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a ogue
THE VOICE OF THE SWIFT COMMUNITY
TARGET2-SECURITIESThere at thebirth
PAGE 26
TRANSACTIONSERVICESDrawing onglobalstrengths
PAGE 22
COVERSTORYManagingexpansion ina crowdedworld
PAGE 18
Jamie Dimon,chairman and CEO,JPMorgan Chase
Q3 2007
Sibos 2007 Boston, United States
| 1-5 October |
Register online at
www.swift.com/sibos2007
Paul Galant, CEO,Global TransactionServices, Citi Markets& Banking
 
Dialogue
THE VOICE OF THE SWIFT COMMUNITY
22
INTERVIEW
Drawing on globalstrengths
Paul Galant, Citi
18
COVER STORY 
Managing expansion in acrowded world
Jamie Dimon, JPMorgan ChaseJad Khallouf, STET
7
OPINION
The future of paymentinfrastructures
DIALOGUE Q3 2007 |
 
CONTENTS
DIALOGUE
 
Q3 2007
3
Correspondence should be addressed to:dialogue@swift.comSWIFTAvenue Adèle 1, B-1310 La Hulpe, BelgiumTel: +32 2 655 31 11Fax: +32 2 655 32 26SWIFT BIC: SWHQ BE BB
EXECUTIVE SUMMARY
4
An overview of this issue
OPINION
7
The future of paymentinfrastructures
 Jad Khallouf, CEO, STET 
11
MEPS+: Lessons for paymentmarket infrastructures
Terry Goh, director, Payments &Infrastructure, Monetary Authority of Singapore
15
Raising the standard
 Jacques-Philippe Marson, presidentand CEO, BNP Paribas SecuritiesServices
INTERVIEWS
18
Managing expansion in a crowdedworld
 Jamie Dimon, chairman and CEO, JPMorgan Chase
22
Drawing on global strengths
Paul Galant, CEO, Global TransactionServices, Citi Markets & Banking
REPORTS
26
TARGET2-Securities
There at the birth
32
Corporate treasury
One for all
36
Reference Data
Beyond the BIC
42
Single Euro Payments Area
Preparing for the revolution
48
Globalisation in Latin America
Taking on the world
54
Regulation
 All clear for MiFID?
CASE STUDY
58
Pioneering XML financial messaging
Bank Of America and SunMicrosystems
INDUSTRY ROUNDTABLE
63
Standards: From convergenceto coexistence
Participants
●
Scott Atwell, co-chair, Global SteeringCommittee, FIX Protocol Limited(FPL) and manager, FIX trading andconnectivity, American CenturyInvestments
●
Robert Pickel, executive director andCEO, International Swaps andDerivatives Association (ISDA)
●
Matthew Rawlings, chairman,Working Group 4 (ISO 20022),member, FpML StandardsCommittee, vice president anddistinguished engineer, JPMorganChase
●
Jamie Shay, head of Standards,SWIFT 
Publisher: Lázaro Campos, SWIFT. Managing editor: Martine De Weirdt, SWIFT. Editor: Euan Sellar, SWIFT. Dialogue is written and produced by Information Partners on behalf of SWIFT.Advertising: denis.leclercq@swift.com, Tel. +32 2 655 3068. Graphic design: Tina Eldred. Printed by: IPM Printing. Copyright © S.W.I.F.T. SCRL (SWIFT) 2007.
All rights reserved. Reproduction is however authorised with acknowledgement of the source, reference and date of publication, and all notices set out here. This publication is supplied for information purposes only, and shallnot be binding nor shall it be construed as constituting any obligation, representation or warranty on the part of SWIFT. SWIFT, S.W.I.F.T., the SWIFT logo, Sibos and SWIFT–derived product and service names – such as butnot limited to SWIFTNet and SWIFTAlliance – are trademarks of S.W.I.F.T. SCRL. SWIFT is the trading name of S.W.I.F.T. SCRL. Photographs feature SWIFT employees, customers and business partners.
 
executive |
 
summary
dialogue
 
Q3 2007
interview |
 
Jamie Dimon
J
amie Dimon, chairman o the board and chie executiveofcer o JPMorgan Chase, does not subscribe toconventional business thinking when it comes to globalexpansion. When asked i he preers to be a frst mover intoa market or a ast ollower, he answers simply, “Neither. It’snot a distinction I value.” He argues that a well-thought-out business plan matters more than whether a company leads or ollows into a new product or area.Equally, unlike other business managers, he is notnecessarily put o by already-crowded markets whenexpanding. “You have to run all your businesses well togrow organically and that means better products andbetter services in both new and established areas,” he says.In this in-depth interview, Dimon shares his thoughtson global expansion, banks’ increasing ability to adapt tonew situations, and the adoption o technology.
Page 18
Jamie Dimon, chairman and CEO, JPMorgan Chase
opinion |
Th futurof payntnfrastructurs
Jad Khallouf,CEO,STET
M
arketinrastructures were originally developed with specifcpurposes in mind – orexample the exchange,processing and clearingand/or settlement o certain classes o payments. They diverged in many areas. But severalrecent developmentshave brought aboutnew drivers or change, which may eventually lead to moreconvergence ininrastructurestrategies.
Page 7
P
leasing all o the peopleall o the time isno mean eat.But as a globalbank, this isexactly whatCiti has to do.Far rom being aburden,however, Citi sees its global statureas a strength that allows it toprovide customers with a widearray o products and services. A key element to all this,according to Paul Galant, CEO,Global Transaction Services, CitiMarkets & Banking, is listeningintently to clients and not tryingto orce them to buy in to thebank’s own vision. “No matterhow brilliant we think an idea is, we will never bring it to market,never invest time and money onit, unless it is o immediate andimportant relevance to ourclients,” he says.
Page 22
interview| 
Paul GalanT
Paul Galant, CEO, GlobalTransaction Services,Citi Markets & Banking
mePS+: lssonsfor paynt arktnfrastructurs
Terry Goh, director,Payments & Infrastructure,Monetary Authority of Singapore
A
t the end o last year,Singaporeimplemented its new MAS Electronic PaymentSystem (MEPS+) – anext generation real-timegross and governmentsecurities settlementsystem – to replace theoriginal MEPS system.The Monetary Authority o Singapore (MAS)opted to use the SWIFTmessage ormats andnetwork. O particularimportance was theresilience o the new system, especially giventhe emergence o new threats.
Page 11
Rasng thstandard
 Jacques-Philippe Marson,president and CEO, BNPParibas SecuritiesServices
I
mplementation o uniorm marketpractices andstandardstransormed theglobal securitiesindustry. Followingthe issue o TheGroup o Thirty’s1989 report onclearing andsettlement, concertedeorts were made tocreate efciency inthese areas. But thereis still much work tobe done on straight-through processingand implementationo XML standards.
Page 15
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