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1、Report on Global Custody RisksReproduced from the Report on the 6th ISSA Symposium, May 24-27, 1992 ISSA Secretariat, June 2001 ISSA - Report on Global Custody Risks - 19922Report on Global Custody RisksPublished by the International Securities Services Association ISSA, May 1992International Securi
2、ties Services Association ISSA c/o UBS AG FNNA OW6F P.O. Box 8098 Zurich SwitzerlandPhone:+41 1 235 74 21 Fax:+41 1 236 14 74 e-mail:issaissanet.org website:www.issanet.orgExcerpts may be reproduced or translated providing the source is stated.Without any liability for the accuracy of the data conta
3、ined herein. ISSA - Report on Global Custody Risks - 19923Table of Contents PageExecutive Summary.41.Introduction .51.1Background. 51.2Mandate . 51.3Scope of Report. 52.Definitions. 62.1Global Custodian. 6 2.2Main Types of Risks. 73.Service Related Risks. 93.1Trade- and Settlement-related Risks. 93.
4、2Safekeeping Services Risks. 103.3Other Operational Risks.123.4Collateral Credit Risks.133.5Securities Borrowing/Lending Risks.143.6Custody Risks Associated with Derivative Products .154.Relationship Risks.164.1Relationship with Clients .164.2Relationship with Investment Managers.174.3Relationship w
5、ith Sub-Custodians.195.Communication Risks.236.Conclusions.257.Recommendations.26Annexes1ISSA 5 Recommendation Number 7.272Terms of Reference for Working Group 3 (WG 3)/Risks .283Composition of WG 3 .294Model Subcustodian Agreement .30 ISSA - Report on Global Custody Risks - 19924Executive SummaryA
6、growing number of market participants venture into markets which are new to them. There is an obvious danger that some of the associated risks are ignored or underestimated. This study attempts to provide guidance to market participants on how to minimize loss and will thus, hopefully, contribute to
7、 the further growth of cross-border investments. The study deliberately focuses on risk encountered by a typical global custodian, defined as “providing clients with multi-currency custody, settlement and reporting services which extend beyond the global custodians and clients base region and curren
8、cy, and encompasses all classes of financial instruments“.The main types of risks are related to the nature of the business, the country invested in, the counterparties involved, credit, liquidity, the market conditions, operational hazards, settlement, systemic and transfer risks.Adetailed breakdown of key operational risks is presen
