About The Summit

AECSD – AMEDA İstanbul Summit 2024 is designed to explore emerging technologies and future opportunities in capital markets.

Collaboration between member institutions will be encouraged, best practices in the sector will be shared, and actionable outputs such as comprehensive reports and webinars will be produced.

The Summit will focus on critical areas such as capital market operations, financial technologies and business development, information security and risk management. AECSD İstanbul Summit 2024 aims to band together the participants of the leading capital markets financial institutions and financial technology organizations of the Eurasian region for further enhance the integration in the region.

AECSD Chairman's Message

Welcome to the AECSD & AMEDA İstanbul Summit 2024. This year marks a historic occasion as we bring together members of both the Association of Eurasian Central Securities Depositories (AECSD) and the Africa & Middle East Depositories Association (AMEDA) for the first time. Our theme, Building the Future of the Capital Markets in Eurasia, Africa and Middle East: The Role of CSDs – Bridging Markets, Bridging Continents,” captures the spirit of this significant event. Türkiye, with its unique position as a bridge between continents and capital markets, is the ideal host for this summit. We are honored to organize such a prestigious gathering that will undoubtedly enhance our international profile and reflect the distinction of our organizations.

The AECSD & AMEDA İstanbul Summit 2024 promises to be an unparalleled platform for collaboration and innovation. We have organized several panels and sessions designed to address the critical issues and opportunities facing our industry today. Participants from diverse backgrounds will have the opportunity to network, engage in one-to-one meetings, and initiate new collaborations. MKK is proud to host this unique event, and we are confident it will significantly contribute to the future of capital markets across Eurasia, Africa, and the Middle East.

Dr. Ekrem ARIKAN MKK CEO and Board Member, AECSD Chairman, and The World Forum of Central Securities Depositories (WFC) Board Member

AMEDA President's Message

Abdulla Jaffar Abdin, Chief Operating Officer, Bahrain Clear, AMEDA President, and WFC Vice-Chairman

On behalf of the Africa and Middle East Depositories Association (AMEDA), I am delighted to express our sincere appreciation to our esteemed colleagues at Merkezi Kayıt Kuruluşu (MKK) for inviting us to this esteemed conference.

The theme of this year’s conference, “Building the Future of Capital Markets in Eurasia, Africa, and the Middle East: The Role of Central Securities Depositories (CSDs),” aligns perfectly with our association’s mission and vision. As we come together to discuss and shape the future of our capital markets, the role of CSDs becomes increasingly vital in promoting stability, transparency, and growth across our regions.

Osman ÇELİK

Deputy Minister Ministry of Treasury and Finance of the Republic of Türkiye

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İbrahim Ömer GÖNÜL

Chairman of the Capital Markets Board of Türkiye

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İbrahim Ömer GÖNÜL - Chairman of the Capital Markets Board of Türkiye

Born in 1973 in Ankara, he graduated from Bilkent University, Department of Economics. He completed his master’s degree at Atılım University, Institute of Social Sciences, Department of Business Administration.
He worked at Şekerbank T.A.Ş. as a money markets assistant specialist and specialist in Fund Management. In 2004, he joined the Capital Markets Board and worked in the Department of Institutional Investors. After serving as Personnel Manager and Deputy Head of Department, he was appointed as Vice Chairman of the Board in 2014.
Gönül was appointed as the Chairman of the Capital Markets Board on 18 April 2022. Gönül speaks fluent English and intermediate German, he is married and has 2 children.

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Dr. Ekrem ARIKAN

MKK CEO and Board Member AECSD Chairman, WFC Board Member and AMEDA Board Member

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Dr. Ekrem ARIKAN - MKK CEO and Board Member AECSD Chairman, WFC Board Member and AMEDA Board Member

Dr. Arıkan earned his bachelor’s degree in Computer Engineering at Boğaziçi University and his MBA at Yeditepe University. He received his PhD degree from Istanbul Ticaret University in Business Administration. He speaks advance level English and German, also beginner-level Arabic.
He began his career as a computer engineer at Microsoft as an International Program Manager, focusing on Windows operating system development for Turkish markets.
Dr. Arıkan held various managerial positions at Ziraat Teknoloji A.Ş. and Ziraat Insurance Company, providing IT services for Ziraat Finance Group, the largest governmental bank of Türkiye. His career path includes pivotal roles at the EPİAŞ (Energy Exchange – Enerji Piyasaları İşletme A.Ş.) , which was founded in year 2015 as the energy exchange company of Türkiye, where he contributed to the establishment of the Transparency Platform, strategic planning, and international collaborations.
In 2016, he joined Borsa Istanbul Group at Takasbank A.Ş. as the Executive Vice President for Information Technology.
Since April 2019, he has been working as General Manager and Board Member at MKK which is Central Securities Depository and Trade Repository of Türkiye. Here, he has been instrumental in launching numerous products and services, enhancing the organization’s capabilities and range of services.
Dr. ARIKAN, has assumed the Chairmanship of the Association of Eurasian Central Securities Depositories (AECSD) starting from September 2023. By virtue of this duty, he has become a Board Member of the World Forum of CSDs (WFC).

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Abdulla Jaffar ABDIN

Bahrain Clear Chief Operating Officer AMEDA President & WFC Vice-Chairman

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Abdulla Jaffar ABDIN - Bahrain Clear Chief Operating Officer AMEDA President & WFC Vice-Chairman

Abdulla Abdin has a Masters in Business Administration from the University of Glamorgan, UK, and currently holds the position of Chief Operating Officer at Bahrain Clear. He is the Chairman of the Guarantee Fund Committee, the President of the African Middle East Depositories Association (AMEDA), and the WFC vice chairman. Mr. Abdin has over 34 years of experience in banking and capital market structure, regulations, and operations.

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Yedil MEDEU

Chairman of WFC, Deputy Chairman of KCSD

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Yedil MEDEU - Chairman of WFC, Deputy Chairman of KCSD

Yedil Medeu is a Deputy Chairman of the Management Board of Central Securities Depository JSC (KCSD) since June 2021. He has over 15 years of experience in the securities market of the Republic of Kazakhstan.
Prior to joining KCSD Mr. Medeu was a Director of Securities Market Department at the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market. He was responsible for supervision of professional participants’ activities in the securities market and preparation of documents related to the securities market development taking into account priorities of the socio-economic development of the Republic of Kazakhstan. In addition, Yedil Medeu spent 8 years with the National Bank of the Republic of Kazakhstan at Securities Market Department.
Mr. Medeu graduated from Al-Farabi Kazakh National University in 2007 majoring in Management. In 2009 and 2017 he graduated from Kazakh Economic University named after T. Ryskulov with Master of Business Administration degree and from National Graduate School of Policy Studies with Master of Public Economics degree in Tokyo.

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Prof. Dr. Göksel AŞAN

President of Finance Office of Presidency of the Republic of Türkiye

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Prof. Dr. Göksel AŞAN - President of Finance Office of Presidency of the Republic of Türkiye

He was born on July 24, 1966, in İstanbul. He completed his undergraduate degree in Finance Department of İstanbul University in 1987. In 1991, he received his master’s degree from the Finance Department of İstanbul University. In 1998, he completed his Ph.D. in Public Finance at İstanbul University.

Göksel Aşan worked as a Research Assistant at İstanbul University between 1988 and 1998. After working as an Assistant Professor at Istanbul Bilgi University since 1998, he became Assoc. Prof. Dr. in 2008 and received his tenure in 2017.
After working many years at İstanbul Bilgi University in several different positions, Göksel Aşan served as a Vice-Rector at İstanbul Aydın University between July 2018 and October 2018.
On October 16, 2018, he was appointed by President Recep Tayyip Erdoğan as President of Finance Office of Presidency of the Republic of Türkiye.

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Serdar ÇELİK

Head of the Capital Markets and Financial Institutions Division OECD / France

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Serdar ÇELİK - Head of the Capital Markets and Financial Institutions Division OECD / France

Mr. Serdar Çelik is the Head of the Capital Markets and Financial Institutions Division at the OECD. His main responsibilities include capital markets, corporate governance, financial education, financial consumer protection, insurance, pensions, and state-owned enterprises. He leads the secretariats to the OECD’s Committee on Financial Markets, Corporate Governance Committee, and Insurance and Private Pensions Committee, which are the custodian of global standards in business and finance. These standards include the G20/OECD Principles of Corporate Governance, G20/OECD High-Level Principles on Financial Consumer Protection, OECD Core Principles of Private Pension Regulation and OECD Guidelines on Corporate Governance of State-Owned Enterprises. The Committees also engage extensively with numerous non-OECD countries through regional programmes in Asia, Latin America and MENA, as well as country technical assistance projects. The Division produces the OECD’s Global Debt Report, Pensions Outlook, Consumer Finance Risk Monitor, Global Corporate Sustainability Report, PISA on Financial Literacy and Compendium on Ownership and Governance of State-Owned Enterprises. Mr. Çelik has authored numerous publications on corporate governance, institutional investors and capital markets.

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Colin PARRY

Chief Executive Officer International Securities Services Association (ISSA) / Switzerland

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Colin Parry - Chief Executive Officer International Securities Services Association (ISSA) / Switzerland

Colin is the CEO of ISSA. He is responsible for creating & executing the ISSA strategy, growing the membership, and ensuring that ISSA continues to help the Securities Services industry develop solutions and reduce risk. He also runs his own consulting business.
Prior to joining ISSA in September 2019, Colin co-founded a fintech (Atomic Wire) and set -up his own consulting business after almost 25 years at UBS.
At UBS he held a number of senior roles in the US, UK and Switzerland in both Operations and Finance, including running the global investment banking Operations and creating Finance Shared Services.
Colin holds a Bachelor’s degree in Money, Banking and Finance from Birmingham University (UK) and graduated from the Royal Military Academy Sandhurst.

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Marcus Van ABBÉ

R3, Head of Digital Market Infrastructures / United Kingdom

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Marcus Van ABBÉ - R3, Head of Digital Market Infrastructures / United Kingdom

Marcus van Abbe is a dedicated professional in the field of Financial Market Infrastructures (FMIs), with over thirteen years of experience. His career has been marked by meaningful contributions to the London Stock Exchange Group (LSEG), where he helped transition the organisation into a global multi-asset class business. This transformation focused on enhancing the complete value chain of services within the securities ecosystem. At LSEG, Marcus initially concentrated on improving data and analytics capabilities, understanding the importance of data-driven insights for LSEG customers. His work helped diversify revenues from the core exchange business and grow the information services. Later, he shifted his focus to mergers and acquisitions (M&A), where he played a part in strategic inorganic growth. A significant milestone in his M&A efforts was his involvement in the acquisition and integration of Refinitiv. This acquisition was a major step for LSEG, expanding its global reach and multi-asset offerings. It enhanced LSEG’s capabilities in data management and provided tailored solutions to diverse customer segments. In the past four years, Marcus has turned his attention to Distributed Ledger Technology (DLT) within FMIs. He is involved in developing strategies to leverage DLT for expanding digital security services, aiming to improve securities issuance, settlement processes, and data transparency. His work in this area focuses on enhancing operational efficiency and resilience in financial systems. Currently, Marcus is the Head of Digital Market Infrastructures at R3, where he continues to contribute to innovation and transformation in the financial sector, working towards the future of digital securities and the broader financial ecosystem.

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Bandar ALKAHAİL

Chief of Business Development (Acting CEO)
​Securities Depository Center Company (Edaa) / Saudi Arabia

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Dr. F. Ayzer BİLGİÇ

Public Disclosure Services Director, Merkezi Kayıt Kuruluşu (MKK) / Türkiye

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Dr. F. Ayzer BİLGİÇ - Public Disclosure Services Director, Merkezi Kayıt Kuruluşu (MKK) / Türkiye

Dr. F. Ayzer BİLGİÇ, is the graduate of Department of Business Administration, Middle East Technical University (1992) and of the Banking School of T.C. Ziraat Bankası A.Ş. (1993). Also, she holds a Master’s Degree on International Finance, Amsterdam University (2006), financed by Jean Monnet Scholarship Program and a PhD. Degree in Accounting and Finance, Marmara University (2013). She started her career as specialist at T.C. Ziraat Bankası A.Ş. (1992). Then, she worked as specialist (1996-2009) at Listing Department and as deputy manager (2009-2014) at Public Disclosure Platform Department of Borsa Istanbul A.Ş. At the same time, she lectured on “BIST Transactions” at Marmara University between 2013-2015. Currently, she is Public Disclosure Services Director of MKK, the CSD of Turkey. Her main areas of interest are public disclosure regulations and practices in capital markets, corporate governance, sustainability, XBRL taxonomy development and electronic disclosure systems.

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Bruce BUTTERILL

Executive Director
America’s Central Securities Depositories Association (ACSDA) / Colombia

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Birahim DIOUF

Chief Executive Officer
Dépositaire Central/Banque de Règlement / Ivory Coast

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Miguel ESPINOZA

CSD Product Owner Montran Corporation / Romania

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Miguel ESPINOZA - CSD Product Owner Montran Corporation / Romania

Mr. Miguel Espinoza is the Head of Product for Montran’s CSD solution and the Solution Delivery Manager of the Securities and Trading division. He has been actively involved in the development and implementation of over 25 Central Securities Depositories around the world. Coming from an IT background, Miguel has been combining his technical and business knowledge to provide Montran
clients with the best possible CSD solution adopting best practices and focusing on settlement optimization and efficiency.

As head of product, Miguel is responsible for the general development and the definition of the product roadmap of the Montran CSD solution. With his team, he is constantly reviewing and researching the implemented processes, new initiatives, and emerging technologies to determine possible enhancements and the way forward for Montran’s CSD product.

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Dr. Güzhan GÜLAY

Executive Vice President Borsa İstanbul / Türkiye

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Assoc. Prof. Dr. Güzhan GÜLAY - Executive Vice President Borsa İstanbul / Türkiye

After graduating from the Faculty of Business Administration of Istanbul University in 1993, Güzhan Gülay completed Ziraat Bank Banking School and worked as a specialist in the Capital Markets Directorate of the same bank. He joined the Borsa İstanbul family as an assistant specialist in the Equity Markets Directorate in 1995, became a specialist in 1998, and a manager in 2014 in the same department. He was appointed the Business Development Director in 2018 and the Precious Metals and Precious Stones Director in 2019. He has acted in many projects by taking fundamental positions in designing, configuration, testing, legislation, and development for the improvement of the markets and infrastructure of Borsa Istanbul. After his master’s and doctorate education, he acted as a visiting lecturer for a year at the City University of London Cass Business School and taught part-time at various universities. He became an Associate Professor in 2023.

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Ali İhsan GÜNGÖR

Executive Vice Chairman, Capital Markets Board (CMB) of Türkiye Chairman of the Board of Directors, Merkezi Kayıt Kuruluşu (MKK) / Türkiye

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Ali İhsan GÜNGÖR - Executive Vice Chairman, Capital Markets Board (CMB) of Türkiye Chairman of the Board of Directors, Merkezi Kayıt Kuruluşu (MKK) / Türkiye

Ali İhsan GÜNGÖR started his career in 1998 as an internal auditor for a private bank in Turkey and joined the Capital Markets Board of Turkey (CMB) in 1999. During his charge as a senior, besides his other responsibilities he took part in the professional team organised the establishment of the Central Securities Depository of Turkey (MKK). Besides he led the team for the establishment of first Turkish Derivatives Exchange of Turkey (Turkdex). He was in charge as the Deputy Head of Market Surveillance and Regulation Department between 2006-2009. After completing his MSc degree in U.S. he joined the Investment Firms Department of CMB in 2011. He represented the CMB in IFIs and other international agencies and took part in assesments. He served as the Head of Investment Firms Department between 2014 and 2021. His areas of responsibilities covered the regulation and surveillance of the investment firms, the regulation of the secondary markets and the financial market institutions such as Borsa İstanbul, Takasbank and MKK. Since 2018 he is also leading the regulation of cyrpto assets in Turkey.
In April 2021 he promoted as the Executive Vice Chairman of the CMB and currently assuming the responsibilites of the Investment Fims Department and Institutional Investors Department.
Ali İhsan GÜNGÖR earned his BA degree in Economics from Hacettepe University. He holds a MSc in Econometrics from Gazi University and an MSc in Finance from George Washington University School of Business.

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Dr. Önder HALİSDEMİR

CEO & Board Member Misyon Bank / Türkiye

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Dr. Önder HALİSDEMİR - CEO & Board Member Misyon Bank / Türkiye

Dr. Önder Halisdemir is the founder CEO of Misyon, the first neobank in Türkiye empowers region-wide financial ecosystem with innovative digital assets, custody and platform banking services. He is a visionary leader, technology enthusiast and a trusted advisor to business executives.
Halisdemir has more than 30 years of experience, working in finance industry at various leadership roles accross most prestigious banks. He first gained visibility on the international stage with his online credit approval project, which was the first in its field and recognized with global awards.
Halisdemir is passionate about improving financial wellbeing for all. He serves as Chairman of Finance Executives Foundation, a Turkish NGO with an extensive network of banks, financial institutions, universities, and finance professionals with representatives across three continents.

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Haruna JALO-WAZIRI

Managing Director & CEO Central Securities Clearing System Plc (CSCS) / Nigeria

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Haruna JALO-WAZIRI - Managing Director & CEO Central Securities Clearing System Plc (CSCS) / Nigeria

Haruna Jalo-Waziri is the Managing Director and CEO of Central Securities Clearing System Plc (CSCS), Nigeria’s premier Financial Market Infrastructure, overseeing depository, clearing, and settlement of financial assets across the Nigerian Capital Market. Known as Jalo, he drives CSCS’s strategic initiatives towards sustainable growth.
With nearly 30 years in Investment Banking, Securities Trading, Pension Funds Administration, and Asset Management, Jalo has held executive roles at The Nigerian Stock Exchange (now Nigerian Exchange Group Plc), UBA Stockbrokers Limited, UBA Asset Management Limited (now United Capital Securities Limited and United Capital Asset Management Limited), Kakawa Discount House Limited (now part of FBNQuest Merchant Bank Limited), and the Securities and Exchange Commission (SEC). His extensive board experience includes FSDH Merchant Bank Limited, Nigeria-German Chemicals Plc, Protea Oakwood Hotel Limited, Coral Properties Limited, UBA Stockbrokers Limited, and UBA Asset Management Limited. He also chaired the Central Organizing Committee of the Nigeria Economic Summit #27, a key private-public sector dialogue in Nigeria.
Jalo also serves as the Vice President of the Africa and Middle East Depositories Association and represents the World Forum of Central Securities Depositories on the Board of the International Securities Services Association (ISSA), Geneva. He is active in various committees of the Securities and Exchange Commission, Chartered Institute of Stockbrokers, and Nigerian Economic Summit Group. Additionally, he is a Non-Executive Director at the Lagos Commodities and Futures Exchange (LCFE) and serves on the boards of several non-profits, including BusinessDay’s Advisory Board, Special Olympics Nigeria, and AIFA Reading Society, where he is Vice President.
An award-winning executive and alumnus of Lagos Business School, IESE Spain, and Venture Capital Institute of America, Jalo holds degrees in Economics and Business Administration. He is a Chartered Stockbroker, an Associate of the Chartered Institute for Securities and Investment (CISI) UK, and a life member of the Institute of Directors, Nigeria.

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Ekaterina DEMUSHKINA

Deputy Chairman of the Executive Board National Settlement Depository (NSD) / Russia

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Ekaterina DEMUSHKINA - Deputy Chairman of the Executive Board National Settlement Depository (NSD) / Russia

Ekaterina Demushkina is the Deputy Chairman of the Executive Board of the National Settlement Depository (NSD) responsible for legal affairs and for risk management. Ekaterina has extensive 30-year experience in the financial industry, including 7-year tenure in the Central Bank of Russia and around 20 years in depository and clearing infrastructure. Among her professional accomplishments is the active participation in laying the foundation of the Russian securities market and drafting key pieces of legislation for post trading services including the laws on securities market, clearing, central counterpart and clearing activities.

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Jesse KAGOMA

Chief Executive Officer CDSC Kenya

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Jesse KAGOMA - Chief Executive Officer CDSC Kenya

Mr. Jesse Kagoma is the Chief Executive of the Central Depository and Settlement Corporation (CDSC) Kenya, effective September 1, 2023, to provide leadership and oversight of the Company.
Jesse was the General Manager, Business Support Services and CFO for the business until his appointment. He joined CDSC in May 2018 and is a seasoned and accomplished business manager with over 19 years of experience in financial reporting, business turnarounds, advising on business growth, strategy formulation and its execution, business valuations, balance sheet restructuring, merger and acquisitions processes, budgetary controls, financial planning, investment funds management, tax planning among others spanning different sectors of the East African Economies.
He holds a Master’s in Business Administration (Finance) from the University of Nairobi and a Bachelor of Business Management (Finance & Banking) from Moi University. Jesse is a Certified Public Accountant and a member of the Institute of Certified Public Accountants of Kenya (ICPAK). He is currently pursuing his PhD in Business Administration (Finance) at the University of Jomo Kenyatta University of Agriculture and Technology.

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Mustafa KESKİNTÜRK

Director of Portfolio Management A1 Capital - Pardus Portfolio Management Co. / Türkiye

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Mustafa KESKİNTÜRK - Director of Portfolio Management A1 Capital - Pardus Portfolio Management Co. / Türkiye

Has more than 25 years of sector experience in Financial Markets. He graduated from Istanbul Bilgi University from International Finance. He was a proffesional basketball player at the 1st division for 15 years. He is the founder and the captain of University basketball team , graduated with full sportsman scholarship. Previously he worked at Deniz Invest, full subsidiary of Denizbank, for 17 years. During this period he was at Foreign Instititutional Sales , Trade and Investment Strategies departments. He was also responsible for Electronic Trading activities. He started working at A1 Capital as Head of Investment strategies and Algorithmic Trading. Continued at A1 Capital – Pardus Portfolio Management as a Director of Fund Management. At his second job at his carreer, he is still with A1 Capital – Güler Holding family for 7 years. He is a TV commentator for several TV Channels and a Stock Exchange instructor for hundreds of students for many years. He is married and a father of his 9 year old son, living in Istanbul, Turkey.

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Riham G. KHEDR

Secretary General Africa & Middle East Depositories Association (AMEDA)

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Riham G. KHEDR - Secretary General Africa & Middle East Depositories Association (AMEDA)

Riham G. KHEDR worked for MCDR for over 25 years in custody and foreign relations, plus working for AMEDA as secretary since 2005. In 2022, I left MCDR to work as AMEDA’s full- time secretary, assisting the board members of the WFC.
She succeeded in getting the Illinois Institute of Technology Diploma (IIT) in Financial Markets with a straight A. A graduate of the Faculty of Commerce and Business Administration, Foreign Trade major. Very well trained by elite trainers from the US Agency for International Development project (USAID) and US Treasury on Everyday Communication Techniques for the Workplace, Introduction to Financial Derivatives in Egypt, Primary Dealers in Government Securities, Electronic Trading, Economics of Financial Markets, Introduction to Financial Markets, Train the Trainer workshops 1 through 4 Securities Lending and Borrowing System: Overview and Functional and System Specifications, Basic Corporate Finance, Settlement Guarantee Fund (SGF), Certified Securities Representative (CSR) provided by the USAID- Barents Group, LLC, Capital Markets, and Bankruptcy Issues By Marc E. Albert, Esq., and bankruptcy law practitioner, Marrison & Hecker, L.L.P. Washington, DC.

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Ali KIRALİ

Chief Executive Officer Turkish Mercantile Exchange (TMEX) / Türkiye

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Ali KIRALİ - Chief Executive Officer Turkish Mercantile Exchange (TMEX) / Türkiye

Ali KIRALİ was born in Ankara in 1976. After graduating from Department of Economics in Middle East Technical University in 1999, KIRALİ completed his post- graduate study in the European Studies from Middle East Technical University and holds an MBA from MIT Sloan School of Management. He started his professional career in Corporations Finance Department in Capital Markets Board in executing IPOs and M&A deals and supervised capital market publicly held companies. From 2009 to 2011, he worked for Citibank’s Export and Agency Finance team in Seoul, South Korea and in New York proving clients with structured financing arrangements, advisory services, and enhanced capital market solutions backed by export credit agency guarantees. He also worked for Citibank’s Investment Banking team in Istanbul providing advisory services to clients for M&A, Equity Capital Markets (ECM) and Debt Capital Markets (DCM) trades and executing deals. Thereafter, he joined Odeabank and served as Economic Researches and Strategic Planning Director, a member in Executive Committee and in Assets – Liabilities Committee. KIRALİ assumed the role of founding CEO at TMEX in February 2019.

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Özkan İlkay KIZILTOPRAK

Executive Vice President, Market Operations Merkezi Kayıt Kuruluşu (MKK) / Türkiye

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Özkan İlkay KIZILTOPRAK - Executive Vice President, Market Operations Merkezi Kayıt Kuruluşu (MKK) / Türkiye

Özkan İlkay KIZILTOPRAK received his bachelor’s degree from İstanbul University’s International Relations Department at the Faculty of Economics.
He started his carreer at Citibank in 1995 working in the treasury and securities operations then moved to AFinance Plc Dublin in Ireland as the country manager for three years. He re-joined Citibank in 2002 and managed securities services, treasury, cash services, import and export and brokerage operations as the group manager until 2018.
During his tenure at Citibank he successfully led many local and international projects and took active roles in the Banks Association, Takasbank and MKK working groups. The integration of SWIFT messaging between Takasbank, MKK and intermediary institution, establishing capital gain tax processes on securities transactions, implementation of securities dematerialization process, holding fixed income instruments at beneficial owner level at MKK and elimination of “three zeros” from securities nominals are some of the critical projects that he led.
Before joining MKK he worked at few of the major capital markets solution provider companies where he managed business and product development, operational excellence and project management units in addition to advisor and trainer roles.
He holds Capital Markets Level 3 and derivatives instruments licenses as well as business intelligence tools certificates.
Mr. KIZILTOPRAK assigned as the Executive Vice President responsible for Market Operations at Merkezi Kayıt Kuruluşu A.Ş. on 07.10.2020.

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Arman MELKUMYAN

Secretary General The Association of Eurasian Central Securities Depositories (AECSD)

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Mr. Arman MELKUMYAN - Secretary General The Association of Eurasian Central Securities Depositories (AECSD)

Arman Melkumyan has more than 13 years of experience in the financial industry. Mr. Melkumyan is an expert in financial markets, cross-border cooperation and post-trading services; clients and international relations; new business processes development and implementation.
Mr. Melkumyan started his career at NSD in 2011 as account manager working with key professional participants of Russian financial market. After 3 years he changed his position to Relationship manager and after fruitful cooperation with key Russian and foreign financial institutions Mr. Melkumyan became a head of foreign client relations and took part in the series of successfully launched and implemented projects with key local and foreign clients. Starting February 2018 Mr. Melkumyan is in charge of international relations, management of cash and securities correspondent accounts and building cross-border links with Russian and foreign financial institutions.
Starting October 2018 Mr. Melkumyan assigned as the Secretary General of the Association of Eurasian Central Securities Depositories (AECSD). Being the Secretary General the main scope of work is

• Planning and coordination of the activities of the Association
• Organizing and holding the events (conferences, seminars, training webinars, working groups, committees)
• Conducting research in various areas

Mr. Melkumyan is a member of different working groups of World Forum of CSDs (WFC) and leading the development of E-learning platform(https://aecsd.org/en/e-learning/) – one of the initiatives of WFC for CSDs’ knowledge exchange.

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Jim MICKLETHWAITE

Managing Director, Head of Financial Markets Thomas Murray / United Kingdom

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Jim MICKLETHWAITE - Managing Director, Head of Financial Markets Thomas Murray / United Kingdom

Jim manages the Global Network Management (‘GNM’) division at TM and has over 26 years in the financial services industry. His responsibilities include running a team of 25 analysts and network managers who track custodian and market practice in 104 markets and assess risks in over 300 custodians, 145 CSDs and 27 CCPs worldwide. Jim is a subject matter expert on post-trade infrastructure and has led various strategic consulting projects on market infrastructure. Previously, Jim was a senior analyst within TM Network Management evaluating and selecting local and global custodians for clients as well as supporting a variety of consultancy engagements. Prior to joining TM in 1995, he was at Taylor Nelson Sofres as a Project Supervisor in their Financial division.

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Elif GÖNENÇER

Assistant Secretary General, Turkish Capital Markets Association / Türkiye

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Elif GÖNENÇER - Assistant Secretary General, Turkish Capital Markets Association / Türkiye

Elif Gönençer serves as the Deputy Secretary General responsible for the Research and Statistics, Financial Technologies and Digital Transformation, and Sustainable Finance and Capital Markets Units at the Turkish Capital Markets Association (TCMA).
Before her role at TCMA, Gönençer worked at the Capital Markets Board of Türkiye (CMB) in various capacities: in the Intermediary Activities Department from 1997 to 2005, in the Research Department from 2005 to 2006, and in the Audit Department from 2006 to 2009. From 2009 to 2021, she worked in the Accounting Standards Department. She also served as the Chairperson of the Examination Committee at the Capital Markets Licensing Registry and Training Agency Co. Inc. and was the Head of the Licensing and Registry Group at the CMB.
Gönençer graduated from the Faculty of Political Science at Ankara University, majoring in Business Administration. She completed her master’s degree in European Union and International Relations, obtaining a dual degree from Bahçeşehir University and the Centre International de Formation Européenne (CIFE) / Institut Européen des Hautes Etudes Internationales (IEHEI) in Istanbul, Nice, and Berlin. Additionally, she completed a second bachelor’s degree in International Relations in English from Anadolu University in 2021.

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Zafer MUSTAFAOĞLU

Deputy General Manager Halk Yatırım Menkul Değerler A.Ş. / Türkiye

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Zafer MUSTAFAOĞLU - Deputy General Manager Halk Yatırım Menkul Değerler A.Ş. / Türkiye

Zafer Mustafaoğlu, Deputy General Manager: Zafer Mustafaoğlu was born in 1972. Completed his bachelor’s degree at Istanbul Technical University, Department of Management Engineering and his master’s degree at Istanbul Technical University, Department of Business Administration. After carrying out several duties in Corporate Finance and Financial Management (covering a wide array of sectors & industries) starting from 1995, he joined Halk Yatırım Menkul Değerler A.Ş. as Corporate Finance Director in 2020. Zafer Mustafaoğlu is currently the Deputy General Manager in charge of Corporate Finance, Treasury & Portfolio Management, Venture Capital Advisory & Crowdfunding as well as Research. His specialties include PE &VC, capital market products and financial restructuring.

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Bulat NİZAMOV

Product Expert CMA Small Systems AB, Solution / Sweden

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Bulat NİZAMOV - Product Expert CMA Small Systems AB, Solution / Sweden

Bulat is a seasoned Solution and Product Expert with over 20 years of experience in financial systems integration, software development, and product management. He has led transformative projects for Central Banks and Exchanges/Central Securities Depositories (CSDs) worldwide. Bulat played a key role in developing and implementing trade and post-trade solutions, such as TRAD/X and DEPO/X v3, now used in over 15 countries. These solutions are specifically tailored for Central Banks and CSDs, outperforming those of industry giants. He has successfully implemented Auction, Trading, Collateral, and Depository systems in various countries, including Indonesia, Brunei, Chile, Jordan, Nigeria, Moldova, and Vietnam. His expertise includes comprehensive consultation, business analysis, and solution design, ensuring clients achieve their strategic goals. With a background in economics and mathematics/engineering, Bulat combines business insight with technical expertise to deliver precise and efficient solutions. Previously, he served as an Option Trader and Analyst at investment firms, including Renaissance Capital.

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Taşkın ÖKER

Executive Vice President Takasbank / Türkiye

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Taşkın ÖKER - Executive Vice President Takasbank / Türkiye

Experienced IT executive with a demonstrated success in the history of banking, finance and stock market industry for +26 years. Skilled in IT service management, De-Centralized Systems Management (Blockchain Development), Network and Cyber Security, Database and Middle-Ware Architect, Centralized Systems Management, IT Strategy, Business Demand Management, IT Budgeting, Application Design and Development, Systems Integration, Vendor Management involving Enterprise Software, Business Intelligence, ITIL. strong operations professional graduated from Istanbul University. Skilled in IT Service Management,

Experience at a glance:
– Budgeting and Planning of IT Capacity, Expense and Resources,
– Designing of IT Infrastructure and Services,
– Purchasing and Contracting of IT Products and Services,
– IT Infrastructure and Security Operations,
– Technical Project Management,
– Managing Enterprise Software Projects,
– Customer-driven Service Management,
– Staffing, Well-supported, Motivated and Dedicated Teamwork.

Made IT strategy and setup organization aligned with business requirements, and built IT Services from end to end. Has proven added value, initiation, self-commitment and achievement in start-up, stabilize, transition and development of IT business.

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Emir Münir SARPYENER

Board Member & General Manager Tera Yatırım Menkul Değerler A.Ş. / Türkiye

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Emir Münir SARPYENER - Board Member & General Manager Tera Yatırım Menkul Değerler A.Ş. / Türkiye

Emir M. Sarpyener completed his undergraduate studies in the International Business/Marketing department at Marmara University and obtained his master’s degree in Business/International Finance from The American University, Washington D.C.
Embarking on a 30-year career in the finance sector, Sarpyener took his first step in banking. He later continued as a Research Analyst and held positions as Head of Research Department at various reputable institutions.
In 2004, Sarpyener was appointed as the CEO of Raymond James Turkey Inc., guiding the company to become one of the leading players in the Turkish Capital Markets. During this period, he was also appointed to the company’s Board of Directors.
From 2014 to 2021, Sarpyener continued his career in Portfolio Management. He was a Portfolio Manager and Business Development Director at Aura Portfolio Management Inc. He then joined Tera Yatırım Securities Inc., first as a consultant the to Board of Directors and subsequently, as of October 2021, as General Manager. As of April 2023, Sarpyener is also a Board Member of the company.
Throughout his career, the departments he has managed, including Research and Sales, have consistently ranked highly in international assessments. He has played an active role in numerous primary and secondary public offerings and block sales. With extensive experience and knowledge spanning 30 years in the Turkish Capital Markets, Research, Asset Management, and Mergers & Acquisitions, Sarpyener possesses significant expertise in introducing and marketing Turkish Capital Market instruments to institutional investors operating in various regions around the world.

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Imelda SEBAYANG

Director of Finance and Administration Indonesia Central Securities Depository (KSEI)

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melda SEBAYANG - Director of Finance and Administration Indonesia Central Securities Depository (KSEI)

Appointed as a Member of the Board of Directors of KSEI during the Annual General Meeting of Shareholders on May 25, 2023. She currently leads a directorate responsible for several key divisions, including International and Domestic Relations, Finance, Legal, and Human Resources & General Affairs (HR&GA).
She earned a Bachelor’s degree in Civil Engineering from the Faculty of Engineering, University of Indonesia. Prior to her current role, she served as Director and Country Head of Securities Services (Custodian Bank) at Citibank Indonesia from 2013, and as Director and Head of Investors & Intermediaries (Custodian Bank, Cash Management & Trade Finance) at Standard Chartered Bank from 2003 to 2013.
She has also been an active member of several KSEI committees, including the Business Committee (2016-2018), the Regulatory Committee (2018-2020, 2020-2023), and the Internal Control Committee (since 2022). Additionally, she has held strategic positions in professional organizations such as the Indonesian Mutual Fund Management Association (APRDI) where she serves as Presidium Council Member (2021-2023) and was a Management Member from 2018 to 2021. She is also the Chairman of the Indonesian Custodian Bank Association (ABKI) (2021-2023), having previously served as Deputy Chairman (2018-2021) and as a member of the Education & Social Committee (2016-2018).

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Sarah TARAWNEH

Chief Executive Officer Securities Depository Center (SDC) / Jordan

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Sarah TARAWNEH - Chief Executive Officer Securities Depository Center (SDC) / Jordan

Sarah Tarawneh is the Chief Executive Officer of the Securities Depository Center of Jordan (SDC), she has been working with the SDC for over 17 years, during which she was responsible of multiple managerial tasks, including public relations, custody business, drafting rules and regulations, her previous role was director of the Legal Affairs, prior to being appointed the Chief Executive Officer early this year.
Sarah also served on the board of ANNA (Association of National Numbering Agencies) for the term of three years (2019-2021) dedicated to supporting the industry of standardization in capital markets in the region.
Sarah is specialized in Capital market legislation, Depository, Clearing and settlement, compliance with international standards and best practices.
She holds a Bachelor’s degree in Law from the University of Jordan, and a license of practice from the Jordanian Bar association; she also attained many professional training and certificates in financial services field.

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Jalil TARIF

Secretary General Union of Arab Securities Authorities (UASA) / The United Arab Emirates

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Jalil TARIF Secretary General Union of Arab Securities Authorities (UASA) / The United Arab Emirates

Jalil Tarif currently serves as the Secretary General of the Union of Arab Securities Authorities (UASA). Tarif started his career in the Central Bank of Jordan and held the positions of Executive Director and Deputy Director General in Amman Financial Market between 1992 and 1999, where he oversaw Jordan’s entire capital market. Through his role as Deputy Director General, Tarif assisted in writing the new securities law that implemented the three separate entities that make up Jordan’s Capital Market today. In 1999, Jail Tarif was appointed as the first Chief Executive Officer of Amman Stock Exchange. He left his position as CEO in December 2012 to become the Secretary General of the Union of Arab Securities Authorities located in Dubai. Some of the roles Tarif has held during his career include:
President, NSC-Unix user group, Atos-Euro Next Market Solutions; Chairman of IOSCO Self-Regulatory Organization Consultative Committee; Member, OECD Corporate Governance Working Group, MENA region; Chairman of FIAS.

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Osman Günsel TOPBAŞ, PhD

Co-Founder & Managing Partner Manifest Executive Consultancy / The United Arab Emirates

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Osman Günsel TOPBAŞ, PhD - Co-Founder & Managing Partner Manifest Executive Consultancy / The United Arab Emirates

Gunsel Topbas is a seasoned financial industry professional with over two decades of executive experience in capital markets and securities services, particularly in the Middle East and Africa (MEA) region.
He is a recognized leader in digital transformation, focusing on fintech, blockchain, digital assets, and the tokenization of real-world assets (RWAs). Gunsel frequently speaks at major industry forums.
Gunsel is the co-founder of Manifest Executive Consultancy, a Dubai-based boutique firm specializing in fintech advisory and training, with a focus on the future of finance and post-trade services. The firm also advises on digital assets, tokenization, and AI implementation in financial institutions.
In his most recent role as Managing Director and Regional Head of Custody for MEA at Citibank DIFC, Gunsel led teams across 14 countries, launched a new custody branch in Saudi Arabia, and drove strategic expansions. He managed a substantial P&L, built strong relationships with global banks, broker-dealers, and investors, and collaborated with local regulators and regional CSD associations. Before Citibank, he headed the International Department at Takasbank, representing Turkey in international securities organizations.
Gunsel is also a co-founder of a stealth startup leveraging blockchain technology. As a member of the Digital Assets Working Group of the MENA Fintech Association and a mentor at DIFC Innovation Hub, he actively supports fintech startups and champions financial innovation.
He holds a PhD in Corporate Finance, two MSc degrees in International Banking & Finance and Money & Banking, and a BSc in Computer Engineering. Accredited as a ‘Distinguished Public Speaker’ by Toastmasters International, Gunsel is known for his engaging talks on the future of finance.

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Stuart TURNER

Founder and Chairman Avenir Technology Limited / United Kingdom

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Stuart TURNER - Founder and Chairman Avenir Technology Limited / United Kingdom

Stuart TURNER is a Founder and Chairman of Avenir Technology Limited, a supplier of core systems to exchanges, clearing houses and CSDs. He is an expert in FMI technology, clearing and risk management.
Stuart’s 30 year career prior to founding Avenir focussed on exchanges, clearing houses and CSDs, initially in risk management and IT, but later specialising in founding new FMIs (in London and Dubai) or updating them for new products and new systems (in South Africa and New Zealand). This included innovations such developing the world’s first 24 hour CCP clearing house (for energy products) and one of the first carbon registries.
After many years of working for FMIs, Stuart became a capital markets consultant and advised on market development, systems procurement, products and risk management. Stuart has also advised governments on capital market development and the operations of emissions markets. He has also undertaken audits of several FMIs across the world.
He and his colleagues founded Avenir Technology in 2011 to create a simplified, cost-effective technology platform that was easier to use than those of existing suppliers. Avenir is implemented around the world from Argentina to Vietnam.
Stuart is also Chairman of Avenir Registrars Limited, a full-service CREST registrar in the UK, and Chairman of Avenir Registrars Ireland, a Euroclear-enabled registrar.

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Setenay YAĞANOĞLU, PhD

Director of Data Services Merkezi Kayıt Kuruluşu(MKK)

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Setenay YAĞANOĞLU, PhD - Director of Data Services Merkezi Kayıt Kuruluşu(MKK)

Setenay YAĞANOĞLU, PhD, is the Director of Data Services at Merkezi Kayıt Kuruluşu(MKK) of Türkiye. Setenay has more than 15 years of experience in capital markets. She is responsible of Derivative Reporting, Fixed Income Reporting, Investor Risk Monitoring System, Data Analysis Platform, Real Estate Based and Developing Financial Instruments Information System. In her presence at MKK, she has participated in driving key initiatives, including data based strategic management and international affairs, interacting with all departments in the company. Throughout her career, she has contributed in fields such as financial reporting operations, data distribution services, indice calculation, international business councils and international relations.
She holds a Bachelor’s degree in International Relations from Bilkent University. She was awarded the British Council scholarship for her MSc in Social Sciences studies at the University of Bristol in the United Kingdom. She went on to embark her professional experience with academic skill and received her PhD in Finance from Istanbul Ticaret University in 2020 with a thesis entitled “An Analysis of Investors in Turkey on Behavioural Biases of Distance Effect, Herd Behaviour and Over- Confidence”. Her field of interests are mainly Behavioural Finance, Risk Appetite Measurement, and Systemic Risk Indicators.
As the Director of Data and Trade Repository Services Department at MKK, she aims at expanding the data services at MKK through various projects and applications which will contribute to the analysis of systematic risk, creation of meaningful outputs of capital market data and increase in financial literacy.

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Yasser ZAAZAA

Managing Director & CEO The Egyptian Central Securities Depository / Egypt

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Yasser ZAAZAA - Managing Director & CEO The Egyptian Central Securities Depository / Egypt

Mr. Yasser Zaazaa is the Managing Director and the Chief Executive Officer of the Egyptian Central Securities Depository (ECSD) with over thirty years of experience in the financial industry. Known for his goal-oriented approach, he has represented major institutions like Citibank and Société Générale in organizations such as AMEDA and Middle East Securities forums. Mr. Zaazaa advocates for collaboration, innovation, and ethical leadership in the financial sector. In his current role at ECSD, he provides strategic leadership, maintains relationships with stakeholders, ensures regulatory compliance, and contributes to the growth of Egypt’s capital market. His extensive experience includes serving as the Regional Director of Societe Generale Securities Services (SGSS), Regional Director of Securities Services at Citibank covering the North Africa Region & Pakistan, as well as being a board member at Misr for Central Clearing, Depository and Registry (MCDR) for nine years. Mr. Zaazaa’s dedication to transparency and ethical business practices has earned him recognition as a leader and influencer in the financial sector, recently highlighted by his appointment as a board member for the Egyptian Capital Markets Federation (ECMF) as well as his appointment as a board member in the FRA Unit for External Auditors’ Quality Assurance.

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Ömer GAZİMİHAL

Deputy General Manager, Enterprise Product Management Turkcell Digital Business Services / Türkiye

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Ömer GAZİMİHAL - Deputy General Manager, Enterprise Product Management Turkcell Digital Business Services / Türkiye

Ömer Gazimihal, graduated from Computer Engineering department of University of Miami in 1995. Then, he received his masters degree of Telecommunications from George Washington University in 1997. Ömer Gazimihal started his career in Alcatel Network Systems as field support engineer. Afterwords he started at Cisco Systems in 1999 working as a systems engineer. During his 9 years of tenure in Cisco, he worked in US, UK, and Turkey offices. In 2009, he joined Turkcell group as head of Presales division. Since 2018 he is working as Deputy General Manager of Product Management at Turkcell Digital Business Services.

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Saner GENÇOĞLU

Senior Vice President, Risk Management, QNB Finansinvest, Türkiye

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Saner GENÇOĞLU - Senior Vice President, Risk Management, QNB Finansinvest, Türkiye

Saner Gençoğlu holds an MBA degree from the University of Rhode Island, College of Business, and a B.S. in Economics from Istanbul University. Accredited as an FRM since 2020, Gençoğlu currently serves as Senior Vice President of Risk Management at QNB Finansinvest. Having experience in market, credit, and operational risks for over a decade, he has been involved in both banking and brokerage risk management aspects throughout his career. In addition to driving ESG activities in his current position, he is also responsible for overseeing credit controls and performs full-fledged risk management activities across the company.

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It is possible to obtain e-Visa 7/24 at everywhere with internet connection. The applicants can obtain their visa after they fill in the necessary information concerning their identity, passport and travel dates and pay visa fee online. The website of the Ministry of Foreign Affairs of the Republic of Türkiye provides information about the procedure for entering and exiting the territory of the Republic of Türkiye.

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It is possible to obtain e-Visa 7/24 at everywhere with internet connection. The applicants can obtain their visa after they fill in the necessary information concerning their identity, passport and travel dates and pay visa fee online. The website of the Ministry of Foreign Affairs of the Republic of Türkiye provides information about the procedure for entering and exiting the territory of the Republic of Türkiye.

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The post AECSD – AMEDA Istanbul Summit 2024 first appeared on AMEDA | Africa & Middle East Depositories Association.

Egypt’s role as a permanent central hub for AMEDA has been solidified, particularly after obtaining the necessary licenses from the Egyptian Ministry of Foreign Affairs. This move supports AMEDA’s current initiatives and ensures seamless operations across all markets by facilitating information exchange and expertise sharing among member states.

Egypt’s strengths extend beyond technical aspects. Its unique strategic location, bridging African and Middle Eastern markets, enhances communication and cooperation among member countries. Additionally, Egypt benefits from significant infrastructure advancements, robust logistical solutions, and progress in technology and administration, ensuring sophisticated and sustainable support for member data.

AMEDA’s choice of Egypt as its main centre traces back to the organization’s establishment in 2005 during the CSD8 International Conference. This decision reinforces Egypt’s international and regional role in promoting collaboration and harmony among its members.

Nearly 19 years since its inception, AMEDA now boasts over 40 members, with additional countries expressing interest in joining. The organization remains committed to strengthening cooperation frameworks among member states, supporting the adoption of cutting-edge policies related to central depository services, post-trade services, and active participation in regional and global organizations. These efforts contribute to the development of financial markets, keeping pace with global changes.

AMEDA, founded on 27 April 2005, during the CSD8 International Conference, serves as a non-profit organization composed of central depository companies from Africa and the Middle East. Its mission is to promote cooperation and harmony among members, working toward shared objectives. Currently, AMEDA includes 40 members from more than 30 countries.

Source: https://www.dailynewsegypt.com/

The post AMEDA to establish a strategic data center in Egypt for member states first appeared on AMEDA | Africa & Middle East Depositories Association.

The post Dr. Ekrem Arikan, MKK, CEO and Board Member first appeared on AMEDA | Africa & Middle East Depositories Association.

1. Overview of Risk Management in CDCs, CSDs, and CCPs

Why is risk management important for CDCs, CSDs, and CCPs?

Risk management holds significance for custody companies, depository and clearing houses as well as central counterparties due to their responsibility in handling significant volumes of securities, cash transactions and settlement activities. Inadequate risk management can result in losses that have the potential to disrupt market stability and harm investors interests. Therefore prioritizing risk mitigation is crucial, for upholding the integrity of markets while ensuring trust among participants.

The Role of Risk Management in Ensuring Market Stability

Effective risk management in CDCs, CSDs, and CCPs helps to ensure market stability by minimizing the likelihood of financial disruptions and failures. By identifying and mitigating risks, risk management helps prevent systemic risks from spreading throughout the market. Additionally, effective risk management helps to ensure that financial transactions are settled promptly and accurately, reducing the potential for financial losses or disputes.

2. Types of Risks in CDCs, CSDs, and CCPs

Credit Risk

Credit risk refers to the risk of loss due to the failure of an entity to fulfill its contractual obligations. In CDCs, CSDs, and CCPs, credit risk arises from the potential failure of counterparties to settle trades or meet margin requirements.

Operational Risk

Operational risk refers to the risk of loss resulting from inadequate or failed internal processes, systems, or human error. In CDCs, CSDs, and CCPs, operational risk can arise from technology failures, cyberattacks, and human error.

Systemic Risk

Systemic risk refers to the risk of widespread market disruption caused by a failure by one or more entities. In CDCs, CSDs, and CCPs, systemic risk can arise from the interconnectedness between market participants, such as clearing members, settlement banks, and other financial intermediaries.

Liquidity Risk

Liquidity risk refers to the risk of loss resulting from the inability to meet payment obligations as they become due. In CDCs, CSDs, and CCPs, liquidity risk can arise from a lack of available cash or securities to settle trades in a timely manner.

Legal and regulatory risk

Legal and regulatory risk refers to the risk of loss resulting from non-compliance with laws and regulations. In CDCs, CSDs, and CCPs, legal and regulatory risk can arise from changes in laws and regulations, non-compliance with existing laws and regulations, or litigation risk.

3. Risk Management Strategies in CDCs, CSDs, and CCPs

Risk Management Strategies in CDCs, CSDs, and CCPs

Risk identification strategies                                                                                                                                                                     AMEDA

CDCs, CSDs, and CCPs can identify risks by conducting regular risk assessments, monitoring market developments, and staying informed of changes in laws and regulations. Risk identification strategies also involve assessing the specific risks associated with counterparties and transactions and identifying emerging risks.

Risk assessment strategies

Risk assessment strategies involve quantifying and prioritizing risks and evaluating the potential impact of identified risks on the organization and the broader market. These strategies also involve stress testing and scenario analysis to evaluate the potential impact of extreme events on the organization and the market.

Risk Mitigation Strategies

Risk mitigation strategies involve implementing measures to reduce or eliminate identified risks. Examples of risk mitigation strategies include diversifying counterparties, increasing margin requirements, implementing controls to reduce operational risk, and maintaining sufficient liquidity.

Risk monitoring strategies

Risk monitoring strategies involve ongoing monitoring of identified risks and the effectiveness of risk mitigation strategies. These strategies also involve regular reporting to senior management and relevant stakeholders, as well as close collaboration with regulators and other market participants to ensure systemic risks are effectively managed.

4. Role of Technology in Risk Management for CDCs, CSDs, and CCPs

Technology plays a crucial role in risk management for CDCs, CSDs, and CCPs. These institutions use advanced technologies to identify, mitigate, and monitor risks effectively.

How Technology is Used to Identify Risks

CDCs, CSDs, and CCPs leverage sophisticated software and systems to identify potential risks. These technologies utilize algorithms and data analytics to scan markets and detect any anomalies that may pose a threat to the institution. Automated surveillance systems are put in place to monitor market data and flag any unusual activity that may require further investigation.

How Technology is Used to Mitigate Risks

Institutions use various technologies to mitigate risks, including enterprise risk management systems, fraud detection systems, and blockchain technology. These systems enable CDCs, CSDs, and CCPs to identify and mitigate potential risks at an early stage, which can prevent significant losses.

How Technology is Used to Monitor Risks

CDCs, CSDs, and CCPs use real-time monitoring tools to track and monitor changes in the market and detect any unusual activities that may pose a risk. Advanced tracking technologies enable these institutions to monitor assets and transactions effectively, increasing the level of transparency and reducing the risk of fraud.

5. Regulatory Environment for CDCs, CSDs, and CCPs

Regulatory Environment for CDCs, CSDs, and CCPs

The regulatory environment for CDCs, CSDs, and CCPs is stringent, with regulators playing a fundamental role in risk management.

The Role of Regulators in Risk Management

Regulators are responsible for supervising and ensuring that CDCs, CSDs, and CCPs maintain adequate risk management procedures. Regulators work closely with these institutions to identify and mitigate risks effectively and put in place appropriate measures to prevent future risks.

Regulatory Requirements for CDCs, CSDs, and CCPs

CDCs, CSDs, and CCPs are required to comply with various regulatory requirements to ensure adequate risk management. These requirements include maintaining a robust risk management framework,

implementing effective controls over their operations and providing regular reporting to regulators.

Conclusion and Future Outlook for Risk Management in CDCs, CSDs, and CCPs

Effective risk management is vital for the success of CDCs, CSDs, and CCPs. Technology plays a crucial role in identifying, mitigating, and monitoring risks, while regulators ensure compliance with regulatory requirements.

Key Takeaways from Effective Risk Management in CDCs, CSDs, and CCPs

Effective risk management requires a robust risk management framework, including adequate controls and real-time monitoring tools. Institutions must implement these frameworks and work closely with regulators to maintain stability and prevent significant losses.

The Future of Risk Management Technology and Regulations for CDCs, CSDs, and CCPs

Risk management in CDCs, CSDs, and CCPs has a bright future. Artificial intelligence and blockchain, for example, are projected to play a larger role in risk management in the future. To guarantee sufficient risk management, regulators are likely to continue to improve their monitoring and regulatory requirements.

Finally, good risk management is critical for the stability of custodial companies (CDCs), central depository and clearing houses (CSDs), central counterparties (CCPs), and the financial system as a whole. These institutions can reduce potential losses and promote market stability by recognizing, analyzing, reducing, and monitoring risks. While regulators play a vital role in ensuring that CDCs, CSDs, and CCPs follow regulatory requirements, it is the institutions’ responsibility to create and maintain appropriate risk management policies. With the ongoing development of financial markets and new technology breakthroughs, CDCs, CSDs, and CCPs must stay diligent in their risk management efforts to assure the financial markets’ sustained safety and stability.

The post Risk Management of Central Security Depositories (CSDs), Clearing Houses, and Custody Companies first appeared on AMEDA | Africa & Middle East Depositories Association.

In a historic move, the WFC Secretary is now a joint effort between ACG and ECSDA, bringing together the strengths and expertise of both organizations.

For those unfamiliar with the WFC, it is a world group of CSDs that comprises five regional CSD associations, representing approximately 125 member CSDs.

These associations include the Asia-Pacific Central Securities Depository Group (ACG), the Americas’ Central Securities Depositories Association (ACSDA), the Association of Eurasian Central Securities Depositories (AECSD), the Africa and Middle East Depositories Association (AMEDA), and the European Central Securities Depositories Association (ECSDA).

The post World Forum of CSD Elections (WFC), Prague 2023 first appeared on AMEDA | Africa & Middle East Depositories Association.

Caroline D. Pham

Commissioner, U.S. Commodity Futures Trading Commission

Samuel Riley

Head of Securities Services, Clearstream

Javier Hernani Burzako

Head Securities Services, SIX

Guillaume Eliet

Chief Executive Officer, Euroclear ESES CSDs

Kong Qingwen

General Manager, CSDC

Vojtěch Belling

Executive Director, Department of Financial Regulation and International Cooperation, Czech National Bank

Olga Cantillo

Executive President & CEO Latin American Stock Exchange (Latinex)

Michele Hillery

General Manager of Equity Clearing and DTC Settlement Service, DTCC

Francisco Béjar Nuñez

Head CSD Services, SIX

Piero Cipollone

Deputy Governor, Banca d’Italia

Jennifer Robertson

Head of Unit, European Commission

Jesús Benito

Head of Domestic Custody and TR Operations, SIX

Alexandre Kech

Business Head Digital Securities, SDX

Anna Kulik

Secretary General, ECSDA

Paul Symons

Chief Sustainability Officer and Group Chief of Staff, Euroclear

Attila Toth

Principal, Equity and Capital Market Infrastructure, Capital Markets Development Team, EBRD

Rhomaios Ram

Chief Executive Officer, Fnality

Jennifer Peve

Managing Director, Global Head of Strategy and Innovation, DTCC

Ondrej Dusilek

Chief Executive Officer, CSD Prague

Jim Turnbull

Deputy Director- Head of Product Group Capital and Financial Markets Development, EBRD

Bruce Butterill

Executive Director, Americas’ Central Securities Depository Association (ACSDA)

Holger Neuhaus

Head of division on Market innovation and integration, European Central Bank

Jim Micklethwaite

Director, Head of Operations, Thomas Murray Ltd

Muhammad Lukman

Chief Executive Officer, NCCPL Pakistan

Charlie Geffen

Chair, UK Accelerated Settlement Taskforce

Abdulla Jaffar Abdin

Chief Operating Officer Bahrain Clear; Chairman, AMEDA

Kevin Sampson

President, CDS

Olga Jordão

Chief Executive Officer, Euronext Securities Porto

Jens Hachmeister

Managing Director, New Digital Markets, Data & Issuer Solutions, Clearstream

Vipin Y.S Mahabirsingh

Managing Director, Central Depository & Settlement Co Ltd (CDS Mauritius)

Mark Gem

Chair of the Board, ECSDA and WFC; Chairman of the Clearstream Risk Committee

Andreas Lundell

AVP Head of Product, CSD Technology, Market Technology, Nasdaq

Manmohan Singh

Chief Executive Officer, Clearstream Banking Luxembourg S.A

Glen Fernandes

Head of Digital Business Design, Euroclear Group

Ilse Peeters

Head of Government Relations and Public Affairs, Euroclear

Oleksii Yudin

Chairman, National Depository of Ukraine (NDU)

Giorgi Laliashvili

Head of Financial Markets, National Bank of Georgia

Rares Togan

Senior Business Analyst, Securities and Trading, Montran

Martin Watkins

Chief Executive Officer, Montis Group

Andrea Gentilini

Head of Division, Innovation, Payments, Market Infrastructures and Governance CSSF

Miguel Espinoza

Head of Product, Securities and Trading, Montran

Alina Dragomir

Senior Policy Officer, Markets and Digital Innovation Department, ESMA

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The post World Forum Of Central Securities Depositors, Prague 2023 first appeared on AMEDA | Africa & Middle East Depositories Association.

Prague, Czech Republic will host the activities of the World Forum of Central Securities Depositories (WFC), which is scheduled to take place from 24 to 26 next May, said chairman of Africa & Middle East Depositories Association (AMEDA) on Thursday.

The forum will gather the participation of more than 135 central depository and registry companies around the world, and witness a GM for each regional association to discuss the special developments for each region.

World Forum of CSDs is made up of five regional associations of central depository and registry companies represented by the Asia-Pacific CSD Group (ACG), and the Americas’ Central Securities Depositories Association (ACSDA).

In addition to that, the Association of Eurasian Central Securities Depositories (AECSD), Africa & Middle East Depositories Association (AMEDA), and the European Central Securities Depositories Association (ECSDA).

Abdulla Abdin, president of AMEDA and vice president of WFC, stressed the importance of the global forum to keep pace with the nature of the recent changes taking place in various markets and systems for central depository and registry activities.

WFC will also discuss the nature of the challenges facing global registry and depository companies, the most prominent of which is the lack of awareness of their importance and vital role, Abdin added.

Abdin added the global conference focuses on several main pillars, including facilitating cross-border investment flows, FMI DLT Pilot Programs: Lessons Learned and Challenges Ahead, Settlement Efficiency, Global view and systemic risk in post-trade services.

Furthermore, he pointed out that the activities will also witness the holding of AMEDA members for a general meeting on the sidelines of the conference, to discuss some issues related to the organization and its members.

The general meeting will be held within the framework of aiming to consolidate the role of AMEDA in Africa and the Middle East, in cooperation with the WFC.

The idea of establishing a global forum for Central Depository companies was AMEDA’s and was presented during the activities of the CSD international conference held in South Africa in 2011, said Riham Khedr, secretary general of AMEDA.

Khedr added, that during the same meeting, CSD conference changed to WFC conference. Moreover, it was agreed that the AMEDA would take over the first term of the Presidency of the global forum in 2011.

The forum aims to ensure the presence of Central Depository companies in the international financial organisations such as the World Bank, CPSS-IOSCO, ISSA, AGC, and Thomas Murray, Khedr stated.

In conclusion, the tasks of the World Forum of Central Securities Depositories (WFC) to assist Central Depository companies (CSDs) in all issuing recommendations and to encourage potential investors to invest in promising members markets.

The post Prague hosts WFC international conference next May – AMEDA first appeared on AMEDA | Africa & Middle East Depositories Association.