WEBVTT - BNY Mellon's Shea: Enabling Global Investment in China (Audio)

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<v Speaker 1>This is taking Stock with pill Box and Kathleen Hayes,

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<v Speaker 1>who's taking company public. He wanted to liquid like your

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<v Speaker 1>majority show those shares who were quite a good We

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<v Speaker 1>need a best portfolio. A little stack, elliottle her HELLI

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<v Speaker 1>little cash. What if you were offered some kind of

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<v Speaker 1>a stock option equity sharing program without doing a thing

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<v Speaker 1>for you. You're a window into the world a professional investing.

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<v Speaker 1>You know what they say, Fools make money, bears make money,

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<v Speaker 1>and things they get started at the bow where it

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<v Speaker 1>is now. Everybody wants a foot to the market. This

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<v Speaker 1>is Taking Stock with Pim Fox and Kathleen Hayes on

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<v Speaker 1>Bloomberg Radio. Welcome to taking Stock on this Monday May

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<v Speaker 1>on the road again as we broadcast live in Tucson,

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<v Speaker 1>Arizona from Invested sixteen the Power of the Big Ideas

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<v Speaker 1>of B and Y Melon Client Conference. I'm Kathleen Hayes

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<v Speaker 1>along with Pim Fox. Today we're gonna kick off the

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<v Speaker 1>show with Brian Shay, vice chairman and CEO of Investment

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<v Speaker 1>Services B n Y Melon, to look at a future

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<v Speaker 1>vision for the investment industry, business model, fintech, in innovation

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<v Speaker 1>and disruption, even robotics in banking and so much more,

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<v Speaker 1>and of course we're to keep our eye on the news.

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<v Speaker 1>Buyer is acquiring monk Santo for sixty two billion dollars

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<v Speaker 1>as it tries to become the biggest seller of seeds

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<v Speaker 1>and farm chemicals in the world. But is it paying

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<v Speaker 1>too much? We'll be looking at that, keeping her on

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<v Speaker 1>the Fed of Courses. Boston Fed's Eric rosen Grid said,

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<v Speaker 1>table looks pretty much set for another rate hike. Will

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<v Speaker 1>it come in June? We're gonna be looking at so

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<v Speaker 1>much interesting stuff on the show today. Let's get to

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<v Speaker 1>Katherine Caldarie at Bloomberg World headquarters. She's got a Bloomberg

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<v Speaker 1>business flash. Thank you, Kathleen. Well, it's an up and

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<v Speaker 1>down day on Wall Street. Stocks are fluctuating as investors

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<v Speaker 1>who wait more clarity on the timing of the Federal reserves,

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<v Speaker 1>next increase in interest rates, and the outlook for inflation.

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<v Speaker 1>Hugh Johnson, chairman of Huge Townsend Advisor, says stocks will

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<v Speaker 1>not know where to go until after next month's FED

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<v Speaker 1>policy meeting. Everybody's looking for direction, and I think the

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<v Speaker 1>focus is primarily on what's the Federal Reserve going to

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<v Speaker 1>do in the month of June. I think there's a

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<v Speaker 1>very strong belief that the Federal Reserve is likely to

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<v Speaker 1>raise interest rates in June. We check the markets every

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<v Speaker 1>fifteen minutes about the trading day. Down Industrial average is

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<v Speaker 1>up thirty seven points to tens of a percent, trading

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<v Speaker 1>at seventeen thousand five D eight SMP five Foundered is

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<v Speaker 1>up a fraction at trading at two thousand fifty two.

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<v Speaker 1>The NASTAC is up ten points to tens of a

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<v Speaker 1>percent at forty seven seventy nine. West Texas Intermedia crude

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<v Speaker 1>oil down forty cents of barrel seven eights of a

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<v Speaker 1>percent at forty eight O one spot, Gold down on

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<v Speaker 1>dollar eighty announced at twelve fifty one ten, and the

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<v Speaker 1>tenure Treasury is up to thirty seconds with the yield

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<v Speaker 1>of one point eight three percent. Among today's top business stories,

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<v Speaker 1>as Kathleen mentioned, Bear is offering sixty two billion dollars

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<v Speaker 1>to buy Monsanto, deepening investor concerned that it will strain

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<v Speaker 1>as finances. Their stock dropped as amount to six percent

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<v Speaker 1>in German trading, extending losses since the potential deal was

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<v Speaker 1>first revealed. Buying month Santo would allow Bear to tapp

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<v Speaker 1>into growing demand at a time when farmers must boost

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<v Speaker 1>productivity to feed an estimated ten billion people globally. By

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<v Speaker 1>General Electric has agreed to take part in three billion

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<v Speaker 1>dollars of Saudi Arabia investments. As a dessert kingdom seeks

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<v Speaker 1>to diversify its economy away from crude oil. GE will

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<v Speaker 1>take part in efforts to drive projects in water, energy, aviation,

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<v Speaker 1>digital and other non oil industries. The partnership is part

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<v Speaker 1>of Saudi arabia strategy to invest in industries other than

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<v Speaker 1>oil after crude prices plunged. Boweling shares are gaining Today

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<v Speaker 1>it's pulled off a win over Airbus by landing an

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<v Speaker 1>eleven point three billion dollar order from Vietnam's only private airline.

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<v Speaker 1>The announcement was time to coincide with President Omba's visit

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<v Speaker 1>to Vietnam. ACCESS is going to stop investing in tobacco

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<v Speaker 1>and divest all of its two billion dollars worth of

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<v Speaker 1>assets in the industry. And now let's get an update

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<v Speaker 1>if some of the other stories you're following. Thank you

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<v Speaker 1>Catherine from the Bloomberg newsroom on Vanni quhen this news

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<v Speaker 1>update has rolled to you. My sector spider et s

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<v Speaker 1>why by a singles doll when you can invest in

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<v Speaker 1>the entire sector, visit sector sddrs dot com, or call

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<v Speaker 1>one sector et F. The top US commander in Afghanistan

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<v Speaker 1>says the death of a major Talaman leader could have

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<v Speaker 1>a positive effect on peace efforts. Bloomberg's Michael Barr has More.

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<v Speaker 1>General John W. Nicholson says the death of Maha Mohammed

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<v Speaker 1>Aktar Mansour will have a disruptive effect on the insurgency.

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<v Speaker 1>President Obama talked about Mansurah's death while in Vietnam. He

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<v Speaker 1>is an individual who has headed the Toller bond was

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<v Speaker 1>specifically targeting US personnel and troops inside of Afghanistan, and

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<v Speaker 1>Sea was killed by a drone strike in Pakistan. The President,

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<v Speaker 1>while in Hanoi, also announced lifting the ban on selling

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<v Speaker 1>arms to Vietnam. Michael Barr Bloomberg Radio. A judge has

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<v Speaker 1>found a Botmore police officer not guilty on all charges

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<v Speaker 1>in connection with Reddy Gray's death and police custody. Maryland

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<v Speaker 1>Congressman Elijah Cummings says the john and the justice system

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<v Speaker 1>must be respected. In many of these cases, star is

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<v Speaker 1>are never there is no trial again. This is the

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<v Speaker 1>way Edward Nero was one of six Baltimore Police officers

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<v Speaker 1>charged in the case. Along Island town is meeting up

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<v Speaker 1>its so called voting while intoxicated the patrols ahead of

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<v Speaker 1>Memorial Day weekend. Supervisor Anthony Santino says the town of

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<v Speaker 1>Hempstead is working to increase awareness of the dangers of

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<v Speaker 1>voting while using alcohol or drugs. The town's bay constables

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<v Speaker 1>will be patrolling waterways to help keep voters safe. Global

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<v Speaker 1>News twenty four hours a day, powered by journalists more

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<v Speaker 1>than one fifty news bureaus around the world. From the

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<v Speaker 1>Broomberg news Room, I'm Bonny Quinn. Catherine, thank you, and

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<v Speaker 1>recapping the Dow industrial leverage up thirty eight points trading

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<v Speaker 1>at seventeen thousand, five thirty nine. Smp F ive founded

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<v Speaker 1>up half a point holding study at two thousand fifty two.

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<v Speaker 1>NaSTA up ten at forty seven is seventy nine, and

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<v Speaker 1>that's the Bloomberg business flash. Catherine Caddie, thank you so

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<v Speaker 1>very much. The power of a big ideas invested. Sixteenth.

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<v Speaker 1>We are live to a at Dove Mountain, about thirty

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<v Speaker 1>miles from Tucson, Arizona. A beautiful mountain range and is

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<v Speaker 1>actually an historic Native American site here as B and

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<v Speaker 1>Y Melon holds a very special conference for some of

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<v Speaker 1>its top clients to look at the big challenges in

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<v Speaker 1>the money management investment industry today. And we're very happy

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<v Speaker 1>that Brian Shay is joining us to kick things off.

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<v Speaker 1>Vice Chairman and CEO of Investment Services for B and

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<v Speaker 1>Y Melon. Welcome and thank you for inviting us here.

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<v Speaker 1>Oh thanks, Kathleen. Pleased to be here and thrilled to

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<v Speaker 1>be here with you and UH and also with two

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<v Speaker 1>hundred of our top investment management and asset owner institutional

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<v Speaker 1>asset owner clients UH to share ideas and insights with

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<v Speaker 1>each other. Well, it's certainly been huh. I love it.

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<v Speaker 1>Give you a little little metaphor, you know, rocky time

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<v Speaker 1>for the investment industry the past few years. And as

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<v Speaker 1>you know, I went on one of the hikes here

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<v Speaker 1>around the hotel yesterday. You go straight at four or

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<v Speaker 1>five feet, your hearts pounding. But it is kind of

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<v Speaker 1>a good men for though, for what people feel sometimes

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<v Speaker 1>in this industry. Where are we now and what are

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<v Speaker 1>the big questions that your clients have as they try

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<v Speaker 1>to climb those hills. Yeah, I think we continue to

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<v Speaker 1>be in a historic period of of change in the industry. UM.

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<v Speaker 1>It's a it's really an unprecedented period of time in

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<v Speaker 1>terms of lower than normal economic growth rates, obviously lower

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<v Speaker 1>than normal or in case in many cases, negative interest

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<v Speaker 1>rates in Europe and Japan and other places. Very high

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<v Speaker 1>amount of regulatory change which is really unabated since the

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<v Speaker 1>financial crisis. UH, and pretty rapid change in technology as well.

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<v Speaker 1>So the combination of all those changes is challenging financial

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<v Speaker 1>institutions and investment managers UM, and you know, creating new

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<v Speaker 1>opportunities as well. We at B and Y MELON UM

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<v Speaker 1>are the largest provider of services to investment managers globally

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<v Speaker 1>around the world, and this conference is designed to help

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<v Speaker 1>help our clients adapt to all that change and navigate

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<v Speaker 1>all that change and UH and frankly, we don't we

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<v Speaker 1>don't see any you know, any let up inside. So

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<v Speaker 1>our focuses on UM recognizing this all that uncertainty, all

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<v Speaker 1>that change in the air, trying to focus on the

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<v Speaker 1>things we can control to help our clients UH reinvent

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<v Speaker 1>their business, transform their business models, and actually drive higher

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<v Speaker 1>returns for investors and higher returns for the for their

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<v Speaker 1>companies as well. Alright, UH, stock market volatility is how

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<v Speaker 1>how how do you fit in that in that in

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<v Speaker 1>that question of what people are dealing with when it

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<v Speaker 1>comes to clients and managing their money and what the

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<v Speaker 1>and and what you can do for them and what

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<v Speaker 1>the questions are right now? Yeah, I think, um, I

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<v Speaker 1>think you know, all the market volatility, whether it's you know,

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<v Speaker 1>lower lower than normal ingistrates which affect investors, UH, market

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<v Speaker 1>volatility across different asset classes, all of that is challenging

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<v Speaker 1>traditional investment managers to drive you know, the kinds of

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<v Speaker 1>returns that investors really want and expect um. And all

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<v Speaker 1>the change in technology UH and other challenges regulatory wise

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<v Speaker 1>and otherwise are causing investment managers to want to focus

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<v Speaker 1>on the investment process. For from our for our business,

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<v Speaker 1>that's actually an opportunity because what we do is we

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<v Speaker 1>provide the technology platforms UH, the settlement declaring, the custody

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<v Speaker 1>solutions that they need, and we we create shared economies

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<v Speaker 1>of scale which lower the cost of investing and try

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<v Speaker 1>to enable our asset management and asset owner clients to

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<v Speaker 1>UH to serve their clients more effectively. All right, stock

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<v Speaker 1>the stock market volatility, we're looking at that here in Tucson, Arizona.

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<v Speaker 1>Let's go back to UH, New York City, Bloomberg World

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<v Speaker 1>Headquarters are stocks that are Dave Wilson to weigh in

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<v Speaker 1>on the stock market to day. There's a lot going

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<v Speaker 1>on in the market day, but it's basically overall flat,

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<v Speaker 1>covering up a lot of interesting news and a lot

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<v Speaker 1>of interesting stories. Absolutely. I mean, you look at the

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<v Speaker 1>S and P five hundred and you're seeing very little

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<v Speaker 1>volatility there. It's been within two tents of a percent

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<v Speaker 1>of last eeaks closed all day. So if you want volatility,

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<v Speaker 1>you really have to look, especially to the deal stocks

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<v Speaker 1>that you've got. Monsanto's shares up more than five percent

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<v Speaker 1>after we we found out that Bears offer for the

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<v Speaker 1>company UH sixty two billion dollars a hundred and twenty

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<v Speaker 1>two dollars to share UH Monsanto trading at one of

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<v Speaker 1>six sixty nine at the moment, so there's a long

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<v Speaker 1>way from there to the value of the offer. And

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<v Speaker 1>then you have a deal that actually fell apart in

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<v Speaker 1>the fertilizer business. See if Industries Holdings was looking to

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<v Speaker 1>buy a Dutch company, o c I moved their headquarters

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<v Speaker 1>in essence off shore for tax purposes. Well, we know

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<v Speaker 1>the government here in the US has clamped down on that,

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<v Speaker 1>so they decided to get out of that deal. In

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<v Speaker 1>the stocks up more than six percent in response to

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<v Speaker 1>that decision. So on the other hand, you look at

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<v Speaker 1>Signa being down more than four percent, the Wall Street

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<v Speaker 1>Journal reporting on disputes between that company and Anthem, which

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<v Speaker 1>made a deal to get together some months back. And

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<v Speaker 1>he got Tribune Publishing, the owner of the Chicago Tribune

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<v Speaker 1>in the Los Angeles Times, down fifty and a half

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<v Speaker 1>percent after deciding to not go with an offer from

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<v Speaker 1>Gannette and instead selling almost percent stake to a billionaire

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<v Speaker 1>drug executive. So lots of developments on the take over front, uh,

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<v Speaker 1>just not a whole lot of overall directions to the

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<v Speaker 1>market at this point. So what's uh, what are you

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<v Speaker 1>gonna look at when you come back in an hour

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<v Speaker 1>with your chart of the data. Well, you know we're

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<v Speaker 1>gonna check out what's happened when it comes to uh dividends.

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<v Speaker 1>That's something that Jeffreys focused on in their latest research.

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<v Speaker 1>And you know that the way they see a dividend

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<v Speaker 1>growth just as important as earnings these days. And we'll

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<v Speaker 1>find out why. Well, always interesting when our stocks that are.

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<v Speaker 1>Dave Wilson is on board. He will be back with

0:11:51.000 --> 0:11:53.839
<v Speaker 1>an hour with more and we're gonna continue our live

0:11:53.880 --> 0:11:57.400
<v Speaker 1>broadcast TUSA on Arizona Dove Mountain. The Power of Big

0:11:57.440 --> 0:12:00.760
<v Speaker 1>Ideas invested sixteen with B and Wine lent like Kathleen

0:12:00.720 --> 0:12:03.160
<v Speaker 1>and Hayes all pimp Fox Taking Stuff on Bloomberg Radio

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<v Speaker 1>Market Drivers brought you by Mercedes Benz. Study offers are

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<v Speaker 1>lap and on your radio is a Bloomberg Business Flash

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<v Speaker 1>from Bloomberg World Headquarters. I'm Katherine Coldery. Bloomberg. Taking Stock

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<v Speaker 1>is brought to you by van X Vectors et s.

0:12:38.280 --> 0:12:41.640
<v Speaker 1>Expect more from your munis target tax accepted income, by

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<v Speaker 1>Visit Vanac dot com slash Muni vaneck access the opportunities.

0:12:50.120 --> 0:12:52.560
<v Speaker 1>Stocks are fluctuating after the SMP five thunder to be

0:12:52.600 --> 0:12:55.880
<v Speaker 1>bounded from a seven week low investors are awaiting further

0:12:55.920 --> 0:12:58.520
<v Speaker 1>direction on the health of the economy and prospects for

0:12:58.600 --> 0:13:02.040
<v Speaker 1>higher interest rates. James Blurred, president of the Federal Reserve

0:13:02.080 --> 0:13:04.640
<v Speaker 1>Bank of St. Louis, said today he does not see

0:13:04.640 --> 0:13:08.080
<v Speaker 1>the UK's vote on European Union membership influencing the US

0:13:08.160 --> 0:13:10.960
<v Speaker 1>Central Banks meeting that will be held the week before

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<v Speaker 1>the referendum, and San Francisco's John Williams said today that

0:13:14.679 --> 0:13:17.880
<v Speaker 1>two to three rate increases this year are still about right.

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<v Speaker 1>We check the markets every fifteen minutes throughout the trading

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<v Speaker 1>day on Bloomberg Radio. Down Industrial average is up forty

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<v Speaker 1>three points a quarter percent, is trading at seventeen thousand,

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<v Speaker 1>five hundred forty four. Smp F I founded up one

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<v Speaker 1>point to two thousand fifty three, NASTAC higher by fourteen

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<v Speaker 1>a quarter percent, trading at forty eighty three less. Texas

0:13:36.360 --> 0:13:38.800
<v Speaker 1>Intermediate crude oil down fifty three cents of barrel of

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<v Speaker 1>also one point one percent, trading at forty eight. Spout

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<v Speaker 1>Go down a dollar, announced at twelve fifty nine, and

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<v Speaker 1>the Tenure Treasury is up one thirty second with the

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<v Speaker 1>yield of one point eight three percent. And that's a

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<v Speaker 1>Bloomberg Business Flash. This is Taking Stock with Kathleen Hayes

0:13:56.920 --> 0:14:01.240
<v Speaker 1>and Grim Fox on Bloomberg Radio very special show as

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<v Speaker 1>we broadcast line in Tucson, Arizona from the B and

0:14:05.400 --> 0:14:09.160
<v Speaker 1>Y Melon Assets Servicing Conference INVESTED sixteen The Power of

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<v Speaker 1>Big Ideas on Kathleen Hayes along with Pim Fox. Pim

0:14:12.240 --> 0:14:14.600
<v Speaker 1>will be joining us just a little bit later in

0:14:14.640 --> 0:14:18.319
<v Speaker 1>the show. He is currently moderating a panel for b

0:14:18.520 --> 0:14:22.360
<v Speaker 1>n Y Melon. Uh. It's they're launching an asset strategy

0:14:22.560 --> 0:14:24.960
<v Speaker 1>view a new a new program they have in Pim

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<v Speaker 1>is the moderator, so he's doing that well. I speak

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<v Speaker 1>to a very important person here at this conference, Brian

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<v Speaker 1>Shay He's vice chairman and CEO of Investment Services for

0:14:32.840 --> 0:14:35.040
<v Speaker 1>b N Y Melon. Where at dub Mountain, the rich

0:14:35.080 --> 0:14:38.680
<v Speaker 1>Calton here uh near Tucson, a resort in the midst

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<v Speaker 1>of the beautiful, beautiful mountains and two hundred plus clients. Briana,

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<v Speaker 1>you have been at b N Y Melon for thirty

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<v Speaker 1>three years now. First when you start with Pershing, which

0:14:51.120 --> 0:14:54.720
<v Speaker 1>b N Y Melon acquired, but and so you've you've

0:14:54.760 --> 0:14:56.960
<v Speaker 1>been there a while. But the company itself, B and

0:14:57.120 --> 0:15:01.320
<v Speaker 1>Y Melon celebrating it's two thirties sec at anniversary. That's

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<v Speaker 1>really something, it really is. I mean, it's uh, you know,

0:15:04.280 --> 0:15:07.280
<v Speaker 1>we're proud be part of a company that's managed to

0:15:07.280 --> 0:15:09.760
<v Speaker 1>be a market leader in its business for two hundred

0:15:09.760 --> 0:15:12.800
<v Speaker 1>thirt two years. That's increasingly rare and unusual, and it's

0:15:12.880 --> 0:15:15.760
<v Speaker 1>pricely precisely because we've been able to sort of lead

0:15:15.760 --> 0:15:17.840
<v Speaker 1>and manage change, which are skill sets that come in

0:15:17.880 --> 0:15:20.120
<v Speaker 1>pretty handy in these markets in this environment as well.

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<v Speaker 1>But we were founded by um, you know, a visionary leader,

0:15:23.480 --> 0:15:26.760
<v Speaker 1>Alexander Hamilton's uh not only one of the founding fathers

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<v Speaker 1>of our country, but the first Treasury Secrets of the

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<v Speaker 1>United States, UM and UM you know, literally in many respects,

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<v Speaker 1>the sort of founder of moderate capitalism in America. So

0:15:37.560 --> 0:15:39.840
<v Speaker 1>it's a pretty cool thing. The Bank of New York

0:15:40.080 --> 0:15:42.640
<v Speaker 1>MELON made the Bank of New York at the time

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<v Speaker 1>made the first documented loan UH in the history of

0:15:45.880 --> 0:15:48.720
<v Speaker 1>the country, a ten thousand dollar loan actually to UH

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<v Speaker 1>to the government of the United States. So in many respects,

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<v Speaker 1>we think of ourselves as helping to propel what has

0:15:54.360 --> 0:15:58.640
<v Speaker 1>been a pretty strong economic success story UH for the

0:15:58.680 --> 0:16:01.160
<v Speaker 1>last two hundred plus A years. So it's a pretty

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<v Speaker 1>cool regulation regulatory change. It's certainly something that over the

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<v Speaker 1>past almost decade now a lot of people in the

0:16:07.360 --> 0:16:09.480
<v Speaker 1>financial services industry are dealing with a lot of big

0:16:09.480 --> 0:16:11.640
<v Speaker 1>banks and leaving smaller banks. Are saying it's tough, it's

0:16:11.640 --> 0:16:14.720
<v Speaker 1>tougher to make money. They wonder if there's too much regulation.

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<v Speaker 1>But you have said that, you for being my melon.

0:16:17.480 --> 0:16:21.600
<v Speaker 1>You see an opportunity, business opportunity in all this regulatory change.

0:16:21.640 --> 0:16:24.000
<v Speaker 1>Why what is it? Well, first of all, we um

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<v Speaker 1>in the way of the financial crisis. There's no question that,

0:16:26.640 --> 0:16:30.800
<v Speaker 1>you know, industry leaders need to embrace responsible regulatory reform,

0:16:30.840 --> 0:16:34.120
<v Speaker 1>regulatory change, and we certainly do so UH things like

0:16:34.400 --> 0:16:39.000
<v Speaker 1>UH you know, focus on capital ratios, liquidity ratios, UH,

0:16:39.200 --> 0:16:42.800
<v Speaker 1>red reduction, systemic risk. All that's really important UH to

0:16:43.360 --> 0:16:46.960
<v Speaker 1>UH to actually embrace and lead that change, to UH

0:16:47.000 --> 0:16:50.760
<v Speaker 1>strengthen investor confidence, confidence in our markets, and ultimately create

0:16:50.800 --> 0:16:53.880
<v Speaker 1>an environment for our companies UH to succeed in a

0:16:53.920 --> 0:16:55.880
<v Speaker 1>way that's actually good for the investor and good for

0:16:55.920 --> 0:16:59.320
<v Speaker 1>the taxpayer as well. So we embrace that. But the

0:16:59.360 --> 0:17:01.640
<v Speaker 1>opportunity for us during a couple of areas, one is

0:17:02.160 --> 0:17:05.600
<v Speaker 1>that our clients are dealing with higher regulatory change costs,

0:17:05.680 --> 0:17:08.159
<v Speaker 1>and so they're looking to variabilize their costs. And the

0:17:08.160 --> 0:17:10.919
<v Speaker 1>investment management space, investment managers are challenged by lots of

0:17:10.920 --> 0:17:15.720
<v Speaker 1>other competitive dynamics, and they're looking to actually reduce their

0:17:15.800 --> 0:17:19.600
<v Speaker 1>own let's increase their focus on the investment process itself

0:17:19.640 --> 0:17:24.240
<v Speaker 1>and reduce their energy and time on technology operations, service delivery,

0:17:24.400 --> 0:17:27.320
<v Speaker 1>and so we're their natural partner to actually provide those

0:17:27.359 --> 0:17:29.320
<v Speaker 1>service to them solutions. That creates a little bit of

0:17:29.320 --> 0:17:33.280
<v Speaker 1>a growth opportunity for us. But more importantly, we look

0:17:33.280 --> 0:17:36.440
<v Speaker 1>at regulatory change as an opportunity to reinvent our business

0:17:36.480 --> 0:17:39.480
<v Speaker 1>and to actually change our value proposition for our clients

0:17:39.920 --> 0:17:43.240
<v Speaker 1>UM and we think you can actually implement responsible regulatory

0:17:43.280 --> 0:17:45.879
<v Speaker 1>reform and still make your business better if you have

0:17:45.960 --> 0:17:48.480
<v Speaker 1>the right mindset about it. I guess the best example

0:17:48.520 --> 0:17:51.359
<v Speaker 1>I could mention is we were at the center of

0:17:51.840 --> 0:17:55.639
<v Speaker 1>UH of an industry wide effort collaborating with the regulators

0:17:55.680 --> 0:17:59.840
<v Speaker 1>to reform the tri party repoll market UM that mark

0:18:00.040 --> 0:18:02.160
<v Speaker 1>it in the way that the financial crisis was identified

0:18:02.160 --> 0:18:05.399
<v Speaker 1>as an area of systemic risk, and together working closely

0:18:05.400 --> 0:18:09.879
<v Speaker 1>with the regulators, UM and other industry participants and leaders,

0:18:09.960 --> 0:18:13.600
<v Speaker 1>we were able to eliminate the intraday liquidity risk. We

0:18:13.640 --> 0:18:16.480
<v Speaker 1>did that by changing the technology and changing the process

0:18:16.560 --> 0:18:19.760
<v Speaker 1>and to end ultimately making our clients more efficient and

0:18:19.800 --> 0:18:23.879
<v Speaker 1>productive and helping them manage their collateral and capital and

0:18:23.920 --> 0:18:26.359
<v Speaker 1>liquidity more effectively. So we ended up making our clients

0:18:26.400 --> 0:18:30.760
<v Speaker 1>more profitable and effective while reducing the systemic risk. Well.

0:18:30.800 --> 0:18:33.840
<v Speaker 1>And just this in the past couple of days, big

0:18:33.880 --> 0:18:37.439
<v Speaker 1>announcement being my Mountain as part of a new a

0:18:37.480 --> 0:18:40.320
<v Speaker 1>new step of new program Industrial and Commercial Bank of

0:18:40.400 --> 0:18:44.920
<v Speaker 1>China is involved to help in institutional investors and money

0:18:44.920 --> 0:18:48.440
<v Speaker 1>managers way to start issuing and trading the Chinese currency.

0:18:48.480 --> 0:18:50.679
<v Speaker 1>What's going on? This sounds pretty important, kind of a

0:18:50.720 --> 0:18:53.760
<v Speaker 1>proud moment when you're when the founder of your company

0:18:53.800 --> 0:18:55.600
<v Speaker 1>is on the ten dollar abil in the United States.

0:18:56.119 --> 0:18:58.040
<v Speaker 1>UH it shows how far the company has come in

0:18:58.040 --> 0:19:00.119
<v Speaker 1>two in thirty two years, when our global leader and

0:19:00.160 --> 0:19:03.879
<v Speaker 1>we serve clients in thirty five countries in a hundred

0:19:03.920 --> 0:19:07.720
<v Speaker 1>of different markets, and we've one of the big opportunities

0:19:07.760 --> 0:19:11.919
<v Speaker 1>is to actually enable more investment global investment UH and

0:19:12.000 --> 0:19:16.040
<v Speaker 1>investment in China, and so together working with the Bloomberg

0:19:16.080 --> 0:19:18.960
<v Speaker 1>Working Group, uh D t C C and B and

0:19:19.080 --> 0:19:21.879
<v Speaker 1>yml and and I C b C, which is the

0:19:21.920 --> 0:19:25.600
<v Speaker 1>longest largest bank in China. Last week we were we

0:19:25.680 --> 0:19:30.800
<v Speaker 1>unveiled and issued the first UM, the first Chinese RMB

0:19:31.000 --> 0:19:34.200
<v Speaker 1>denominated c D in the United States. B and yml

0:19:34.240 --> 0:19:37.440
<v Speaker 1>AND acted as the paying agent and issuing agent UH

0:19:37.440 --> 0:19:40.760
<v Speaker 1>and DT c C cleared the security and so it's

0:19:40.800 --> 0:19:43.439
<v Speaker 1>the first time, and I think it's it's gonna be

0:19:43.560 --> 0:19:46.600
<v Speaker 1>the initial phase of what will be much more growth

0:19:46.640 --> 0:19:49.280
<v Speaker 1>than the Chinese global investment Mott, Well, we're gonna have

0:19:49.320 --> 0:19:51.360
<v Speaker 1>to watch that very closely. It is such so important

0:19:51.359 --> 0:19:55.200
<v Speaker 1>having that the real and be the Chinese currency more traded,

0:19:55.200 --> 0:19:57.760
<v Speaker 1>more invested, in a very important step of developing China's

0:19:57.760 --> 0:20:00.639
<v Speaker 1>capital markets. Bryant sh thanks for joining us Vice chairman

0:20:00.680 --> 0:20:02.960
<v Speaker 1>CEO of investment Services at B and Y Melon. This

0:20:03.080 --> 0:20:10.080
<v Speaker 1>is Boomberg Radio continuing our live broadcast here at Invested

0:20:10.160 --> 0:20:14.240
<v Speaker 1>sixty the Power Big Ideas Dove Mountaineer, Tucson, Arizona, B

0:20:14.359 --> 0:20:17.480
<v Speaker 1>and Y Melon Conference. We're gonna be talking about the

0:20:17.600 --> 0:20:19.359
<v Speaker 1>buyer of Santa Dea