1. Update on Assessment and Disclosure Initiatives
Martha Fernandez
The Depository Trust & Clearing Corporation
October 27, 2005
Punta del Este , Uruguay

2. 8th Conference Of Central Securities Depositories
New York City April 27-29, 2005

3. Assessment and Disclosure Requirements
Assessment and Disclosure Requirements CSD8 Keynote History and Evolution - From 1989 to 2004 – 14 reports have been issued by more than ten different organizations with 104 recommendations on:
Trade Matching and Confirmation
Dematerialization
Delivery vs Payment
Securities Lending
Real Time Settlement Finality
Harmonization of Tax Reclaims
Messaging and Securities Identification Standards
Risk Management
Operational Risk
Legal Certainty Across Borders
Corporate Governance
Business Continuity
Etc, etc

4. 104 … and still counting

5. Assessment and Disclosure Requirements CSD8 Keynote
Purpose of Recommendations:
Risk Mitigation
Enhanced transparency
Investor protection
Harmonization of Procedures
Improve efficiency
Cost reduction

6. Assessment and Disclosure Requirements CSD8 Keynote
Relevance of Recommendations
Benchmarks for International Assessments
Benchmark for self assessment and implementation of best practices
Influence capital flows by reinforcing safety and reliability in the marketplaces

7. Assessment and Disclosure Requirements CSD8 Keynote
Assessment Initiatives
Regulatory Bodies – To guarantee the smooth functioning of market infrastructure. Minimum requirements for CSDs, Securities Settlement Systems and Central Counterparties
CPSS-IOSCO, CESR/ECB,FSAP,COSRA
Market Driven – Push markets to new standards and adoption of best practices
AGC, ISSA, G30
Rating Agencies – Gather information to develop and sell reports with analysis and rating on markets infrastructures around the world
Thomas Murray, Wilshire/CALPers, GSCS

8. Assessment and Disclosure Requirements CSD8 Keynote
In summary:
Are assessments appropriate?
How to coordinate such initiatives?
What is the real impact of so many assessment?
What is the role of regulators in this evaluation process?
Promote securities market transparency
Promote adjustments to the local legal framework to provide sounder investment basis to all market participants and to promote globally compatible cross-border investment regulation
Maintain a regulatory and supervisory approach by setting standards of conduct and mitigating systemic risk factors.

9. Update on Breakout SessionsBY
Margarida Baptista
CBLC