In this issue

• New ACSA Working Group – Next Generation Leaders
• Regulatory Change – ACSA shifting focus
• ACSA Thought Leadership Series
• ACSA Regulatory Submission – Competition in Clearing and Settlement
• In Focus – Daniel Di Stefano (State Street)
  

Introduction

In this month’s edition of the Industry Wrap we update on the launch of the ACSA Next Generation Working Group and changes to our focus on regulatory change. Read about the continued ACSA drive to bring interesting industry insights through the ACSA Thought Leadership Series and our most recent regulatory submission on Competition in Clearing and Settlement.

We have some great opportunities for you to provide input into our industry through active participation in our working groups. We are actively looking for industry leaders who can assist with the Regulatory Compliance, Digital Asset and Members & Services Working Groups. If you’re interested in driving and leading change across the industry in these areas find out more here and if you’re interested connect to ACSA here.

This month we are In Focus with Daniel Di Stefano from State Street, deputy chair of the ACSA regulatory Implementation and Data Working Group.

New ACSA Working Group - Next Generation Leaders

After gauging interest from the future leaders of our industry last year, ACSA is excited to have kick started its new working group – the ACSA Next Generation Leaders Working Group.

The working group got together in April to discuss how the group can add value to ACSA and help ACSA to assist individuals and member houses with issues such as industry engagement, learning, retention, recruitment, and communications. The working group is made up of those early in their careers and those recently joining the custody and investment administration industry.

The new working group is being sponsored by the ACSA Chair, Sally Surgeon from Northern Trust, with Maggie Chang, Citi Securities being the inaugural chair for the working group supported by Maduranga Priyankara, HSBC as the deputy chair. The working group is being supported by some industry mentors to help the development of the working group.

A special thank you to Nichole Alexander from JPM for inspiring the new working group.
Should you wish to join the ACSA Next Generation Leaders Working Group please email here.

Regulatory Change – ACSA shifting focus

Further to our prior update, ACSA re-launched its working group focus on regulation. We now have two working groups focused on member and client needs around regulatory change.

The ACSA Regulatory Compliance working group is focused on the implications of regulation on our members licensing obligations, including responding to consultations from government of legislations relevant to our industry.

This working group is sponsored by Matt Chuck, JPM and is currently seeking a leader from the industry to chair the working group.

The ACSA Regulatory Implementation and Data working group is focused on the implications of regulation on clients of the industry and best practices around data utilisation and reporting, the working group is active with regulators responding to government data reporting requirements for the industry and working on best practice solutions such as standards for key industry reporting such as unit pricing.

This working group is sponsored by Daryl Crich, BNP , Jo Maiorana, BNP is the working group chair, supported by Daniel Di Stefano, State Street as deputy chair.

If you’re interested in joining any of the ACSA working groups, please email here.

ACSA Thought Leadership Series

ACSA’s Thought Leadership Series continued in April with a panel discussion on T+1 It’s coming, what to expect.

In this webinar, the panel discussed the impendingT+1 go live date of May 2024 in the US and Canada, the window for preparations is getting narrower. With insights from DTCC, Citi Securities Services and ASX, the panel discussed how market participants are preparing for this significant market change. If you missed the webinar, you can access the recording and presentations here.

The next edition of the ACSA Thought Leadership Series is a panel discussion on the industry’s Tax Fund Data Standard. Developed by ACSA in collaboration with the Financial Services Counsel (FSC).

The objective of the data standard – to enable an operating environment where fund tax data elements are digitally exchanged and can be interpreted without ambiguity driving greater integrity, timeliness, and consistency of tax data for distributions, withholding taxes, annual tax statements and regulatory reporting obligations.

Join industry expert panel in understanding how the ASCA/FSC Tax Fund Data Standard can benefit you and your organisation.

You can register for the webinar here and find out more about the Tax Fund Data Standard here.

ACSA Regulatory Submissions – Competition in clearing and settlements

The Australian government sought feedback on a Treasury Consultation on “Competition in the provision of clearing and settlement services”.

ACSA welcomes Treasury’s legislation and takes the view that proposed legislation supports fairness and safety in the Australian market. ACSA looks forward to extensive engagement with government regarding the detailed rules if, and when, a committed competitor arises in the market. ACSA members have extensive experienced as global users of clearing and settlements infrastructure around the world and have well-formed views around the risks and benefits of having multiple CSDs in a single market.

ACSA’s response to the review can be found here.

In Focus – Daniel Di Stefano

Vice President, Product Manager, APAC Asset Servicing Product Management.

Daniel has in excess of 20 years’ experience in the financial services industry. Daniel’s diverse knowledge has been gained from roles in various sectors including accounting, wealth management, stock broking and custody.

Daniel is currently a product manager within the APAC asset servicing product management division of State Street with responsibility for developing client solutions that meet client needs and market dynamics. Part of Daniel’s product portfolio is solutioning for asset owners and offshore fund servicing, including Cayman Islands domiciled funds. Previous to this, Daniel was selected for the State Street Leadership Development Program, a two-year global rotation program. Prior to the leadership development program, Daniel was a senior Regulatory and Tax Manager, commencing with State Street Australia in May 2013. He was responsible for the delivery of regulatory and tax reporting to a number of asset management clients.

Daniel commenced his career in financial services within a public accounting practise, providing a wide range of financial reporting, taxation and investment advice services (as an authorised representative of a licensed dealer in securities). Following this, Daniel spent in excess of four years at the London branch of Bank of New York Mellon. Here he serviced the investment management clients, specifically delivering all regulatory and financial reporting requirements in respect of their investment trust products.

Daniel obtained a Bachelor of Commerce Degree majoring in Accounting and Finance from the University of Newcastle in 1999 and is a Chartered Accountant member of Chartered Accountants Australia and New Zealand.

He completed the Graduate Diploma in Applied Finance and Investment and was admitted as a Fellow of the Financial Services Institute of Australasia in 2006.

Coffee or Tea? Coffee
Tik Tock, Instagram or Facebook? Facebook
Pop, Rock or Rap? Rock
Cocktail or Wine? Wine
Summer or Winter? Summer

First of all congratulations on a very successful career, what have been your career highlights and what are you most proud of when you look back on your career?

Thanks. I would have to say one of my career highlights has been the opportunity to work and live in another country, which was in the UK (London) from 2007- 2011. I think it was a highlight for the fact I was entering uncharted waters arriving without employment and then to gain employment and work through th GFC, one of the most volatile times in financial markets and within one of the largest global final centres – it was a real buzz!

Most of my career has been in the financial services/asset servicing industry and I am most proud of my contribution to the safekeeping and financial security of individuals savings. Whether that be in a more direct capacity as client advisor or indirectly via my roles within asset servicing, it is really a privilege looking back to be a part of making people’s lives more fulfilling with financial security via their retirement savings or investment plans etc.

How did you first begin working in financial services/asset servicing?

My career path leaving school and university was in the accounting field. I successfully completed post graduate studies and qualified as a Chartered Accountant. I had always had a passion and active interest in investing, stock markets and the like. An opportunity then arises to move sideways from accounting to enter the financial services industry within stockbroking and securities dealing.

What was your first role in financial services and how did you end up in your current role?

My first experience working in financial services was within a stockbroking and financial advice business as a junior client advisor receiving client orders and assisting with preparing client investment portfolios. My introduction to asset servicing came some years later and coincided with a move to the UK where I joined the Bank of New York, prior to its merger with Mellon. My role as a fund accountant was rewarding and beneficial in learning the broader asset servicing business, particularly as I commenced in 2007 just prior to the GFC setting in.

The journey back to Australia, ultimately joining State Street 10 years ago and arriving in my current role was actually driven more by personal circumstances rather than a specific career opportunity. It was a desire to return to Australia to get married and “settle down” – resulting in my proudest moment becoming a father twice. I have been fortunate to have been given opportunities at State Street, and throughout my career, to challenge and stretch myself with a variety of roles over the last 10 years, ending up in my current role as a product manager – where I really enjoy the breadth of scope of the role allowing me to be curious and continuously learn and develop.

You’ve been involved with ACSA for a while now, tell us about that experience and the value ACSA brings to the industry.

I have been involved with ACSA via the regulatory working group for over 5 years now. The experience has been beneficial on multiple fronts, from the personal relationships created with like-minded peers to the meaningful contributions shaping regulatory reform and its impacts on ACSA members and members clients.

ACSA on behalf of members brings a perspective that is core to the efficient and effective operation of financial markets, safekeeping of assets and investment administration services. This point of view from the “operators of the pipes that act as the glue of the industry” brings significant value to the broader financial services industry by driving international best practise, standards and engagement with government, regulators and other industry associations.

What advice would you give to the younger professionals the industry?

Don’t be overly rigid in what you perceive as your ‘career path’ in the industry. The financial services industry is quite vast and endless in terms of the career opportunities it can provide for young professionals. Be open minded and curious about your career progression as opportunities are presented and you develop.