In this issue

• ACSA Event
• ACSA T+1 Position Statement
• The Network Forum
• Working Group Update
• ACSA Thought Leadership Series Webinars
• Global Perspective – ESG Standards in Security ServiesServices
• In Focus – Priyankara Maduranga Haputhanthrige “Madu” (HSBC)
  

Introduction

In this edition of the ACSA Industry Wrap we are excited to share details and photos from our ACSA Members event.

We also highlight the release of ACSA’s T+1 position paper, provide an update on our working groups and The Network Forum, we share more details on ACSA’s Thought Leadership Series and a global perspective on ESG.

We are In Focus with Priyankara Maduranga Haputhanthrige “Madu” from HSBC.

ACSA Members event

ACSA held a member event in March hosted concurrently by HSBC in Sydney and Northern Trust in Melbourne, with over 150 registered to attend. Whilst the event recognised the ACSA award winners (announced in last month’s Industry Wrap), ACSA also hosted industry representatives for an informative discussion on Diversity Equity and Inclusion (DEI).

ACSA’s DEI panel was hosted by Anne Leyton (BNP Paribas) with Caroline Higgins (Northern Trust), Ted Keating (State Street) and Mubin Rahimi (NAB Asset Servicing) sharing their thoughts and insights on a range of topics across LBTGI+, cultural inclusion and the celebration of International Women’s Day. ACSA thanks the panel for sharing their personal stories and perspectives.

Here are some photos from the event.

ACSA T+1 Position Statement

As the financial landscape evolves, ACSA continues to be at the forefront of discussions surrounding market infrastructure and settlement practices. In this rapidly changing environment, the topic of T+1 settlement has emerged as a significant point of interest and debate.

The move towards T+1 settlement represents a potential paradigm shift in how transactions are settled in the Australian market. It promises benefits such as reduced counterparty risk, increased efficiency, and enhanced market liquidity. However, it also raises questions and considerations that warrant thorough exploration and analysis.

To gain deeper insights into the sentiments and perspectives, ACSA conducted a survey of ASX participant members aimed at capturing their thoughts and opinions on T+1 settlement. This survey sought to understand the potential implications, challenges, and opportunities associated with transitioning to a T+1 settlement cycle.

ACSA has released the findings from this survey, providing a detailed overview of the diverse range of viewpoints expressed by our members. It is important to note that the views presented in this paper reflect the opinions of the respondents to the survey.

You can find the ACSA T+1 Position Paper here.

There has been a change in the leadership of some of our Working Groups and ACSA would like to welcome those stepping up to lead and thank those stepping down for their tremendous efforts in helping ACSA achieve its goals for members.

ACSA Members and Services Working Group – ACSA welcomes Nicole Carnovale (Northern Trust) and Fiona O’Sullivan (State Street) as co-chairs. Further, ACSA thanks Nichole Alexander (JP Morgan) for chairing the Members and Services Working Group during the last 3 years.

ACSA Managed Funds Working Group – ACSA welcomes Manoj Deshpande (Clearstream) as the new chair. Further, ACSA thanks Marsha Lee (Calastone) for driving the creation of the Managed Funds Working Group and chairing for the last two years.

ACSA Next Generation Leaders – ACSA welcomes Priyankara Maduranga Haputhanthrige “Madu” (HSBC) as the new chair, after previously being the deputy chair, and Praveen Wijesekera (NAB Asset Servicing) as the new deputy chair. Further, ACSA thanks Maggie Chang (Citi) for her drive to set up the Next Generations Working Group and wishes her best wishes for her upcoming maternity leave.

ACSA Tax Working Group – ACSA welcomes Fergus Walshe (BNP Paribas) as the new deputy chair. Further, ACSA thanks Doug McMeekin for deputy chairing the Tax Working Group the last 3 years. Duncan Lyon remains as the chair.

ACSA Working Group update

There has been a change in the leadership of some of our Working Groups and ACSA would like to welcome those stepping up to lead and thank those stepping down for their tremendous efforts in helping ACSA achieve its goals for members.

ACSA Members and Services Working Group – ACSA welcomes Nicole Carnovale (Northern Trust) who has stepped up to chair, after previously being deputy chair, and ACSA also welcomes Fiona O’Sullivan (State Street) as deputy chair. Further, ACSA thanks Nichole Alexander (JP Morgan) for chairing the Members and Services Working Group during the last 3 years.

ACSA Managed Funds Working Group – ACSA welcomes Manoj Deshpande (Clearstream) as the new chair. Further, ACSA thanks Marsha Lee (Calastone) for driving the creation of the Managed Funds Working Group and chairing for the last two years.

ACSA Next Generation Leaders – ACSA welcomes Priyankara Maduranga Haputhanthrige “Madu” (HSBC) as the new chair, after previously being the deputy chair, and Praveen Wijesekera (NAB Asset Servicing) as the new deputy chair. Further, ACSA thanks Maggie Chang (Citi) for her drive to set up the Next Generations Working Group and wishes her best wishes for her upcoming maternity leave.

ACSA Tax Working Group – ACSA welcomes Fergus Walshe (BNP Paribas) as the new deputy chair. Further, ACSA thanks Doug McMeekin for deputy chairing the Tax Working Group the last 3 years. Duncan Lyon remains as the chair.

The Network Forum -Australasia

Following recent market changes in the Australasian region, The Network Forum (TNF) teamed up with the ASX to bring together industry experts and the local post-trade and ops community during March.

The forum was a single day focused on a broad agenda including, regional updates, T+1 lessons from other key markets, T+1 in Australia, digital assets and carbon credits and regulatory and regional exchange perspectives.

ACSA was engaged in the Forum as the host of the discussion on T+1 in Australia (The clock is ticking; T+1 – what does in mean for us). The panel discussion was hosted by ACSA CEO, David Travers with panellists including Marton Laszlo (Goldman Sacs), Mark Wootton (BNP Paribas) and Sheldon Thompson (CommSec).

If you missed the Network Forum you can connect to the review here.

 

T+1 60 days to go live in North America and what’s happening in Australia

ACSA kick started its 2024 Thought Leadership Series with an insightful webinar on T+1 on 22 March 2024.
With insights from Value Exchange, Northern Trust, and Citi Securities Services, the Thought Leadership webinar discussed how market participants are preparing for significant market change and how Australia is approaching the challenge.

We thank our panel of Barney Nelson (Value Exchange), Rob Arnott and Marty Goodacre (Northern Trust) and Andrew Gibson (Citi Securities Services) for sharing your perspectives with ACSA members.
For those that missed this informative webinar, you can find the recording here.

Next Up: Climate Reporting – Getting ready for new Australian sustainability standards

In October 2023, the Australian Accounting Standards Board (AASB) released an Exposure Draft (ED) for disclosure of climate-related financial information. The ED includes three proposed Australian Sustainability Reporting Standards (ASRS Standards) that include modifications to the baseline of the ISSB™ Standards with a climate-first approach..

The AASB is proposing the ASRS Standards would apply to annual reporting periods beginning on or after 1 July 2024. In January 2024, the Australian Treasury released its Final Policy position for climate-related disclosures, including Exposure Draft legislation and accompanying explanatory materials.

ACSA is currently finalising its next Thought Leadership Series Webinar to help ACSA members and their clients understand the new standards. KPMG will be sharing insights on how to prepare for this change and how the market is approaching the challenge.

Further, ACSA is working on additional webinars on Crypto ETF’s and a further update on CPS230.

Updates on dates will be available via email distributions, Linkedin and on the Events section on our website.

  

In an ever-evolving Securities Services landscape, the pursuit of standardisation and the comprehension of Environmental, Social, and Governance (ESG) principles have become paramount.

The International Securities Services Association (ISSA) understands the significance of navigating this complex terrain. As part of its commitment to promoting industry best practices, their ESG Standards subgroup has developed an ESG Glossary of Terms.

The ESG Glossary of Terms highlights the key concepts and terminology essential to navigating the intricate ESG landscape in the context of securities services. ISSA’s goal is that this glossary will serve as an indispensable tool for ISSA participants and the broader securities services community fostering a more informed and standardised approach to ESG practices.

ISSA has also created a resource guide to help understand the complexities of the ESG environment. The resource guide includes links to various non-ISSA collateral.

You can access the ISSA ESG Standards and Resource Guide here.

In Focus – Priyankara Maduranga Haputhanthrige “Madu"

Madu has 13 years of industry experience in various roles across Funds services and Custody in Sri Lanka, Ireland and Australia.

Madu has the experience of managing multiple European and Asian clients throughout his career at HSBC. During his time at HSBC Sri Lanka, Madu’s role included being a people manager as well as managing multiple teams.

Madu moved to Australia in 2019 to take up a position in the HSBC Funds team and has gained Australian experience in Funds as well as Custody. He has the experience of multiple client on-boarding and off-boarding projects along with process improvement projects.

Madu has won multiple awards in Toastmasters as a public speaker and won awards in Club level and Area level contests and represented the district level contests. He also loves to play cricket, playing for the Sydney Lions Sports Club, in a weekend competition.

Quick fire five

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


Can you briefly describe your role and responsibilities at HSBC and in the NextGen working group?

At HSBC, I am a manager in the Fund Services team where I was responsible for the Daily, Monthly Net Assets Value calculation package preparation and review prior to release to the end clients. Also as part of my role, I assist with on/off boarding of new funds and clients. This requires stakeholder management skills, managing both onshore and offshore stakeholders. I will soon be taking a short term assignment in HSBC Custody where I will be working on Custody Reconciliations and Managed Funds transitions.

I have recently been appointed Chair of the ACSA Next Generation Working Group, where I work with a great team. This role helped me learn about changes in the industry and most importantly to meet new colleagues and friends in the industry across different organisations.

How do you motivate yourself?

I motivate myself by learning new areas in the industry. I have changed my roles during my career and worked in multiple teams/roles to gain new challenges. For example trades team, reconciliations, accounting and valuations & unlisted units trusts.

My STA in the HSBC Custody team will assist my learning and upskilling of my knowledge in the Custody department.

Furthermore, I also motivate myself by meeting new colleagues in different teams. As a people person, I do enjoy the time I spend with my colleagues and organising people engagement initiatives within the organisation.

What are some of the exciting places your career has taken you?

My career in HSBC has taken me to many exciting places. I have worked in HSBC Ireland and managed European clients. This helped me understand the Funds Business in the European region. I’ve also worked with clients in Asia which has helped me understand the clients in Australia, Hong Kong, Singapore and Malaysia. I migrated to Australia to work on Australian Clients.

What advice would you give your 21-year-old self?

Constantly change your scope and go for the challenges, “Chaos makes Heros”.  Most importantly, enjoy the work you do and look after yourself, but also don’t forget to have fun!!! Always remember “Life is too short and live your moments.”

Whats excites you about the future of our Industry?

The Next Generation Working Group and the new ideas excite me about the future of the industry. As a part of the Next Generation Working Group, I can observe there are many new ideas and innovative suggestions from the team, which is sensational as the Next Generation Working Group likes to work differently and think outside of the box.