3 December 2020
- Cecabank has organised the 7th Securities Services Conference. This is the main Spanish post-trading forum, featuring the participation of representatives of sector organisations. These included the Bank of Spain, ECB and CNMV, among others
- This new edition has dealt with current matters for the sector in the wake of COVID-19. It also addressed regulatory and technological changes that will affect the investment industry
The changes brought about by COVID-19 in 2020 have led to the use and implementation of new technologies in various sectors. Needless to say, the Securities Services industry is one of them. Adapting to the new state of affairs has become the core focus of many strategies in the collective investment sectors. The implication of technological and regulatory changes is unquestionable.
This 7th edition of the Securities Services Conference held annually by Cecabank brought together experts and professionals from the sector from different institutions. These include the European Central Bank (ECB), the Spanish National Securities Market Commission (CNMV), the Bank of Spain, Ibercaja Gestión, Kutxabank Gestión, Caixabank AM and Deloitte Consulting. Moderated by professionals from Cecabank, Expansión and Funds People professionals, the participants discussed various current matters for the sector and the investment industry.
The event, held online, featured upwards of 400 registered professionals from 260 entities. It was structured into two discussion tables which addressed changes for fund managers and supervisors in the current shifting landscape and sustainability in post-trading, such as exercising a responsible vote. Furthermore, there were two presentations at the event, one on the projects being carried out by the ECB and another on optimising the management of Information Technology as a boost to digital transformation.
Conference talks
The Securities Services Conference was launched by Angel Benito, director of the CNMV. He addressed the ongoing adaptation that the CNMV has had to undertake this year due to the new circumstances arising from the health crisis. He also reviewed some of the market challenges for the coming months and revealed the CNMV's full readiness to maintain an open dialogue to address this new reality.
José María Méndez, CEO of Cecabank also featured. Méndez explained that the topic was selected this year for the event because "we are at a turning point in the investment industry, where trends that have been recovering for years have been consolidated and the use of technology has become a differentiating aspect in all areas, but especially among post-trading service providers".
Jorge Vergara, Lili Corredor and Joseba Orueta, representing the CNMV, Ibercaja Gestión and Kutxabank Gestión, respectively, began the first debate table. This focused on the changing dialogue between fund managers and supervisors arising from this new reality. Therein, the experts stated that many of the changes we have introduced in these months are undoubtedly here to stay. The intense work carried out by supervisors, fund managers, marketers and depositaries has upheld the trust investors have placed in Spanish collective investment, despite market fluctuations. Our industry has reacted much more positively than that of other European countries and how it reacted in the previous crisis.
Mayte Arráez, Deputy Head of Division Market Infrastructure & Payments at the ECB took part in the event's second discussion table. It was dedicated to the ECB's projects in light of this new reality. Aráez focused her contribution on the various projects being worked on in European infrastructures and on the disruptive project of the implementation of the digital euro, being undertaken by the European Central Bank.
Furthermore, Lluis de Torres and Luis Jiménez, representatives of Caixabank AM and Cecabank, respectively, discussed the necessary shift towards sustainability in the post-trading business. More specifically, they referred to the importance of fund managers and depositories working together to ensure that funds exercise the political rights of their investments in a socially responsible way. De Torres explained that "CaixaBank Asset Management is making progress within its Strategic Plan " Responsible Returns" in the SRI initiative to end next year as a benchmark in sustainability in the sector. Through responsible investment, we not only provide investment solutions, but we are providing solutions to society's problems, while simultaneously bringing value to the transformative power of customers or shareholders".
Following this, Deloitte Consulting's Marco Rabanal spoke. Rabanal addressed the table dedicated to optimising IT management as a boost to digital transformation. He explained that technology is a means that must be used to achieve organisations' goals. It must never be considered to be a purpose in itself. Technology is a partner to generating profitable business models, reducing costs or generating new services.
Lastly, the Securities Services conference was brought to a close on the topic of the future of market infrastructures. Carlos Sanz, head of Payment Systems at the Bank of Spain, presented a vision of the future of European securities and payment infrastructures in an environment where competition is global.
Adapting to this new reality
By holding of this conference for the seventh consecutive year, Cecabank consolidates its position as a benchmark of trust in Securities Services.
Cecabank is currently the largest independent Spanish depositary for collective investment institutions, pension funds, voluntary contribution pension schemes and venture capital firms. It holds more than 145.4 billion euros. It is also the top national settlement and custody services provider, with 176.7 billion euros. It actively collaborates with management companies in regulatory, operational and business matters, guaranteeing non-competition with their customers.
The bank has embarked on a major digital transformation of its Securities Services business.Through this, it endeavours to strengthen its value chain, profiting from the opportunities presented in the new environment. It also seeks to provide innovative solutions that meet the needs of its customers.
