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Changes in clearing and settlement
07 August 2012
CSDs, CCPs, the impact of low interest rates and the sovereign debt crisis are among the topics discussed at Global Investor/ISF's European clearing and
Chair: Can you start by explaining how the current sovereign crisis is affecting your firms and the services you provide? How about the historic low rate environment? How is either of these changing the way custodians and other participants do business?
Alan Cameron: We are not just dealing with a sovereign crisis right now, we are coping with lots of concurrent crises at the same time and our clients are struggling with these. We are paid - via transactions, asset valuations and interest rate spreads - and all are lower than we'd like them to be. At the same time there is a renewed focus on liquidity and collateral. Consequently, many of our clients are looking to get out of some activities and stick to what is really core, and this gives some opportunities, particularly around clearing and outsourcing. However, there is a general hesitancy across the market.
Lilla Juranyi: We're...
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