Reforming Payment and Securities Settlement Systems in the Middle East and North Africa March 15-17, 2005, Gulf Hotel, Manama, Bahrain

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1 1 Reforming Payment and Securities Settlement Systems in the Middle East and North Africa March 15-17, 2005, Gulf Hotel, Manama, Bahrain SPEAKER BIOGRAPHIES Nadia Abdelaal Hassan Manager of the Payment System Department Central Bank of Egypt Cairo, Egypt Dr. Nadia AbdulAal was born in Cairo, on May 5, She graduated from the Faculty of Commerce, Accounting Section, Cairo University in She obtained her Masters degree on Banking and Finance from Baconi University, Italy. Dr. Nadia was awarded her PhD degree on Payment Systems Development in the Developing Countries and the Role of Central Banks from the University of Barrington, Florida in She has started her career at the Central Bank of Egypt since 1987, and has participated in many studies concerning the automation of the Bank, the electronic cheque truncation outside the Clearing House, the automation of the Clearing House, the establishment of the National Switch and the Credit Bureau. Dr. Nadia contributed to implementation of the SWIFT service in the Central Bank of Egypt and many other banks inside Egypt and abroad in the Sudan and Libya. Within the framework of the COMESA, she has been selected since 2002 to be a member in the payment systems experts' committee in the group. Currently, Dr. Nadia is the head of the Payment Systems at the Central Bank of Egypt and the Executive Director of the National Payment Council. Hazem El Beblawi Advisor Arab Monetary Fund Corniche Street, PO Box 2818 Abu Dhabi, United Arab Emirates Yisr Burnieh Economist Arab Monetary Fund P.O. Box 2818 Abu Dhabi, United Arab Emirates

2 2 Alberto Casagrande Senior Specialist in Economic Analysis The Core Consulting S.R.L. il Magnifico 120 Rome, Italy Alberto Casagrande is CEO of The Core Consulting Group, since January In this position, he advises the EU Antitrust Commission; provides economic consultancy over TLC regulation to the Italian Legislator; provides strategic consultancy to companies operating in the TLC and food & beverage industries; builds and implements an integrated evaluation system for a top Italian private University; and has developed and implemented statistical models to support the Italian Ministry of Finance. Previously, Mr. Casagrande served as Project Manager for McKinsey & Company in their Italian Office, from June 2000 to December In this position, he drove the turnaround of a sizeable but underperforming Italian financial institution; assessed the shareholder value of a top insurance group worldwide; and contributed to the European Risk Management Practice of McKinsey and Company. He has also served as an Associate for McKinsey from Prior to these positions, Mr. Casagrande worked at the Bank of Italy as an Economist and Analyst His academic specialties are Game Theory, Applied Microeconomics, Industrial Organization, and Econometrics with papers written on Private Corruption and Growth, (with G. Cozzi, in progress); "Relaxing Start-up Liquidity Constraints," (with M. Spallone), Mimeo, 2003; "An Innovative Framework to Evaluate Universities," Filosofia e Questioni Pubbliche, forthcoming; "Why Is Pre-trial Settlement So Unpopular in Italy?" (with M. Spallone), under second revision, Rivista di Politica Economica, 2002; "Matrice Input/Output per Valutazioni di Business," (with S. Salvaggio), Web Marketing Tools, 2001; "A Structural Estimation of Tax Evasion in the United States," Mimeo, 1999; and "Tax Evasion and a Role for the Government: a General Equilibrium Approach," Mimeo, Mr. Casagrande has worked as Adjunct Professor, Luiss. He holds a Ph.D. in Economics from New York University, a Master of Arts in Economics from New York University, and a B.S. in Economics and Business Administration from Luiss, Rome. Massimo Cirasino Lead Financial Sector Specialist, FSOPD World Bank 1818 H Street, NW Washington, DC USA Massimo Cirasino, an Italian national and an economist, joined the World Bank in July 1998 and is Senior Financial Sector Specialist in the Financial Sector Operations and Policy Department (Payments System / Financial Sector Infrastructure Unit). Massimo plays an active role in many of the unit's significant country and regional interventions. In

3 3 particular, he is one of the two project managers of the Western Hemisphere Payments and Securities Clearance and Settlement Initiative (WHI) where he is also a diagnostic study team leader and the primary liaison between the World Bank and the International Advisory Council of the Initiative. Specifically, Massimo has coordinated the country study work in Argentina, Brazil, Colombia, Jamaica, Mexico, Netherlands Antilles, the Organization of Eastern Caribbean States, The Bahamas, Trinidad and Tobago, Uruguay and has been an active members of the other 8 missions of the WHI (a total of 18 countries in the Latin America and Caribbean Region). Massimo has been representing the World Bank on the BIS CPSS Task Force that developed and promulgated the Core Principles and implementation guidelines relating to systemically important payments systems (SIPS); the CPSS-IOSCO Task Force that developed the assessment methodology for the Securities Settlement System Recommendations; and the CPSS- IOSCO Task Force that is developing guidelines for Central Counterparties. As a result, Massimo is the primary contact at the Bank for the assessment of payments and securities settlement systems in the context of the joint Bank-Fund Financial Sector Assessment Program (FSAP). In addition, he contributes continuously to the on-going payments system reform project being pursued by the central banks of Angola, Libya, The Bahamas, Trinidad and Tobago, and Venezuela. He has also participated as speaker in a number of conferences and seminars. Massimo has published several papers on payments and securities settlement system, among which a path-breaking article on payment system oversight. Massimo is an officer of the central bank of Italy (Banca d'italia), which he joined in From 1993 to 1996, he worked in the Payment System Department and from 1996 until the time he joined the World Bank, he served Banca d'italia in its Representative Office in New York. Prior to joining the Banca d'italia, Massimo worked in Brazil as a journalist and a researcher in monetary economics and has traveled extensively throughout Latin America. Besides Italian, Massimo speaks fluently English, Portuguese and Spanish and has some knowledge of French. Massimo carries degrees in Economics and Business and Political Sciences respectively from the Luiss University (Rome) and the La Sapienza University (Rome). He also got a Master's degree in Banking from the La Sapienza University (Rome) and a Master of Philosophy's in Economics from New York University. José Antonio García García Luna Senior Economist and Technical Secretary of the WGPS-LAC Centro de Estudios Monetarios Latinoamericanos (CEMLA) Mr. José Antonio García García Luna currently serves as Senior Economist for the Centre for Latin American Monetary Studies (CEMLA). As Senior Economist his current duties include acting as member to the Core Team managing the Western Hemisphere Payments and Securities Clearance and Settlement Initiative (WHI), and serving as Technical Secretary to the Working Group on Payment System Issues of Latin America and the Caribbean (WGPS-LAC). Prior to his current position at CEMLA, Mr. García Luna served as Analysis Manager for Special Projects ( ) at Banco Inbursa, and as Technical Consultant in Banking Supervision ( ) at the Centre for Latin American Monetary Studies (CEMLA).

4 4 Mr. García Luna received his Bachelors' Degree in Economics at Universidad Anáhuac, and his Masters' Degree in Business Economics at ITAM; both institutes are in Mexico City Marcos G. Ghattas Program Manager, Technical Cooperation, MNATC World Bank 1818 H Street, NW Washington, DC USA Mario Guadamillas Senior Financial Economist, LCSFF World Bank 1818 H Street, NW Washington, DC USA Mario Guadamillas has worked for The World Bank since As Financial Economist for Latin America and the Caribbean, he provides technical and conceptual advice to World Bank financial sector operations and research in the Region and coordinates the Western Hemisphere Payments and Securities Clearance and Settlement Initiative. He is also actively involved in the joint IMF-World Bank Financial Sector Assessment Program. Previously, he was an Economist in the Ministry of Finance of Spain at the Research Department, where he conducted research and produced publications about a broad range of international and domestic economic issues. He also worked for the Central Bank of Spain as an economic and financial analyst. He lectured from 1992 to 1998 at the Universidad Autónoma, Universidad San Pablo CEU, Universidad Alfonso X, Universidad Europea de Estudios Superiores and Universidad Nacional de Educación a Distancia, all in Madrid, in the areas of macroeconomy, economic policy, international economy and financial system. Mr. Guadamillas earned his M.A. and Ph.D. degrees in Business and Economics respectively at the Universidad Complutense and Universidad Nacional de Educación a Distancia in Madrid. Oubrik Hafid Head of Payment System Department Bank Al Maghrib P. O. Box 445 Rabbat Morocco

5 5 Ramzy Hamadeh Head of the Current Operations Department Central Bank of Lebanon P. O. Box Beirut Lebanon Ali Al Homidan Payment System Manager Saudi Arabian Monetary Agency Riyad, Saudi Arabia Robert Lindley Committee on Payment and Settlement Systems Bank for International Settlements Centralbahnplatz 2, CH-4002 Basel Switzerland Mr. Lindley works at the Bank for International Settlements (BIS) in Basel, where he is Deputy Head of the Secretariat to the Committee on Payment and Settlement Systems (CPSS). The CPSS was set up by the G10 central banks in order to consider issues of concern to them in the field of payment, clearing and settlement systems, and the Secretariat's function is to support this work. At the moment Robert is particularly involved in the CPSS's work on oversight and on reducing foreign exchange settlement risk. Other topics Robert has been involved in while he has been in the Secretariat include large-value payment systems, payment system risk, the Core Principles for Systemically Important Payment Systems, the role of central bank money in payment systems, the Red Book statistics, and collateral. Before he joined the BIS in 1995, Robert worked at the Bank of England. Between 1990 and 1995 he worked on payment systems issues and, in particular, on the Bank of England's policy towards tackling payment system risk and the related project to convert the large-value sterling payment systems from end-of-day net settlement to real-time gross settlement (RTGS). He was also involved in much of the early work on payment system issues by the European Union central banks, including preparation for the introduction of the euro. In 1993 he spent some time in Hong Kong acting as a consultant to the Hong Kong Monetary Authority, looking at the feasibility of introducing RTGS there.

6 6 Maria Chiara Malaguti Professor of Trade Law, Law Faculty University of Lecce c/o Verusio e Cosmelli - Mazzoni e Associati Studi Legali Foro Traiano 1A Rome, Italy Dr. Malaguti currently serves as Counsel, Studio Legale Associato Mazzoni e Associati in Rome. Previously, she has served as a Legal Expert to the European Central Bank in the Directorate for General Payment Systems, Securities Settlement Policy Division. She has also worked as Referendaire and Chef de Cabinet in the Cabinet of Judge Mengozzi, Tribunal of 1st Instance of the European Communities in Luxembourg; and as Senior Associate, Studio Legale Associato Mazzoni e Associati in Milan. Prior to that, Ms. Malaguti has held positions at Cleary, Gottlieb, Steen & Hamilton, in Brussels; and EC Commission in Brussels. Ms. Malaguti holds a Ph.D. from Istituto Universitario Europeo, Florence (IUE), Italy; an LL.M. from Harvard Law School; and a Masters of Arts from Cambridge University, and a Law degree from the University of Bologna, Italy. She is currently serving as Director of the School of Advanced International Studies, Lecce (School for diplomatic and international organisations careers); Professore Associato, and chair of Trade Law at the Law Faculty of the University of Lecce; Jean Monnet Professor of European Commercial Law at the Law Faculty of the University of Lecce; and faculty member of Institute for Law and Finance (ILF), Goethe University, Frankfurt (course on EC competition law). Hashim Abdulla Al Sadah Director, Systems Development & Planning Division Qatar Central Bank P. O. Box 3322 Doha Qatar Ferdinando Sasso Head of Division, Treasury Relations Department Banca D'Italia Via Nazionale Rome Italy

7 7 Ilna Stroh Senior Payments System Consultant PO Box 41407, Glenfield Office Park Garsfontein East, Faerie Glen Pretoria, 0060 South Africa Ms Ilna Ströh is an executive director and co-founder of Perago Financial System Enablers, a company specialising in financial infrastructure solutions. Her background is in information technology, central banking, and in the transformation of national payment systems. Prior to the establishment of Perago in 1999 she spent eighteen years at the South African Reserve Bank. During her career at the Bank she was exposed to all the major business areas relevant to a central bank and is experienced in most of the related information technology disciplines, ranging from economic research applications to the development of high-level systems architectures for a number of central bank functions. In this role she has made a major contribution in the national payment system initiative in South Africa and in the Southern African Development Community (SADC). She was primarily responsible for developing the document, entitled, "The South African National Payment System, Framework and Strategy", which outlined the envisaged payment system for South Africa. In the SADC payment system project Ms Ströh made a major contribution to putting the project on course and involving all SADC central banks in the initiative. As part of her payment system related activities she has worked closely with experts from the World Bank and other agencies and participated as a member of the special task force of the Bank for International Settlements (BIS) working on core principles for systemically important payment systems. Since the establishment of Perago, the company has successfully assisted three countries in the transformation of their national payment systems and the implementation of the Perago:RTGS solution. Ms Ströh holds a B.Sc (Honours) degree in Computer Science, as well as a Master of Business Administration. Philip Tromp Senior Payments System Consultant PO Box 41407, Glenfield Office Park Garsfontein East, Faerie Glen Pretoria, 0060 South Africa Dr. Philip Tromp is Managing Director and co-founder of Perago Financial System Enablers, a company specialising in clearing and settlement solutions. He has a strong background in central banking, information technology and in the transformation of national payment systems. Prior to the establishment of Perago in 1999 he followed a career as a central banker for 22 years at the South African Reserve Bank.

8 From 1994 to 1998 he led a South African banking industry initiative to transform the national payment system of South Africa. In this initiative, he applied a strategic and collaborative approach that resulted in a blueprint for the reform of the payment system. A number of key deliverables resulting from the transformation of the South African system included the implementation of the South African Real-time Gross Settlement (RTGS) System, a national payment system act, a self-regulatory management body and integration with the financial markets. Dr Tromp was also instrumental in launching the payment systems initiative of the Southern African Development Community (SADC) of the SADC Committee of Governors in Since the establishment of Perago, the company has successfully assisted three countries in the transformation of their national payment systems and the implementation of the Perago:RTGS solution. Dr Tromp holds a Bachelor's degree in Computer Science, a Master of Business Administration and Doctorate in Informatics. In 1995 he won the Computer Society of South Africa's award as information technology manager of the year and has published a book on a collaborative approach to management entitled Creating a Meeting of Minds. 8