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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