SIFMA Operations Conference Alternative Investment Products

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1 SIFMA Operations Conference Alternative Investment Products Mark Lancaster

2 Alternative Investment Pain Points Difficulty identifying instruments and maintaining instrument data Paper subscription and redemption documents being circulated Payment processing is problematic Fragmented data communication Multiple position files and multiple formats being processed by order senders Time consuming reconciliation of positions and dividends Limited distribution channels due to these operational pain points 2

3 AIP History Overview Wealth Management Services - Fund/SERV: - launched in 1986 for Daily Traded Funds - used by investment companies, money managers and financial intermediaries - 40,000 CUSIPs (of which 5,000 are cross-border) Alternative Investment Pilot User Group formed during 2005 to confirm demand and gather requirements AIP System Created - 4Q 07 May 08 - SEC Approval of NSCC Rule Change for AIP Service Launched on November 18 th, 2008 First live activity on the AIP system between BNY Mellon as Transfer Agent and Pershing LLC 3

4 What is AIP? A community of industry participants who are members of the AIP service and agree to be bound by the NSCC rules associated with use of the service A standard set of messages for pre-order, order and post-order processing A centralized communications network A settlement mechanism (optional, USD currently) A system with a built-in business logic driven by the transaction cycle and the fund s Security General Profile, which is required 4

5 Industry Automation Options Point to Point Messaging ISO Messages DTCC / NSCC AIP Service Suite Customized File Formats for each Contra Party Standard File Formats Standard File Formats Costly Decentralized Communication Central Communication Hub Central Communication Hub Message Centric Message Centric Settlement Transaction Cycle Focus Business Logic Straight Through Processing 5

6 Global Fund Types Eligible on AIP System Non-Traded U.S. REITs Funds of Hedge Funds Hedge Funds Managed Futures Funds Commodity Pool Funds Private Equity Funds (in process 6

7 Message Types Overview Security Profile Orders - Subscription/Purchase Processing - Tender Offer/Redemption Processing Exchange Processing (firm, fund, fund confirm of exchange) Commissions Processing Activity & Distribution Processing Position Reporting Valuation Reporting Account Maintenance (ability to edit, modify and audit changes) 7

8 Orders Order Acknowledgement PDF of Paperwork Acknowledgement Settlement Confirmation Activity & Distribution Position Commissions Benefits: Streamlined Central Communication Business Scalability Single, Central Settlement Reduced Operations Costs Reduced Reconciliations 8

9 Proposed Pricing for each side No Membership or Start-up Fees. Costs are only activity-based. REITs and Other Direct Participation Programs Hedge Funds, Fund of HF, Private Equity & Managed Futures Record $0.10 $0.10 Order (optional PDF included) $6.00 $15.00 Stand-Alone PDF $2.50 $2.50 Note: Prices may be adjusted significantly depending on industry-segment or key group service adoption scenarios 9

10 Steps Toward AIP Implementation 1. Learn more about AIP capabilities 2. Join our AIP User Group 3. Form a project team: - build internal consensus - consider connectivity options (XML, flat files & CSV) - cost/benefit analysis - project approval 4. Implementation 10

11 Contact Information: Mark Lancaster, Vice President, Product Management Keisha Bell, Director, AIP Product Manager Darren Merims, Relationship Manager

12 Web Services Access Platform Insurance & Retirement Services (I&RS) SIFMA Operations Conference April 27, 2009 Presented by : Jamie Taylor

13 Opportunity Overview DTCC I&RS is evaluating the opportunity to provide a centralized, standardized web services messaging platform for industry data sourcing and transaction processing. - I&RS is proposing a multi-faceted business plan to introduce a phased implementation of services including: Web accessibility solutions Robust real-time web services processing solutions Comprehensive data warehousing solutions Initial focus: - Determine leveragability of existing web architecture at customer and vendor shops - Identify opportunities to further support industry STP initiatives - Identify channel and product-line expansion opportunities - Identify opportunities for increased adoption of existing services - Define industry priority for various proposed services - Produce 2009 development and implementation plan by 2Q09 for validation by SAB and partners 13

14 Categories Defined Web accessibililty Web accessibility solutions Web accessibility options will provide non-integrated, web-accessible, front-end solutions for distribution participants to access DTCC I&RS processing solutions (e.g. L&A Access, BIN/REP). Underlying technology for actual DTCC processing may or may not be real-time messaging solutions eligible for true web services (e.g. flat file, batch processing may power the engine behind the web portal presentation layer offered). Purpose of providing Access platform solutions for existing and new services is to provide distributors and their representatives a no/low-development, low-cost platform to electronically process insurance & retirement transactions. Access platform solutions will conform to industry standard usage and best practice protocol, and provide distributors and carriers with transactions that conform to transactional processing expectations. Web Access solutions will be available to member participants as well as third party participants through links to the DTCC Access portal DTCC I&RS will continue to work diligently with solution partners and distributors working to build comprehensive, more robust solutions. 14

15 Categories Defined Web services Web services processing solutions Web services solutions will provide an underlying base architecture of true real-time web services messaging, coupled by a complex layer of customer accessibility options Accessibility options will include the DTCC Access platform, vendor applications to access real-time messaging calls, and custom built distributor platform solutions that through DTCC access trading partner systems directly. For each service, DTCC will define a superset of required data elements to collect from the information or transaction requestor and pass through to respondent (most often carrier) website. Respondent will utilize the data passed to process and compose response based on existing or newly developed call routines at its own shop. - Request / response messaging will be industry defined standards. - Existing standards, if applicable will be leveraged. Web services will include pre- and post-issue processing solutions such as: Customer Account Inquiry (account balances, rates of return, allocations by asset class, transaction history, etc.) Demographic changes (address, name, contact information) In-force service feature maintenance (dollar cost averaging, asset reallocation) Financial transactions (withdrawals, fund transfers (may include block trades), premium additions) Pending case status (replacements, new business, post-issue transactions) Pre-replacement inquiry (inquiry to ceding carrier for old contract information) Can-sell appointment authorization Sales illustrations Customer statements (returned via PDF/other) 15

16 Categories Defined Data Warehousing Comprehensive data warehousing solutions Data warehousing will combine the underlying real-time messaging architecture of its web services platform with a robust data storage facility for upload, maintenance and retrieval of commonly accessed industry data, such as product profiles (PPfA) Data warehouse opportunities may exist for the following: - Product Profile (may include a comparison component for real time pre-sale analysis FINRA requirement fulfillment) - License/Appointment (for centralized validation/authorization for sales and post-sale transactions order entry platforms are key target) - Forms library (pre-sale, sale and post-sale) 16

17 Opportunity Overview Web Services Platform Diagram Carrier A Carrier B Carrier C Carrier D Carrier E Add l Carriers DTCC I&RS Web Service Platform IPS DTCC Access Presentation & FE Platform Clearing Firms / Service Bureaus Vendor Platforms Dist A Dist B Dist C Dist D Dist E Dist F Dist G Dist H Dist I Dist J 17

18 Value Proposition Client - Standard messaging solutions - Secure infrastructure for non-public information (NPI) - Business continuity surety triple redundancy - One source for distributor requests for transactions and supporting data - One source for consumer access to data (distributor, regulatory, vendor, other) - Ability to leverage carrier web services investments into centralized processing solutions - Cost containment (eliminate multiple, non-standard proprietary feeds; at-cost business model) Industry - Security of data and business continuity - Utilization of industry defined standard messaging solutions - Governance and oversight to industry-defined data conformity best practices - One source for all consumers of industry shared data DTCC - A comprehensive web services platform will take I&RS to the next generation of data processing, moving beyond traditional flat-file batch processing to interactive, real-time web services solutions. Industry is moving toward real-time messaging solutions, and the new processing platform will provide a logical source for commonly exchanged data. 18

19 Strategic Fit Strategic Fit of the Opportunity - Current market volatility has resulted in development cut backs. The web services platform, including front-end accessibility, will provide users of services a potential no-cost, minimal development opportunity to implement STP solutions. - Carriers already have messaging solutions in place for various transactions on their websites that can be leveraged for some of the proposed transactions, and distributors are very interested in consolidating the look and feel of processing those transactions through one standard way. Strategic Fit for Business Unit(s) - I&RS is the defacto hub for annuity processing and is a natural fit to provide a centralized web services processing solution. - Broadens the I&RS product suite and compliments existing services, providing non-integrated accessibility at no cost for existing services at as well as new. - Broadens client base including traditional I&RS customers (carriers, large BDs) and opens the door for expansion into IBD and Bank channels as well as non-traditional consumers of data such as FINRA, Morningstar, Lipper, RIIA, and the community of vendor organizations supporting insurance business. Strategic Fit for DTCC - Broadens product suite by providing accessibility options for broad distribution audience, supporting both existing and new Insurance and Retirement solutions for pre- and post-sale transactions. - Broadens client base by providing no-cost accessibility tools for distribution and non-traditional consumers of Insurance and Retirement services, and enabling third party platforms to plug in to all services through the Access platform or directly. 19

20 Accessibility DTCC will evaluate a variety of flexible access options for consumers of web services: Distribution/Consumer Model 1 - Basic model will operate in the same manner as LNA Access. Back office users would be granted access to DTCC portal. User entitlements will grant access to one or more transaction services on the platform. This would be a non-integrated solution for distributors DTCC Access Platform Distribution/Consumer Model 2 - Extended basic Dist model Back would use I&RS Dist platform Back and access Dist Back directly through the DTCC Portal. User access would be managed at the FA/FA assistant level and associated Office with customer A accounts. Office BThis solution Office would C be a non-integrated solution for distributors. DTCC Access Platform FA/Asst A FA/Asst B FA/Asst C 20

21 Accessibility DTCC will evaluate a variety of flexible access options for consumers of web services: Distribution/Consumer Model 3 - Single sign-on model would allow users to sign on to their own distribution platform for validation and authentication and pass on to DTCC. DTCC will validate credentials and pass through to carrier. This solution would be a non-integrated solution for distributors, but eliminate multiple sets of sign on credentials. DTCC Access Platform Distributor Platform (single sign on only) Distribution/Consumer Model 4 - Integrated model would provide distributors the ability to utilize their existing distribution platform to send messaging requests through the DTCC web services platform. The distributor would provide the front end entry screens for such requests and compile the standard data messages for delivery to carriers, bypassing the DTCC front end/presentation layer. DTCC would validate user credentials passed through from distributor. FA/ Asst A FA/Asst B FA/Asst C DTCC IPS System (direct) Distributor Platform FA/Asst A FA/Asst B FA/Asst C 21

22 Questions?? For questions or additional information, please contact: Jamie Taylor (212)

23 DTCC Clearing Initiatives SIFMA Operations Conference Bill Kapogiannis

24 Agenda Exchange Traded Funds (ETFs) Obligation Warehouse Trade Capture Redesign 24

25 ETF Create / Redeem Service Provide Portfolio Composition Files to participants Participants Create or Redeem ETFs in exchange for the underlying securities Create/Redeem instructions can be processed regular way, shortened settlement or As Of Create/redeems are netted through CNS and guaranteed by NSCC 25

26 Benefits Provides a daily automated listing of PCF data to industry participants Reduces manual deliveries - Fully automated processing Guarantee by NSCC Processes non-cns eligible baskets through cash Flexible settlement processing (T+1, T+2 or regular way) 26

27 ETF s - Market Growth United States Europe As of 1/31/ ETF products with $454.9 Bn in AUM 18 providers Listings on 3 exchanges As of 1/31/ ETF products with $135.7 Bn in AUM 29 providers 1,553 listings on 20 exchanges Global As of 1/31/09 1,602 ETF products with $658.8 Bn in AUM 85 providers 2,683 listings on 42 exchanges around the world 27

28 ETF Landscape International/Global Equity 24% Commodity 8% Commodity Domestic Equity FX 4% Fixed Income Fixed Income 8% Domestic Equity 56% FX International/Global Equity 28

29 ETFs Enhancements Cash Component Processing This modification allows for create & redeem processing using cash as the underlying component Shortened Settlement Capabilities This new feature enables T+1 & T+2 settlement processing 29

30 Future Enhancements and Beyond Enhancing Portfolio Distribution Process Processing Hybrid Products New Instrument Processing 30

31 Obligation Warehouse SIFMA Operations Conference Bill Kapogiannis

32 Obligation Warehouse Service The obligation warehouse is a database that stores open obligations including fails through settlement Its purpose is to reduce manual broker-dealer processing and possibly reduce fail related capital requirements The Obligation Warehouse (OW) will replace the NSCC Reconfirmation and Pricing Service (RECAPS) 32

33 Obligation Warehouse Features The OW will: - Automate real-time matching/confirmation of fails and other open obligations - Reduce the number of fails outstanding by routing eligible securities to CNS daily - Net and re-price non-cns eligible securities - Mitigate risk and provide net capital relief by marking failed obligations to market - Obligation clean-up upon settlement for DTC deliveries 33

34 Processing Benefits Provides one central database for all broker-to-broker obligations Reduces the number of buy-ins being sent to confirm fails Automates labor intensive fail processes Netting and mark-to-market process will be monthly instead of quarterly Supports Mandatory Reorg Processing 34

35 Next Steps Next Steps - Continue Discussions with FINRA - Build application - Publish Formats - Publish Implementation Plan - Distribute testing information 35

36 Future Enhancements and Beyond Dividend processing Link to SMART/Track - Buy-ins - Voluntary reorgs Frozen Letters User security identifier processing Foreign securities Non NSCC participants 36

37 Universal Trade Capture SIFMA Operations Conference Bill Kapogiannis

38 Universal Trade Capture - Initiative Provide participants real-time contract output in one standard format Real-time reporting Standard message protocol Streamline trade record Aligns with accelerated trade guarantee Common format for all equity contracts No Big Bang - Participants can choose to receive current formats 38

39 Universal Trade Capture - Benefits Participant benefits Reconcile trades with clearing contracts in real-time Improved pended reject process Standard contract eliminates the need to support multi-contract (cost savings) Streamlined record increases processing efficiencies Real-time reporting confirms central party guarantee earlier 39

40 Timeline - Next Steps 2009 Business & Functional Requirements written, 1 st half Build and begin test, 2 nd half Issue messaging specifications to participants, Q Continue production parallel testing, Q1 Migrate solution and test with participants, mid

41 Questions??????? 41

42 Enabling the Efficient Community - Automating Confirms and Eliminating Paper Omgeo TradeSuite SM 7.1 Cost savings. Risk mitigation. Compliance. Lee Cutrone Managing Director, Industry Relations

43 Overview industry pain points In 2006, Omgeo partnered with the Bond Market Association (now SIFMA) Task Force on Electronic Confirmations to address concerns around fixed income paper confirm disclosures Reported industry pain points - The amount of paper used for confirmation processing (particularly in fixed income) - Costs associated with printing, mailing and storing paper disclosures - Risk mitigation - Compliance requirements 43

44 Overview (continued) the road to today November Omgeo presented proposed TradeSuite Confirm Disclosure service solution to SEC/MSRB March Omgeo receives a No Action letter from the SEC Allows broker/dealers using the TradeSuite 10b-10 compliant confirm to suppress paper Buy-side needs to opt-in to receive paper confirms November TradeSuite 7.1 released to Omgeo community. Includes: New 10b-10 required fields, Access to confirm disclosure service - aka Omgeo insite 44

45 Omgeo insite Buy-side disclosure document in PDF format 45

46 How does this impact me? sell-side 46 Cost savings - No longer pay to print, mail, or store paper confirms - Equity & Fixed income disclosures Industry average of 40 per mailed disclosure VS. Confirm Disclosure service cost of 5 (FI and equity) or 14 (FI only) Cost benefit analysis tool available to clients Risk mitigation - Omgeo insite electronically stores confirm disclosures for 10 years - Access = Delivery - Automate all confirms to eliminate the errors and delays of manual processing - Control settlement risk with real-time transaction reporting Compliance - Implement new discrete fields by June 30, 2009 to ensure 10b- 10 compliance

47 Omgeo s TradeSuite Confirm Archive Solution Description of Service Omgeo s Tradesuite Confirm Archiving solution provides the facility for Omgeo to archive/store TradeSuite confirms on behalf of broker dealers and investment managers, who can leverage an online interface to view and retrieve information. The service will be of value to clients who need an archiving solution that provides timely access to historical confirm data in real time. Confirm Archiving provides clients with piece of mind that they are compliant with their regulatory obligations under Securities Exchange Act rules 17a-3 and 17a-4 (for broker dealers) and Investment Advisor s Act Rule 204 (for investment managers) Upon enrollment, clients will have immediate access to their historical confirms going back 7 years. 47

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