated 10 years

of success with an elegant cocktail party,

preceded by a ceremony. During this

ceremony, Mariano Novoa, CEDEVAL’s CEO

presented, on behalf of the Board of Directors,

their most important achievements followed

by the presentation of acknowledgements to

those key individuals who made CEDEVAL's

creation and growth possible.

The closing event was a speech by Jorge

Hernan Jaramillo Ossa, CEO of DECEVAL in

Colombia, and VP of ACSDA through which

he presented the latest trends in securities

custody and far broader service opportunities.

Continued from p6

From left to right: Lic. Rolando Duarte,President, Bolsa de Valores, Licda. LuzMaría de Portillo, President, BancoCentral de Reserva de El Salvador, Lic.Rogelio Tobar, Superintendente deValores, Dr. Jorge Jaramillo, KeynoteSpeaker, and Lic. Mariano Novoa Flores,President, CEDEVAL

CEDEVAL supports equities, fixed incomesand other debt instruments in dematerializedform (84%) or inmmobilized (16%).

Dr. Jorge Jaramillo, CEO, Deceval, andVice President, ACSDA during hiskeynote speech addressing theSalvadorian Financial Market

During the celebration: Ing. BenjamínValiente, Director, CEDEVAL, Lic.Mariano Novoa Flores, and Dr. GuillermoHidalgo Qüehl


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10 YEARS OF

We, at Strate, are proud to be celebrating our

tenth year as South Africa's Central Securities

Depository. Since 1998 Strate has entrenched

itself as the leading provider of innovative post

trade products and services for the South

African financial markets and has gained global

recognition for the confidence we inspire.

We would like to thank all our stakeholders

for their ongoing support and faith in our ability

to provide outstanding products and services

- this is greatly appreciated and does not go

unnoticed. We believe that our success as a

trusted and preferred centralised provider of

products and services is built on your support

and dedication.

Our promise to you as friends, family or

stakeholders in Strate, is that we will continue

to strive for excellence in all that we do and

will remain committed to enhancing our

offerings of products and services to our

market.

We thank you again for all your support and

look forward to a successful and rewarding

relationship in the years to come.

Warm regards,

Monica Singer

CEO

Strate Ltd.

To mark the 5th Anniversary of the Mercado

Global in Mexico, the Bolsa Mexicana de

Valores and Deutsche Bank hosted a reception

in October to celebrate their collaboration in

offering international securities to Mexican

investors within the Bolsa's special global

section.

ACSDA Members Hector Anaya, CEO; Arturo

Navarro, COO, and 15 others from S.D. Indeval

Institución para el Depósito S.A. de C.V.

(INDEVAL), and Cecilia Humphrey, Americas

Representative, The Depository Trust &

Clearing Corporation (DTCC), were among

more than 75 guests from the Mexican

financial community.

The Mercado Global market started in June

2003 and currently enables Mexican investors

to invest through local stockbrokers in 400

international equities and exchange-traded

funds at the Bolsa, with INDEVAL clearing

and settling for its participants. Deutsche

Bank, as sponsor and custodian for the

Mercado Global, helps Indeval to hold its

collective inventory, on behalf of its participants,

in each of the international issues' respective

home markets. Deutsche Bank's account at

DTCC's depository serves as custodian for

U.S. issues, the largest international segment,

and connects Indeval's Mercado Global

inventory with those issues' home market

liquidity.

5th ANNIVERSARY OF MERCADO GLOBAL BMV, MEXICOBy Cecilia Humphrey, DTCC

Claudio Curtius, representing DeutscheBank as sponsor of the Bolsa Mexicanade Valores' Mercado Global, welcomesguests.

From November 17th to 23rd, 2008, the city

of Lima hosted a gala welcome, and gained

the world's attention, when we received the

leaders of all 21 Pacific Rim economies

participating in the Asia-Pacific Economic

Cooperation (APEC), for their XVI meeting. 1.

What has been the outcome of the 2008 APEC

Summit?

Two important declarations:

Firstly, a declaration addressing the world

financial crisis, expressing consensus with the

principles and criteria agreed by the Group of

the 20 for the reform of the international

monetary system. The declaration urges

nations to face the global crisis in a coordinated

way, including better regulations but also

avoiding any return to protectionism.

Secondly, the Lima Declaration, which

underscored the dignitaries' shared

confidence in the future, all of them wearing

the woolen baby-alpaca ponchos designed for

the occasion by President Alan Garcia and

made in the city of Arequipa, Peru. They ratified

their commitment to enhance regional

integration, food safety, corporate social

responsibility, to fight against corruption and

terrorism, to overcome the challenges of natural

disasters and climate changes and to

strengthen cooperation within APEC.

We bade farewell to our prestigious guests,

and as Peruvians we are satisfied that during

these days, as a result of the APEC Summit,

the world has known Peru better, its numbers,

investment projects, culture and customs, food

and drinks (including pisco sour). Most hopeful

and of greatest significance for the

development of our country were the

announcement of future investments and the

signing of free trade agreements with China

and Mexico, which together with the recent

free trade agreement with the United States,

predict a positive evolution of our economy.

For Peru, the year 2008 has been the Summits

year. In May we hosted the V Latin America

and Caribbean - European Union Summit with

the attendance of more that 30 Heads of State.

For 2009 and within the frame of the celebration

of ACSDA 2009 General Assembly from

February 25th to 27th, Peru will continue be

an inspiring setting for the exchange of

experiences and for cooperation in the search

for jointly defined, and mutually helpful solutions

among all ACSDA members. CAVALI looks

forward to welcoming you again to Lima!

1.The APEC economies which together

represent 60% of the world's wealth, include,

apart from Peru other four ACSDA member

countries of the West Pacific Basin: United

States, Mexico, Canada and Chile. The next

APEC Summit 2009 will take place in

Singapore.

APEC LEADERS VISIT LIMA, PERUBy Magaly Martínez, CAVALI S.A. I.C.L.V.


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At the Asia-Pacific CSD Group's 12th General Meeting in Singapore, ACSDA PresidentMary Ann Callahan, provides an update on ACSDA programs and plans. She is joinedby Muthukrishnan Ramaswami and Terry Gibson of Singapore Exchange Limited,ACG’s newly elected secretariat, Jöel Mérère, Chairman of ECSDA, and DmitriyRyabichenko, Head of External Relations, AECSD.

CSD10, the tenth biennial conference ofCentral Securities Depositories, will be heldMay 20-22, 2009, in Budapest, Hungary, co-hosted by Keler, the central depository andthe European Central Securities DepositoriesAssociation (ECSDA). Registration will begin

early in 2009, but already there is a website,www.csd10.com, with preparatoryinformation. ACSDA is represented onCSD10's agenda committee by PresidentMary Ann Callahan and Executive CommitteeMember Amarilis Sardenberg and ExecutiveSecretary Bruce Butterill. Monica Singer,another ACSDA Executive Committeemember, is technically representing theAfrica and Middle East DepositoriesAssociation (AMEDA), as her organization,Strate, is a dual member of ACSDA andAMEDA.

SAVE

TH

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ACSDA REPRESENTED AT GLOBAL MARKET INFRASTRUCTURE CONFERENCE IN NEW YORKOn December 2, at a Global MarketInfrastructure Conference organized bySecurities Operations Forum in New York,and co-sponsored by DTCC and JP Morgan, ACSDA President Mary Ann Callahan, andCecilia Humphrey, DTCC's Americasrepresentative based in Mexico City, werefeatured speakers, sharing a panel called LatinAmerican Markets and Infrastructures withTom Trepanier, Omgeo's relationship managerfor Latin America. After outlining recent markettrends in the region since August (in thecontext of worldwide market turmoil), they

provided a brief overview of selected LatinAmerica markets, issuers, and subcustodians,for the mainly U.S. audience. Having madeprint versions of the ACSDA Profile Handbook2008 available, they summarized noteworthyattributes of ACSDA member CSDs in LatinAmerica, and then emphasized the leadingrole that ACSDA is aiming for as a collectiveindustry resource for the region's marketinfrastructures, and as a authoritative andinfluential voice for its members in globalinitiatives. A copy of the slides will be postedon ACSDA's website, www.acsda.org, shortly.

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