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Can you tell us about the work you currently do with ACSA as a Board Member and also from your involvement in working groups?
I am currently actively involved in the Operations Working Group, which is chaired by Sam Meares. As part of my role on the board I am the sponsor of this Operations Working Group.
What do you believe are the current priorities for our industry and how can ACSA help us get there?
There are quite a few priorities over the next few years at an industry level. Focussing from an operational perspective whilst the CHESS replacement has been in flight for 5 years the next 18 months sees the industry wide testing and implementation of the new CHESS Replacement system. This is foundation market infrastructure for our industry so there is still some significant work to do to ensure the successful migration to
the new platform. As has been the case throughout the project ACSA’s input through the industry wide testing and planning / implementation phases will be critical to its success.
I also see asset class expansion of crypto and digital assets creating new markets, but these will come with challenges around operating models and ability to hold such assets in custody. I see ACSA playing a role with input into regulation and standardisation relating to these assets.
You’ve had a long career in Asset servicing, tell us about your experience?
I need to go back to the late 80s when it all started for me at National Asset Servicing (aka Nat Noms). As you would expect the industry and office environment had a totally different look and feel about it back then.
We shared 1 terminal computer (they were the size of a washing machine) between 2 people and the printers were the size of cars. The office was full of paper and given the number of full ashtrays across the floor I look back in amazement that the place never burnt down. Yes, smoking in the office was allowed in the 80s and the occasional cigar was rolled out for special occasions, so a slightly different take on OH&S requirements.
Whilst ACSA wasn’t officially formed until the mid 90s unofficial working groups were taking place at bars across the CBD on most Friday lunchtimes. In a pre-internet and email world this is how we would connect and discuss industry challenges that we were collectively facing.
From my experience the 90s was when it all changed on multiple fronts:
- In the early 90s National Asset Servicing had embarked on a custody replacement
system project and I was fortunate enough to be part of the business analyst team that
designed and implemented the new system.
- In the mid 90s the ASX implemented the CHESS system which removed the
inefficient process of swapping paper-based transfers and bank cheques between
participants, creating an electronic and efficient means of facilitating settlements.
- The 90s also saw the Master Custody / Fund Admin service gain significant
momentum on the back of the introduction of the compulsory employer contribution
scheme.
- Last, but not least, ACSA was formed.
Post the Year 2000 (Y2K) concerns of whether all systems across the globe would just stop at midnight the industry has continued to automate and innovate. In summary change has been the one constant throughout my career, whether it be internal, or a change in the environment and I certainly feel fortunate to be part of the industry during this period.
Why should people get involved in ACSA?
There are multiple reasons why people should get involved in ACSA. As highlighted when reflecting on my experiences there is so much change across all facets of the industry be it regulatory, market infrastructure, taxation, new technology, the list goes on.
Simply put the best people to understand how these changes may impact the industry are those that work in it. This is why as an industry body it is important for us to actively contribute to consultation papers and engage with policy and decision makers. If you think of the ASX, APRA, ASIC, Treasury and the ATO they all have an understanding of the custody role and function, but the devil is in the detail, so they are reliant on our input.
Implementation of changes will ultimately impact us, so our input is critical to ensuring that changes made are effective for all parties and workable for us. The ability to network and discuss market issues amongst peers in your industry is a benefit that cannot be underestimated. Uniformly networking can lead to positive outcomes both at industry levels and in your own role. Often discussions amongst your peers or an external party such as those mentioned above can lead to you learning something new or gaining further understanding, or another perspective on an issue.
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