Background  Informa/on  on  BTA  Consul/ng  

Presented  by:  Brian  Taylor,  BA  (Hons),  ACA  Date:  14th  October,  2015  

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BTA  Proposal  at  a  Glance  

Strengths  

Team  Members  

Mul/-­‐disciplinary  end  to  end  exper/se  

Very  strong  academic  background   Solu/ons  driven  

Professional  and  Flexible   Honesty   Absolute  independence  

Experience  of  all  stages  of  development  

Market  prac//oners  

BTA  has  assembled  high  calibre  team  members  who  are  experts  in  their  respec/ve  fields  

BTA  is  the  leading  central  markets  consultancy  prac/ce  globally  measured  by  number  of  clients.    Our  strength  is  unsurpassed  and  it  will  be  very  difficult  for  others  to  match    

Project  Success  

>  140  man  years  of  financial  markets  experience  

Successfully  delivered  >100  projects  

Members  of  key  interna/onal  boards  ECSDA,  ANNA,  T2S  

Experience  in  12  out  of  18  CSD  system  vendor  solu/ons  

92  years  of  CSD  and  CCP  mul/ple  asset  classes  experience  

Global  experience  with  markets  in  various  phases  of  development  

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About  BTA  

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Informa/on  on  BTA  

 A  limited  liability  company  incorporated  under  the  Laws  of  England  and  Wales    Legal  Nature  

Established  in  1991  as  a  posi/ve  decision  to  provide  the  highest  quality  consul/ng  services  to  central  market  clients  and  their  stakeholders  History  

Led  by  Mr  Brian  Taylor,  the  Managing  Director,  with  a  network  of  30  specialist  consul/ng  professionals  

Organisa/on  and  Management  

The  Managing  Director  deals  with  all  complaints  and  BTA  always  aims  to  be  objec/ve  and  fair.  The  objec/vity  comes  from  the  need  to  follow  the  contract.  Complaint  Handling  

Neither  BTA  nor  any  of  the  consultants  in  the  team  have  been  subject  of  disciplinary  ac/on  during  the  past  25  years    Disciplinary  Ac/ons  

Central  Markets  Development  and  Contract  Development  and  Project  Management  Core  Services  

All  BTA  deliverables  are  cross  reviewed  by  peers    Quality  Reviews  

BTA  always  endeavours  to  retain  the  team  that  it  promises  in  its  contracts.  In  the  event  a  change  is  required  then  BTA  follows  a  formal  change  request  process.        

Changes  in  BTA  personnel  

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Team  Members  

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Team  Members  

Consultant Strategy   Clearing  &  

Seblement  Depository  &  Registrar   Regula/ons   IT   Financial  

Model   Governance   Risk  Management  

Country  Experience  

Sin-­‐Keat  Cheah  (BSc  and  FRM)    

Peter  Premk  (LLB)  

Johannes  Luef  (PhD)  

Brian  Taylor  (BA,  ACA)    

Majd  Shafiq(BSc,  

MPA)    

Jan  Erik  Audsen  (BBA)  

Malaysia,  New  Zealand,  UAE,  Saudi  Arabia,  

Azerbaijan  and  Sri  Lanka  

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UK,  Switzerland,  Thailand  and  many  

others  

Slovenia,  UAE,  Bahrain,  Egypt,  Libya,  Azerbaijan  and  Sri  Lanka  

Denmark,  Luxembourg  and  

Mexico  

Jordan,  UAE,  Iraq,  Egypt,  Tunisia  and  

Morocco  

Norway,  US,  Sweden,  Saudi  Arabia  and  many  

others  ü

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BTA  offers  complete  coverage  of  exper/se  providing  best  in  class  consultancy  services  

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Profile  of  Post  Trade  Team  Members  

Brian  Taylor  

General Experience: 30 years financial markets experience with more than 20 years with central financial markets covering Exchanges, Central Banks, ATS, CSDs and complex IT projects. Specific Experience: Team Leader, Strategist, Innovator and Domain Expert, since 1989 onwards. Started as Team Leader to design and set up the Malaysian Central Depository. Other post trade experience includes VPS Norway, Crest UK, LCH, X-clear/SIS Switzerland, KDPW Poland, London Precious Metals Clearing, CDS India Limited, Malta CSD, Euroclear / Clearstream, Qatar CSD (pre-split), Malaysia CSD. Multi-asset class experience covering Government securities / fixed income, equities, some derivatives and some commodities including an innovative Government bond financial inclusion products. Significant IT vendor negotiation ability from 7 contract negotiating projects.

Sin-­‐Keat  Cheah  

General Experience: More than 20 years working experience in the capital market as a post-trade (CCP, CSD) expert, regulator, market operator and consultant in Malaysia, New Zealand, Dubai, Saudi Arabia, Azerbaijan and Sri Lanka. Specific Experience: Contributor to the Capital Market Masterplan for Malaysia and implemented all the recommendations. Implemented the strategic improvements for the financial market infrastructures in Malaysia, New Zealand and Dubai. Completed the business, operations and risk management strategy for Sri Lanka, risk management and corporate action arrangement strategy for Azerbaijan and assessing risk in the Clearing and Settlement Process in Saudi Arabia and provide strategic directions and roadmap for the implementation of the various recommendations on clearing and settlement in Saudi Arabia.

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Profile  of  Post  Trade  Team  Members  

Peter  Premk  

General Experience: 19 years financial markets experience covering legal, regulatory and operations of post trade environments. Specific Experience: Post trade legal, regulatory and operational expert with experience from over > 10 countries including Chief Operating Officer, Member of the Slovenian CSD management board (1995 - 2005) of KDD, Slovenia - the national CSD and Registrar, responsible for legal, regulatory and IT. Implementation of new CSD System in Slovenia and the RTGS Interface DVP project with Slovenia Central Bank. Expert in transposition of PFMI-IOSCO, CSDR and EMIR into various markets. Middle East experience includes, Egypt, drafting implementing and operating legal and regulatory solutions, CSD Syria, CSD Dubai, and the Bahrain CSD.

Johannes  Luef    

General Experience: 26 years financial markets experience with Doctorate in Information Technology. Specific Experience: 14 years as CEO of VP, Denmark. Founder of the first Luxembourg CSD VP LUX with DVP links to Euroclear / Clearstream, and Board Member of ECSDA. Feasibility study for Nordic Clear, Founding member of Link-Up markets linking 7 CSDs in Europe. Successful export of VP Mortgage Backed Securities CSD technologies and expertise to Mexico and comducted a design study for Abu Dhabi.

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Profile  of  Post  Trade  Team  Members  

Jan  Erik  Audsen    

General Experience: More than 28 years experience in project management and consulting roles. Highly experienced project and test manager, strategy consultant and entrepreneur in equity financial markets and bank payment systems. Specific Experience: Project Manager/Test Manager in 7 different trading system including X-stream. Middle East experience include Quality and Project governance audit commissioned by Tadawul to analyse the X-stream INET implementation from NASDAQ, including SMARTS and Equator modifications. Previous role include an advisor and trainer in ITSM best practices as defined by international standards like ITIL®, COBIT and ISO 9000, including adhering to best practises for IT security as defined by ISO 27000. Design of the IT requirements for the HFT strategy for the Stock Exchange of Thailand, including the impact on clearing requirements.

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Projects  Undertaken  

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World  Class  Client  List  Red  references  post  trade  

btaconsulting.co.uk1

EuropeAlpha  Bank  Greece

Broker  Systems  GreeceBudapest  Stock  Exchange

Cedborsa SpaCMA  Small  Systems

Compaq  MilanCyprus  Stock  Exchange

National  Audit  Office,  CyprusEuropean  Bankers  Association  – STEP  2European  Efficient  Markets  Association

Estonia  CSDEuroclear

European  Investment  BankFinannzmarket in  Mittel-­‐und  Osteuropa

Gibraltar  Stock  ExchangeHP

Icelandic  Securities  ExchangeInterxionBV

KDPW  PolandKeler /  Fornax Hunggary

KSI  BVList  S.p.A

Lithuania  ExchangeMalta  Stock  Exchange

Ministry  of  Finance  Czech  RepublicMinistry  of  Finance  Slovak  Republic

NASDAQ  OMXNSSMC  Ukraine  &  EBRD

National  Bank  of  RomaniaOM

OM  JiwayOptiverN.V./  Binckbank N.V.

Oslo  BorsPerm  Securities  Market

RabobankRMS  Czech  RepublicRMS  Slovak  Republic

SIA  spaSplit  Art  S.  A

SWX  Europe/Virt-­‐xTOM  N.V

UBS  SwitzerlandVerdipapirsentralenASA  (VPS)

Warsaw  Stock  Exchange

59  post  trade  projects  from  across  the  globeAsia

Bombay  Stock  ExchangeColombo  Stock  Exchange/  Central  Bank  of  Sri  Lanka  and  SEC

CDS  (India)  LimitedComputershare

Karachi  Stock  ExchangeOTC  Exchange  of  India

Rubber  Authority  of  SingaporeStock  Exchange  of  ThailandStock  Holding  Corporation  

of  IndiaTandem  Singapore

Americas  and  CaribbeanAlberta  Market  Solutions

Bahamas  International  Securities  ExchangeBVRD  Dominican  RepublicCable  &  Wireless  Cayman

Cayman  Automated  Payments  SystemCayman  Commodities  &  Derivatives  Exchange

Compaq  Tandem  &  MexicoE*Trade

EFA  SoftwareJohn  Hancock

Mercato  Aviento  Electronic  ArgentinaMexico  Stock  Exchange

Price  Waterhouse  ArgentinaPrice  Waterhouse  Washington

Price  Waterhouse  Coopers  BahamasTCAM  Stratus

Vista  Consulting

Red  denotes  post  trade  experience

UKAllied  Irish  BankABN  Amro  Hoare  GovettAthens  Stock  ExchangeBank  of  IrelandBank  of  Nova  ScotiaBarclays  BankBT  SyntegraChi-­‐Tech  EuropeCinnoberComputershareCSCCS  RandDeutsche  BankDepartment  for  Constitutional  Affairs(Court  Funds  Office)Dresdner  Kleinwort  BensonErnst  &  YoungFinsbury  Asset  ManagementFirst  Mercantile  PlcHSBC  BankInvestors  Notice  BoardJP  MorganJeffries  International  Kleinwort  Benson  SecuritiesLexit  FinancialLiffeLondon  Metal  ExchangeLondon  Precious  Metals  Clearing  LtdLogica  PlcMerrill  LynchOfficial  Solicitor  &  Public  TrusteePerot  SystemsPercival  SoftwarePLUS  Markets  Group  plcS2  InternationalSWIFTThe  MBA  Training  CompanyTCAM  SystemsTerrapinnTrayportUBS  Services  LimitedWales  Stock  Exchange

Middle  East  &  Africa6  FEMIP  country  marketsAbu  Dhabi  SEAl  Khaldiya,  KuwaitBatelcoBSCBank  of  TanzaniaBahrain  Stock  ExchangeBritish  Council  KenyaCMSA  TanzaniaCapital  Markets  Authority  Government  of  KenyaDar-­‐es-­‐Salaam  SEDoha  Securities  MarketGhana  Stock  ExchangeGulf  Business  MachinesKuwait  Clearing  CorporationNigeria  Stock  ExchangeOAUTadawulQatar  Financial  Markets  Authority

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Example  Post  Trade  Projects    

BTA  is  the  most  successful  consultancy  company  globally  measured  by  number  of  projects  

CCP  /  Clearing  Houses  

§ Malaysian  Deriva-ves  Clearing  House  

§ Malaysian  Securi-es  Clearing  House  

§ New  Zealand  Clearing    

§ NASDAQ  Dubai  § Dubai  Financial  Market  

§ Wiener  Bourse  § NDC  Clearing  Unit  Azerbaijan  

§ KDPW,  Poland  § X-­‐clear  § LCH.Clearnet  § London  Precious  Metals  Clearing  

Also  advised  network  providers  –  SWIFT,  BT  Radianz  and  Market  Intermediaries  

Central  Securi/es  Depositories  

§ VP,  Denmark  &  Lux  § Crest  /  Euroclear  § Clearstream  § SIX/SIS    § VPS  Norway  § Polish  CSD  -­‐  KDPW  § Czech  CSD    -­‐  SCP  § Sri  Lankan  CSD  § Bombay  SE  CSD  § Malaysian  CDS  § N.  Zealand  CSD  § Dubai  Financial  Market  

§ Saudi  Stock  Exchange    

§ Baku  CSD  § Kenyan  CSD  § Russian  CSDs  

Exchanges  

§ Bursa  Malaysia  § New  Zealand  Exchange  

§ Dubai  Financial  Market  

§ NASDAQ  Dubai  § Saudi  Stock  Exchange  

§ Qatar  Exchange  § Warsaw  Stock  Exchange  

§ Baku  Stock  Exchange  § Bucharest  Stock  Exchange  

§ Stock  Exchange  Thailand  

Securi/es  Commissions  

§ Securi-es  Commission  Malaysia  

§ Capital  Market  Authority  Saudi  Arabia  

§ Qatar  Financial  Services  Authority  

§ State  Securi-es  Commission  Vietnam  

§ Securi-es  Commission  China  

§ Capital  Market  Authority,  Kenya  

§ CMSA,  Tanzania  

Central  Banks  

§ Central  Bank  of  Malaysia  

§ Saudi  Arabia  Monetary  Authority  

§ Na-onal  Bank  of  Egypt  

§ Na-onal  Bank  of  Belgium  

§ Na-onal  Bank  of  Romania  

§ Albanian  Central  Bank  

§ Bank  for  Interna-onal  SeXlements  

§ Slovak  Central  Bank  § Central  Bank  of  Denmark  

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Why  BTA  Consul/ng?  

n  21  year  globally  successful  track  record  n  >  100  financial  markets  clients  

¥  >  80  central  market  projects  (exchanges,  CCPs,  CSDs,  payment  systems)  

¥  Previous  strategy  experience  conver-ng  fron-er  markets  to  emerging  markets  

n  Very  crea-ve  –  delivering  significant  commercial  value  for  clients  that  far  exceeds  our  fees  

n  A  network  of  30  consultants  with  relevant  and  proven  experience  

n  Highly  successful,  deliver  where  others  fail  n  Independent  (financially  and  ethically)  n  No  conflicts  of  interest  n  In  depth  knowledge  of  regulatory  reform  

World Class Experience

What BTA is not