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Trade Talk - February 2012

Table of Contents


In this issue...

A message from our CEO: Managing risk starts with managing our choices

In choosing a course of action we must make an informed decision that puts clients’ concerns front and centre, yet still allow room for agility and responsiveness as details emerge.

Twenty years of custody in Canada

Tom MacMillan retired as Chairman of CIBC Mellon’s Board of Directors on Dec. 31, 2011.  He served as President and CEO of CIBC Mellon from 1997 to 2009.

February economic update

We expect a global growth recession in 2012, rather than either a strong global expansion or a full-scale global recession.  We expect global real GDP growth of about 3% in 2012, down from about 3.7% in 2011 and about 5% in 2010.

Securities lending market update

As one would expect with current global market conditions, securities lending markets remain timid this year and broadly in line with expectations.

FATCA update: U.S. releases proposed regulations

On February 8, 2012, the U.S. Department of Treasury and IRS issued detailed procedures for implementing the Foreign Account Tax Compliance Act.  We expect the proposed regulations to significantly impact our business practices, policies, procedures and systems and those of our clients.

Workbench Interactive Reporting: New, robust reporting tool offers speed and impact

The “Interactive Reporting” feature in CIBC Mellon’s Workbench information-delivery tool enables clients to quickly and easily track key indicators as well as easily create, schedule and distribute data-rich and visually engaging asset and investment reports.

New GST/HST Notice 259 impacts pension plans and some trusts

CIBC Mellon clients such as pension plans and some trusts have certain obligations and associated deadlines in respect of draft Canada Revenue Agency legislation released for select listed financial institutions (SLFIs).

This issue by:

  • Tom Monahan
  • Tom MacMillan
  • Jeffrey Alexander
  • Richard Hoey
  • Darryl Horn
  • Simon Lee
  • Tim Rourke
  • Peter Maden


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Trade Talk® is provided for general information and reference purposes only and none of CIBC Mellon Global Securities Services Company, CIBC Mellon Trust Company, CIBC, The Bank of New York Mellon Corporation nor any of their affiliates make any representations or warranties as to its accuracy or completeness, nor do any of them take any responsibility for third parties to which reference may be made. Readers should be aware the content of this publication should not be regarded as legal, tax, accounting, investment, financial or other professional advice nor is it intended for such use, and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services mentioned and should not be construed as such. The contents may not be comprehensive or up-to-date, and no responsibility is taken for updating any information contained within this document. Information contained in this document is subject to change without notice. This document must not be reproduced either in whole or in part, without the express written permission of CIBC Mellon. CIBC Mellon assumes no liability (direct or consequential or any other form of liability) for any errors in or reliance upon this information. Trademarks, service marks and logos belong to their respective owners. ® Copyright CIBC Mellon 2014 All rights reserved.

Table of contents A message from our CEO: Managing risk starts with managing our choice Twenty years of custody in Canada February economic update Securities lending market update FATCA update: U.S. releases proposed regulations Workbench Interactive Reporting New GST/HST Notice 259 impacts pension plans and some trusts
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