Latest / Bloomberg Intelligence / BNY Mellon's Shea: Enabling Global Investment in China (Audio)

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BNY Mellon's Shea: Enabling Global Investment in China (Audio) · Bloomberg Intelligence

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  Speaker 1: This is taking Stock with pill Box and Kathleen Hayes,
• 0:05
  Speaker 1: who's taking company public. He wanted to liquid like your
• 0:07
  Speaker 1: majority show those shares who were quite a good We
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  Speaker 1: need a best portfolio. A little stack, elliottle her HELLI
• 0:15
  Speaker 1: little cash. What if you were offered some kind of
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  Speaker 1: a stock option equity sharing program without doing a thing
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  Speaker 1: for you. You're a window into the world a professional investing.
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  Speaker 1: You know what they say, Fools make money, bears make money,
• 0:28
  Speaker 1: and things they get started at the bow where it
• 0:31
  Speaker 1: is now. Everybody wants a foot to the market. This
• 0:34
  Speaker 1: is Taking Stock with Pim Fox and Kathleen Hayes on
• 0:37
  Speaker 1: Bloomberg Radio. Welcome to taking Stock on this Monday May
• 0:43
  Speaker 1: on the road again as we broadcast live in Tucson,
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  Speaker 1: Arizona from Invested sixteen the Power of the Big Ideas
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  Speaker 1: of B and Y Melon Client Conference. I'm Kathleen Hayes
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  Speaker 1: along with Pim Fox. Today we're gonna kick off the
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  Speaker 1: show with Brian Shay, vice chairman and CEO of Investment
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  Speaker 1: Services B n Y Melon, to look at a future
• 1:02
  Speaker 1: vision for the investment industry, business model, fintech, in innovation
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  Speaker 1: and disruption, even robotics in banking and so much more,
• 1:10
  Speaker 1: and of course we're to keep our eye on the news.
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  Speaker 1: Buyer is acquiring monk Santo for sixty two billion dollars
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  Speaker 1: as it tries to become the biggest seller of seeds
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  Speaker 1: and farm chemicals in the world. But is it paying
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  Speaker 1: too much? We'll be looking at that, keeping her on
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  Speaker 1: the Fed of Courses. Boston Fed's Eric rosen Grid said,
• 1:25
  Speaker 1: table looks pretty much set for another rate hike. Will
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  Speaker 1: it come in June? We're gonna be looking at so
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  Speaker 1: much interesting stuff on the show today. Let's get to
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  Speaker 1: Katherine Caldarie at Bloomberg World headquarters. She's got a Bloomberg
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  Speaker 1: business flash. Thank you, Kathleen. Well, it's an up and
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  Speaker 1: down day on Wall Street. Stocks are fluctuating as investors
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  Speaker 1: who wait more clarity on the timing of the Federal reserves,
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  Speaker 1: next increase in interest rates, and the outlook for inflation.
• 1:48
  Speaker 1: Hugh Johnson, chairman of Huge Townsend Advisor, says stocks will
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  Speaker 1: not know where to go until after next month's FED
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  Speaker 1: policy meeting. Everybody's looking for direction, and I think the
• 1:57
  Speaker 1: focus is primarily on what's the Federal Reserve going to
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  Speaker 1: do in the month of June. I think there's a
• 2:02
  Speaker 1: very strong belief that the Federal Reserve is likely to
• 2:05
  Speaker 1: raise interest rates in June. We check the markets every
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  Speaker 1: fifteen minutes about the trading day. Down Industrial average is
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  Speaker 1: up thirty seven points to tens of a percent, trading
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  Speaker 1: at seventeen thousand five D eight SMP five Foundered is
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  Speaker 1: up a fraction at trading at two thousand fifty two.
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  Speaker 1: The NASTAC is up ten points to tens of a
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  Speaker 1: percent at forty seven seventy nine. West Texas Intermedia crude
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  Speaker 1: oil down forty cents of barrel seven eights of a
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  Speaker 1: percent at forty eight O one spot, Gold down on
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  Speaker 1: dollar eighty announced at twelve fifty one ten, and the
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  Speaker 1: tenure Treasury is up to thirty seconds with the yield
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  Speaker 1: of one point eight three percent. Among today's top business stories,
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  Speaker 1: as Kathleen mentioned, Bear is offering sixty two billion dollars
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  Speaker 1: to buy Monsanto, deepening investor concerned that it will strain
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  Speaker 1: as finances. Their stock dropped as amount to six percent
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  Speaker 1: in German trading, extending losses since the potential deal was
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  Speaker 1: first revealed. Buying month Santo would allow Bear to tapp
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  Speaker 1: into growing demand at a time when farmers must boost
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  Speaker 1: productivity to feed an estimated ten billion people globally. By
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  Speaker 1: General Electric has agreed to take part in three billion
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  Speaker 1: dollars of Saudi Arabia investments. As a dessert kingdom seeks
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  Speaker 1: to diversify its economy away from crude oil. GE will
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  Speaker 1: take part in efforts to drive projects in water, energy, aviation,
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  Speaker 1: digital and other non oil industries. The partnership is part
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  Speaker 1: of Saudi arabia strategy to invest in industries other than
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  Speaker 1: oil after crude prices plunged. Boweling shares are gaining Today
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  Speaker 1: it's pulled off a win over Airbus by landing an
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  Speaker 1: eleven point three billion dollar order from Vietnam's only private airline.
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  Speaker 1: The announcement was time to coincide with President Omba's visit
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  Speaker 1: to Vietnam. ACCESS is going to stop investing in tobacco
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  Speaker 1: and divest all of its two billion dollars worth of
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  Speaker 1: assets in the industry. And now let's get an update
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  Speaker 1: if some of the other stories you're following. Thank you
• 3:50
  Speaker 1: Catherine from the Bloomberg newsroom on Vanni quhen this news
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  Speaker 1: update has rolled to you. My sector spider et s
• 3:55
  Speaker 1: why by a singles doll when you can invest in
• 3:57
  Speaker 1: the entire sector, visit sector sddrs dot com, or call
• 4:00
  Speaker 1: one sector et F. The top US commander in Afghanistan
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  Speaker 1: says the death of a major Talaman leader could have
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  Speaker 1: a positive effect on peace efforts. Bloomberg's Michael Barr has More.
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  Speaker 1: General John W. Nicholson says the death of Maha Mohammed
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  Speaker 1: Aktar Mansour will have a disruptive effect on the insurgency.
• 4:19
  Speaker 1: President Obama talked about Mansurah's death while in Vietnam. He
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  Speaker 1: is an individual who has headed the Toller bond was
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  Speaker 1: specifically targeting US personnel and troops inside of Afghanistan, and
• 4:34
  Speaker 1: Sea was killed by a drone strike in Pakistan. The President,
• 4:38
  Speaker 1: while in Hanoi, also announced lifting the ban on selling
• 4:41
  Speaker 1: arms to Vietnam. Michael Barr Bloomberg Radio. A judge has
• 4:45
  Speaker 1: found a Botmore police officer not guilty on all charges
• 4:48
  Speaker 1: in connection with Reddy Gray's death and police custody. Maryland
• 4:52
  Speaker 1: Congressman Elijah Cummings says the john and the justice system
• 4:56
  Speaker 1: must be respected. In many of these cases, star is
• 5:00
  Speaker 1: are never there is no trial again. This is the
• 5:02
  Speaker 1: way Edward Nero was one of six Baltimore Police officers
• 5:06
  Speaker 1: charged in the case. Along Island town is meeting up
• 5:09
  Speaker 1: its so called voting while intoxicated the patrols ahead of
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  Speaker 1: Memorial Day weekend. Supervisor Anthony Santino says the town of
• 5:16
  Speaker 1: Hempstead is working to increase awareness of the dangers of
• 5:19
  Speaker 1: voting while using alcohol or drugs. The town's bay constables
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  Speaker 1: will be patrolling waterways to help keep voters safe. Global
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  Speaker 1: News twenty four hours a day, powered by journalists more
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  Speaker 1: than one fifty news bureaus around the world. From the
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  Speaker 1: Broomberg news Room, I'm Bonny Quinn. Catherine, thank you, and
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  Speaker 1: recapping the Dow industrial leverage up thirty eight points trading
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  Speaker 1: at seventeen thousand, five thirty nine. Smp F ive founded
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  Speaker 1: up half a point holding study at two thousand fifty two.
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  Speaker 1: NaSTA up ten at forty seven is seventy nine, and
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  Speaker 1: that's the Bloomberg business flash. Catherine Caddie, thank you so
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  Speaker 1: very much. The power of a big ideas invested. Sixteenth.
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  Speaker 1: We are live to a at Dove Mountain, about thirty
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  Speaker 1: miles from Tucson, Arizona. A beautiful mountain range and is
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  Speaker 1: actually an historic Native American site here as B and
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  Speaker 1: Y Melon holds a very special conference for some of
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  Speaker 1: its top clients to look at the big challenges in
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  Speaker 1: the money management investment industry today. And we're very happy
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  Speaker 1: that Brian Shay is joining us to kick things off.
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  Speaker 1: Vice Chairman and CEO of Investment Services for B and
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  Speaker 1: Y Melon. Welcome and thank you for inviting us here.
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  Speaker 1: Oh thanks, Kathleen. Pleased to be here and thrilled to
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  Speaker 1: be here with you and UH and also with two
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  Speaker 1: hundred of our top investment management and asset owner institutional
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  Speaker 1: asset owner clients UH to share ideas and insights with
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  Speaker 1: each other. Well, it's certainly been huh. I love it.
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  Speaker 1: Give you a little little metaphor, you know, rocky time
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  Speaker 1: for the investment industry the past few years. And as
• 6:51
  Speaker 1: you know, I went on one of the hikes here
• 6:53
  Speaker 1: around the hotel yesterday. You go straight at four or
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  Speaker 1: five feet, your hearts pounding. But it is kind of
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  Speaker 1: a good men for though, for what people feel sometimes
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  Speaker 1: in this industry. Where are we now and what are
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  Speaker 1: the big questions that your clients have as they try
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  Speaker 1: to climb those hills. Yeah, I think we continue to
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  Speaker 1: be in a historic period of of change in the industry. UM.
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  Speaker 1: It's a it's really an unprecedented period of time in
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  Speaker 1: terms of lower than normal economic growth rates, obviously lower
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  Speaker 1: than normal or in case in many cases, negative interest
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  Speaker 1: rates in Europe and Japan and other places. Very high
• 7:31
  Speaker 1: amount of regulatory change which is really unabated since the
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  Speaker 1: financial crisis. UH, and pretty rapid change in technology as well.
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  Speaker 1: So the combination of all those changes is challenging financial
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  Speaker 1: institutions and investment managers UM, and you know, creating new
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  Speaker 1: opportunities as well. We at B and Y MELON UM
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  Speaker 1: are the largest provider of services to investment managers globally
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  Speaker 1: around the world, and this conference is designed to help
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  Speaker 1: help our clients adapt to all that change and navigate
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  Speaker 1: all that change and UH and frankly, we don't we
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  Speaker 1: don't see any you know, any let up inside. So
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  Speaker 1: our focuses on UM recognizing this all that uncertainty, all
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  Speaker 1: that change in the air, trying to focus on the
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  Speaker 1: things we can control to help our clients UH reinvent
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  Speaker 1: their business, transform their business models, and actually drive higher
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  Speaker 1: returns for investors and higher returns for the for their
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  Speaker 1: companies as well. Alright, UH, stock market volatility is how
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  Speaker 1: how how do you fit in that in that in
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  Speaker 1: that question of what people are dealing with when it
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  Speaker 1: comes to clients and managing their money and what the
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  Speaker 1: and and what you can do for them and what
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  Speaker 1: the questions are right now? Yeah, I think, um, I
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  Speaker 1: think you know, all the market volatility, whether it's you know,
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  Speaker 1: lower lower than normal ingistrates which affect investors, UH, market
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  Speaker 1: volatility across different asset classes, all of that is challenging
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  Speaker 1: traditional investment managers to drive you know, the kinds of
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  Speaker 1: returns that investors really want and expect um. And all
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  Speaker 1: the change in technology UH and other challenges regulatory wise
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  Speaker 1: and otherwise are causing investment managers to want to focus
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  Speaker 1: on the investment process. For from our for our business,
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  Speaker 1: that's actually an opportunity because what we do is we
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  Speaker 1: provide the technology platforms UH, the settlement declaring, the custody
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  Speaker 1: solutions that they need, and we we create shared economies
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  Speaker 1: of scale which lower the cost of investing and try
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  Speaker 1: to enable our asset management and asset owner clients to
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  Speaker 1: UH to serve their clients more effectively. All right, stock
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  Speaker 1: the stock market volatility, we're looking at that here in Tucson, Arizona.
• 9:38
  Speaker 1: Let's go back to UH, New York City, Bloomberg World
• 9:40
  Speaker 1: Headquarters are stocks that are Dave Wilson to weigh in
• 9:43
  Speaker 1: on the stock market to day. There's a lot going
• 9:44
  Speaker 1: on in the market day, but it's basically overall flat,
• 9:48
  Speaker 1: covering up a lot of interesting news and a lot
• 9:50
  Speaker 1: of interesting stories. Absolutely. I mean, you look at the
• 9:52
  Speaker 1: S and P five hundred and you're seeing very little
• 9:55
  Speaker 1: volatility there. It's been within two tents of a percent
• 9:58
  Speaker 1: of last eeaks closed all day. So if you want volatility,
• 10:03
  Speaker 1: you really have to look, especially to the deal stocks
• 10:07
  Speaker 1: that you've got. Monsanto's shares up more than five percent
• 10:10
  Speaker 1: after we we found out that Bears offer for the
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  Speaker 1: company UH sixty two billion dollars a hundred and twenty
• 10:18
  Speaker 1: two dollars to share UH Monsanto trading at one of
• 10:21
  Speaker 1: six sixty nine at the moment, so there's a long
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  Speaker 1: way from there to the value of the offer. And
• 10:26
  Speaker 1: then you have a deal that actually fell apart in
• 10:29
  Speaker 1: the fertilizer business. See if Industries Holdings was looking to
• 10:33
  Speaker 1: buy a Dutch company, o c I moved their headquarters
• 10:37
  Speaker 1: in essence off shore for tax purposes. Well, we know
• 10:40
  Speaker 1: the government here in the US has clamped down on that,
• 10:43
  Speaker 1: so they decided to get out of that deal. In
• 10:45
  Speaker 1: the stocks up more than six percent in response to
• 10:47
  Speaker 1: that decision. So on the other hand, you look at
• 10:50
  Speaker 1: Signa being down more than four percent, the Wall Street
• 10:53
  Speaker 1: Journal reporting on disputes between that company and Anthem, which
• 10:58
  Speaker 1: made a deal to get together some months back. And
• 11:01
  Speaker 1: he got Tribune Publishing, the owner of the Chicago Tribune
• 11:04
  Speaker 1: in the Los Angeles Times, down fifty and a half
• 11:07
  Speaker 1: percent after deciding to not go with an offer from
• 11:12
  Speaker 1: Gannette and instead selling almost percent stake to a billionaire
• 11:17
  Speaker 1: drug executive. So lots of developments on the take over front, uh,
• 11:21
  Speaker 1: just not a whole lot of overall directions to the
• 11:23
  Speaker 1: market at this point. So what's uh, what are you
• 11:26
  Speaker 1: gonna look at when you come back in an hour
• 11:28
  Speaker 1: with your chart of the data. Well, you know we're
• 11:30
  Speaker 1: gonna check out what's happened when it comes to uh dividends.
• 11:37
  Speaker 1: That's something that Jeffreys focused on in their latest research.
• 11:40
  Speaker 1: And you know that the way they see a dividend
• 11:42
  Speaker 1: growth just as important as earnings these days. And we'll
• 11:44
  Speaker 1: find out why. Well, always interesting when our stocks that are.
• 11:48
  Speaker 1: Dave Wilson is on board. He will be back with
• 11:51
  Speaker 1: an hour with more and we're gonna continue our live
• 11:53
  Speaker 1: broadcast TUSA on Arizona Dove Mountain. The Power of Big
• 11:57
  Speaker 1: Ideas invested sixteen with B and Wine lent like Kathleen
• 12:00
  Speaker 1: and Hayes all pimp Fox Taking Stuff on Bloomberg Radio
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  Speaker 1: from Bloomberg World Headquarters. I'm Katherine Coldery. Bloomberg. Taking Stock
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  Speaker 1: Stocks are fluctuating after the SMP five thunder to be
• 12:52
  Speaker 1: bounded from a seven week low investors are awaiting further
• 12:55
  Speaker 1: direction on the health of the economy and prospects for
• 12:58
  Speaker 1: higher interest rates. James Blurred, president of the Federal Reserve
• 13:02
  Speaker 1: Bank of St. Louis, said today he does not see
• 13:04
  Speaker 1: the UK's vote on European Union membership influencing the US
• 13:08
  Speaker 1: Central Banks meeting that will be held the week before
• 13:11
  Speaker 1: the referendum, and San Francisco's John Williams said today that
• 13:14
  Speaker 1: two to three rate increases this year are still about right.
• 13:18
  Speaker 1: We check the markets every fifteen minutes throughout the trading
• 13:20
  Speaker 1: day on Bloomberg Radio. Down Industrial average is up forty
• 13:23
  Speaker 1: three points a quarter percent, is trading at seventeen thousand,
• 13:26
  Speaker 1: five hundred forty four. Smp F I founded up one
• 13:29
  Speaker 1: point to two thousand fifty three, NASTAC higher by fourteen
• 13:32
  Speaker 1: a quarter percent, trading at forty eighty three less. Texas
• 13:36
  Speaker 1: Intermediate crude oil down fifty three cents of barrel of
• 13:38
  Speaker 1: also one point one percent, trading at forty eight. Spout
• 13:42
  Speaker 1: Go down a dollar, announced at twelve fifty nine, and
• 13:45
  Speaker 1: the Tenure Treasury is up one thirty second with the
• 13:47
  Speaker 1: yield of one point eight three percent. And that's a
• 13:50
  Speaker 1: Bloomberg Business Flash. This is Taking Stock with Kathleen Hayes
• 13:56
  Speaker 1: and Grim Fox on Bloomberg Radio very special show as
• 14:01
  Speaker 1: we broadcast line in Tucson, Arizona from the B and
• 14:05
  Speaker 1: Y Melon Assets Servicing Conference INVESTED sixteen The Power of
• 14:09
  Speaker 1: Big Ideas on Kathleen Hayes along with Pim Fox. Pim
• 14:12
  Speaker 1: will be joining us just a little bit later in
• 14:14
  Speaker 1: the show. He is currently moderating a panel for b
• 14:18
  Speaker 1: n Y Melon. Uh. It's they're launching an asset strategy
• 14:22
  Speaker 1: view a new a new program they have in Pim
• 14:25
  Speaker 1: is the moderator, so he's doing that well. I speak
• 14:27
  Speaker 1: to a very important person here at this conference, Brian
• 14:30
  Speaker 1: Shay He's vice chairman and CEO of Investment Services for
• 14:32
  Speaker 1: b N Y Melon. Where at dub Mountain, the rich
• 14:35
  Speaker 1: Calton here uh near Tucson, a resort in the midst
• 14:38
  Speaker 1: of the beautiful, beautiful mountains and two hundred plus clients. Briana,
• 14:44
  Speaker 1: you have been at b N Y Melon for thirty
• 14:48
  Speaker 1: three years now. First when you start with Pershing, which
• 14:51
  Speaker 1: b N Y Melon acquired, but and so you've you've
• 14:54
  Speaker 1: been there a while. But the company itself, B and
• 14:57
  Speaker 1: Y Melon celebrating it's two thirties sec at anniversary. That's
• 15:01
  Speaker 1: really something, it really is. I mean, it's uh, you know,
• 15:04
  Speaker 1: we're proud be part of a company that's managed to
• 15:07
  Speaker 1: be a market leader in its business for two hundred
• 15:09
  Speaker 1: thirt two years. That's increasingly rare and unusual, and it's
• 15:12
  Speaker 1: pricely precisely because we've been able to sort of lead
• 15:15
  Speaker 1: and manage change, which are skill sets that come in
• 15:17
  Speaker 1: pretty handy in these markets in this environment as well.
• 15:20
  Speaker 1: But we were founded by um, you know, a visionary leader,
• 15:23
  Speaker 1: Alexander Hamilton's uh not only one of the founding fathers
• 15:26
  Speaker 1: of our country, but the first Treasury Secrets of the
• 15:29
  Speaker 1: United States, UM and UM you know, literally in many respects,
• 15:33
  Speaker 1: the sort of founder of moderate capitalism in America. So
• 15:37
  Speaker 1: it's a pretty cool thing. The Bank of New York
• 15:40
  Speaker 1: MELON made the Bank of New York at the time
• 15:42
  Speaker 1: made the first documented loan UH in the history of
• 15:45
  Speaker 1: the country, a ten thousand dollar loan actually to UH
• 15:49
  Speaker 1: to the government of the United States. So in many respects,
• 15:51
  Speaker 1: we think of ourselves as helping to propel what has
• 15:54
  Speaker 1: been a pretty strong economic success story UH for the
• 15:58
  Speaker 1: last two hundred plus A years. So it's a pretty
• 16:01
  Speaker 1: cool regulation regulatory change. It's certainly something that over the
• 16:04
  Speaker 1: past almost decade now a lot of people in the
• 16:07
  Speaker 1: financial services industry are dealing with a lot of big
• 16:09
  Speaker 1: banks and leaving smaller banks. Are saying it's tough, it's
• 16:11
  Speaker 1: tougher to make money. They wonder if there's too much regulation.
• 16:14
  Speaker 1: But you have said that, you for being my melon.
• 16:17
  Speaker 1: You see an opportunity, business opportunity in all this regulatory change.
• 16:21
  Speaker 1: Why what is it? Well, first of all, we um
• 16:24
  Speaker 1: in the way of the financial crisis. There's no question that,
• 16:26
  Speaker 1: you know, industry leaders need to embrace responsible regulatory reform,
• 16:30
  Speaker 1: regulatory change, and we certainly do so UH things like
• 16:34
  Speaker 1: UH you know, focus on capital ratios, liquidity ratios, UH,
• 16:39
  Speaker 1: red reduction, systemic risk. All that's really important UH to
• 16:43
  Speaker 1: UH to actually embrace and lead that change, to UH
• 16:47
  Speaker 1: strengthen investor confidence, confidence in our markets, and ultimately create
• 16:50
  Speaker 1: an environment for our companies UH to succeed in a
• 16:53
  Speaker 1: way that's actually good for the investor and good for
• 16:55
  Speaker 1: the taxpayer as well. So we embrace that. But the
• 16:59
  Speaker 1: opportunity for us during a couple of areas, one is
• 17:02
  Speaker 1: that our clients are dealing with higher regulatory change costs,
• 17:05
  Speaker 1: and so they're looking to variabilize their costs. And the
• 17:08
  Speaker 1: investment management space, investment managers are challenged by lots of
• 17:10
  Speaker 1: other competitive dynamics, and they're looking to actually reduce their
• 17:15
  Speaker 1: own let's increase their focus on the investment process itself
• 17:19
  Speaker 1: and reduce their energy and time on technology operations, service delivery,
• 17:24
  Speaker 1: and so we're their natural partner to actually provide those
• 17:27
  Speaker 1: service to them solutions. That creates a little bit of
• 17:29
  Speaker 1: a growth opportunity for us. But more importantly, we look
• 17:33
  Speaker 1: at regulatory change as an opportunity to reinvent our business
• 17:36
  Speaker 1: and to actually change our value proposition for our clients
• 17:39
  Speaker 1: UM and we think you can actually implement responsible regulatory
• 17:43
  Speaker 1: reform and still make your business better if you have
• 17:45
  Speaker 1: the right mindset about it. I guess the best example
• 17:48
  Speaker 1: I could mention is we were at the center of
• 17:51
  Speaker 1: UH of an industry wide effort collaborating with the regulators
• 17:55
  Speaker 1: to reform the tri party repoll market UM that mark
• 18:00
  Speaker 1: it in the way that the financial crisis was identified
• 18:02
  Speaker 1: as an area of systemic risk, and together working closely
• 18:05
  Speaker 1: with the regulators, UM and other industry participants and leaders,
• 18:09
  Speaker 1: we were able to eliminate the intraday liquidity risk. We
• 18:13
  Speaker 1: did that by changing the technology and changing the process
• 18:16
  Speaker 1: and to end ultimately making our clients more efficient and
• 18:19
  Speaker 1: productive and helping them manage their collateral and capital and
• 18:23
  Speaker 1: liquidity more effectively. So we ended up making our clients
• 18:26
  Speaker 1: more profitable and effective while reducing the systemic risk. Well.
• 18:30
  Speaker 1: And just this in the past couple of days, big
• 18:33
  Speaker 1: announcement being my Mountain as part of a new a
• 18:37
  Speaker 1: new step of new program Industrial and Commercial Bank of
• 18:40
  Speaker 1: China is involved to help in institutional investors and money
• 18:44
  Speaker 1: managers way to start issuing and trading the Chinese currency.
• 18:48
  Speaker 1: What's going on? This sounds pretty important, kind of a
• 18:50
  Speaker 1: proud moment when you're when the founder of your company
• 18:53
  Speaker 1: is on the ten dollar abil in the United States.
• 18:56
  Speaker 1: UH it shows how far the company has come in
• 18:58
  Speaker 1: two in thirty two years, when our global leader and
• 19:00
  Speaker 1: we serve clients in thirty five countries in a hundred
• 19:03
  Speaker 1: of different markets, and we've one of the big opportunities
• 19:07
  Speaker 1: is to actually enable more investment global investment UH and
• 19:12
  Speaker 1: investment in China, and so together working with the Bloomberg
• 19:16
  Speaker 1: Working Group, uh D t C C and B and
• 19:19
  Speaker 1: yml and and I C b C, which is the
• 19:21
  Speaker 1: longest largest bank in China. Last week we were we
• 19:25
  Speaker 1: unveiled and issued the first UM, the first Chinese RMB
• 19:31
  Speaker 1: denominated c D in the United States. B and yml
• 19:34
  Speaker 1: AND acted as the paying agent and issuing agent UH
• 19:37
  Speaker 1: and DT c C cleared the security and so it's
• 19:40
  Speaker 1: the first time, and I think it's it's gonna be
• 19:43
  Speaker 1: the initial phase of what will be much more growth
• 19:46
  Speaker 1: than the Chinese global investment Mott, Well, we're gonna have
• 19:49
  Speaker 1: to watch that very closely. It is such so important
• 19:51
  Speaker 1: having that the real and be the Chinese currency more traded,
• 19:55
  Speaker 1: more invested, in a very important step of developing China's
• 19:57
  Speaker 1: capital markets. Bryant sh thanks for joining us Vice chairman
• 20:00
  Speaker 1: CEO of investment Services at B and Y Melon. This
• 20:03
  Speaker 1: is Boomberg Radio continuing our live broadcast here at Invested
• 20:10
  Speaker 1: sixty the Power Big Ideas Dove Mountaineer, Tucson, Arizona, B
• 20:14
  Speaker 1: and Y Melon Conference. We're gonna be talking about the
• 20:17
  Speaker 1: buyer of Santa Dea