Technical specialist for a requirements and strategy to consolidate the Central Securities Depositories in the United Arab Emirates.
Emerging Capital Market Development Projects
Asian Development Bank – Asean Markets Integration Strategy*
Lead advisor a capital markets development strategy and plan for 9 major markets in the East Asian region, commissioned by the Asian Development Bank as part of a financial markets strategy review.
Bombay Stock Exchange – CSD Design*
Developed a detailed business requirements specification for a fully automated, dematerialised central securities depository and its interfaces to trading, clearing houses and other Indian depositories. This covered all functions for a hybrid materialized / immobilised market with high volumes of trading.
Bombay Stock Exchange – Trading System*
Led an advisory team which designed the central algorithm for a highly sophisticated, automated trading system (BOLT) for jobber and broker operation and addressed the regulation and surveillance of the market and changes in member practice. The BSE was the largest manual, floor traded market in the world with over 6000 companies, 3000 brokers and jobbers. Automation had an immediate and positive effect on the market and the SENSEX is a major index traded worldwide.
Bosnian Government – Privatisation & Capital Market Development*
Advised on the IT strategy and systems design and implementation issues for the mass privatisation program in Republika Srpska, as well as the development of capital market mechanisms.
Bulgarian Government – Mass Privatisation & Capital Market Development*
Adviser on the mass privatisation of over 2000 companies. Comparative analysis of Bulgarian, Czech and Polish methods of mass privatisation. Strategic advice also given on various aspects of capital market infrastructure development including; stock exchange and OTC trading, clearing and settlement, registration and central securities depository.
CCP Genesis Advisory Consortium – CCP
Advisory alliance in conjunction with Thomas Murray (the world’s most comprehensive online database on Custodians, Post Trade Infrastructure and CSD Risk Ratings) and DLA Piper LLP (the world’s largest law firm), to provide advisory services to CCPs, Regulators and market participants on all aspects of CCP Business Strategy, Risk Management, Regulatory compliance and systems and procedures.
Central Bank of Albania – GCSD Design
Advised on a Roadmap for the design, procurement and implementation of a Government Securities Depository for Albanian fixed income instruments. Liaised with the National Bank of Albania senior Directors, the Regulator and the Ministry of Finance. Wrote a detailed RFP for a new Government Securities Settlement System / CSD.
Central Bank of Egypt – RTGS
Provided advice to the Central Bank of Egypt on project and technical aspects of its program to implement an RTGS.
Central Bank of Kenya – Strategy for Financial Sector Reform
Consortium with Oxford Policy Management (OPML) advising the Central Bank of Kenya on a strategy for Payments Systems, as part of a wider study, including both the large value and small value payments systems and the new electronic services such as M-Pesa.
Central Bank of Romania – Interbank Payments Systems*
Project Management for a 2 year project for the turnkey design, development, implementation and install operation of the Nationwide Interbank Payment System. Provided for the National Bank of Romania and TransFonD Facilities operator; RTGS, ACH and Government Securities Registry Software, legal and regulatory adaptation, hardware, security and network infrastructure, disaster recovery site, documentation and go-live for over 40 participants across 3 complex, software systems.
Central Bank of Rwanda – Payments Systems
For the FIRST Initiative, performed a technical review and advice on a project to design an Automated Clearing House (ACH) and Real Time Gross Settlement System (RTGS) and national communications network for the Rwandan payments system. Development of a strategic plan for medium and long term developments.
Central Bank of Tanzania – Data Warehouse*
Project Manager and advisor on the design of a Data Warehouse for the Central Bank of Tanzania covering all aspects of data management and reporting.
Colombo Stock Exchange – IT Strategy*
Review of IT Strategy for the CSE in Sri Lanka looking at Trading and CSD business and IT strategy. Reviewed the Millennium Exchange trading system and the CSE’s in-house CSD system.
Czech Capital Market Training
Conducted capital markets training, in conjunction with SNR Denton LLP, for a variety of financial institutions involved in the Czech Securities market including the prospective Securities Market Regulator. This covered aspects of trading, clearing, settlement and depository functionality and technology.
http://www.cnb.cz/en/supervision_financial_market/index.html
Czech Ministry of Finance – Legal and Business Impact*
As part of an EC-PHARE funded project, advised the Czech Ministry of Finance on the business and systems impacts of the legal and regulatory environment within the Czech Securities market. The organisations covered were the Prague Stock Exchange, the RM-S Unlisted Securities Market and the Central Securities Depository (SCP).
FIRST Initiative – Emerging Markets Development
Chief Technical Adviser and Project Evaluator for Banking, Payment and Securities Systems for the FIRST Initiative (www.firstinitiative.org). This is a global program, with a $45m fund from the World Bank and UK Department for International Development, to promote financial market standards over the next 3-5 years.
Ghana Stock Exchange – Demutualisation*
Advised on a detailed 5 year strategic business plan and approach towards eventual demutualisation of the Ghana Stock Exchange. Reviewed all aspects of the internal organisation and advised on new products and services.
Ghana Stock Exchange – Trading System
Reviewed and revised the Request for Proposal document for the Ghana Stock Exchange and made major alterations to content and scope to allow the RFP process to proceed after a halt of nearly 2 years
Hong Kong Exchanges & Clearing – Strategy Overview*
Presentation of a next generation Clearing and Settlement model, developments in Straight Through Processing and considerations for scripless settlement to the Directors of HKEx, in conjunction with Compaq Hong Kong.
Jordan Capital Market Development*
Key adviser to the Chief Executive of the Jordanian Central Securities Depository on all aspects of systems selection and testing as well institutional development.
Montenegro Government – Privatisation & Capital Markets*
Provided detailed advice on the approach towards the mass privatisation of nearly 400 Montenegrin companies. This included a description of the design parameters for coupon privatisation, the registration database, share trading systems, central share register and central securities depository. The economic benefits of capital market development were also detailed.
Nepal Capital Market Development*
Advised on the development and automation of trading, clearing and settlement systems for the Nepal Stock Exchange, with emphasis on the specification of a Central Securities Depository. Considered organisational, financial, management and regulatory issues for the operation of the Stock Exchange and enhanced monitoring facilities for the Securities Board of Nepal.
Polish CSD, KDPW – Development*
Advisor to senior project management on the project management and development of a custom solution to a new technology, multi-instrument, clearing, settlement, depository and risk management system for securities and derivatives. Also developed a new approach to Operational Risk Management for CSDs.
PVT CZ – Management Training
Organised and conducted training, lecture tours and presentations for Senior Management of the largest Czech IT company, with US and UK organisations including: NYSE, NASDAQ, DTCC, Bloomberg, Reuters, Telerate, Merrill Lynch, London Stock Exchange, Euroclear, Clearstream and many others.
Romanian Interbank Payment System – Bid Winning for SIASSB*
Bid Manager on behalf of SIA, for a successful bid for a multi-million Euro EU Phare proposal for the design, supply and implementation of the RTGS and ACH Payments Systems and Government Securities Registry for Romania.
Romanian National Securities Commission – Exchange Merger*
Reviewed the project status of the proposed merger between the Central Securities Depository at the Bucharest Stock Exchange and the National Securities Clearing and Settlement Depository (SNCDD).
Russian Federal Securities Commission – CSD Integration*
In consortium with Price Waterhouse Moscow, Project Managed and technical analyst for a detailed strategy to consolidate of the Central Securities Depositories in the Russian Market and create amendments to the legal infrastructure. Managed a team of business and legal specialists and interfaced with the Russian Securities Commission, Central Bank, CSDs, Registrars and Stock Exchanges. Defined a detailed ownership and integration strategy.
Serbia Government – Privatisation & Capital Market Model*
Provided detailed advice on the approach towards the mass privatisation within Serbia. This included a description of the design parameters for coupon privatisation, the registration database, share trading systems, central share register and central securities depository.
Serbian Capital Market Development*
Lead adviser to the Belgrade Stock Exchange, Central Registry and National Bank on the creation of an automated capital market infrastructure suitable for forthcoming domestic and international IPOs.
Tallinn Stock Exchange – Post Trade
Review and advice on clearing and settlement procedures and Guarantee Fund. Detailed review of the RTGS systems specification on behalf of Stock Exchange management.
Tanzania – Capital Markets & Securities Authority*
Specification, design and training for the depository, clearing and settlement infrastructure for the Tanzanian capital markets.
Thailand Stock Exchange – Systems Replacement*
Mentor and Consultant to SET for the evaluation and selection of new systems for; Equity and Derivatives Trading, Market Data Dissemination, Surveillance, Member Trading Systems. Used a BCL developed SCARFES methodology (Scored Criteria Assessment & Ranking For Exchange Systems). Detailed evaluation and workshops with; Cinnober (TradeExpress, Scila), Nasdaq OMX (Genium INET, ACTIV Financial), Millennium IT (Exchange), NYSE Technology (UTP), ALGO technologies (ALGO M2), Korea Stock Exchange (Exture), Tokyo Stock Exchange (Arrowhead), Thomson Reuters, Financial Technologies India (Dome)
Vietnam Government – Capital Market Development*
Devised a stock exchange model to assist the Vietnamese government, and stock exchange preparatory committee, to decide future development strategy and training needs. The model addressed all key areas of trading, clearing, settlement, depository and regulation and covered relevant business, technical, implementation and operational issues.