VP IN A GLOBAL WORLD - CFIR

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VP IN A GLOBAL WORLD - CFIR

VP SECURITIES A/S

VP IN A GLOBAL WORLD

September 21, 2011

Johannes Luef, CEO


VP SECURITIES (VP)

1980 Establishment of VP

- Self owned non-profit Utility

1983 First in the world to dematerialise all

listed bonds

1988 Dematerialization of all listed

stocks

From Self owned Utility

Participants

1997 CSD of the year (Global Custodian)

2000 VP changed into a for-profit

company

2002 Information Services

2005 VP Mexico

2006 VP acquires the Registrar/AGM

business from from Danske Bank

and Nordea

2008 Issuer Service

Link UP Markets

VP Luxembourg

2009 First in the world to introduce 100%

electronic AGM service

Towards: Marked owned

– marked driven

Customers

2


VP Financial Performance

EUR mill.

65

60

55

50

45

40

35

30

25

20

15

10

5

0

Dividend

(EUR million)

2002 8

2003 11

2004 11

2005 11

2006 16

2007 16

2008 16

2009 11

2010 8

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Net turnover Costs incl. depreciation Profit on ordinary activities


Breakdown of total VP revenue

2010

Total EUR 49 million

Issuance

38%

22%

17%

Clearing & Settlement

Safe Keeping

23%

Alternative business

opportunities

4


Core Business

3.6 million Investor accounts

5


Electronic AGM

Is there anybody out there

⁄ During 2010 VP:

⁄ Provided General Meeting

Services for 148 issuers

⁄ Sent more than 0.6 million

invitations to GMs

⁄ Registered more than 0.1

million instructions to attend

GMs, proxies and POAs

⁄ Sent more than 57,000

admission cards and voting

ballots

⁄ Attended and assisted more

than 70 GMs onsite

⁄ In 2009 VP introduced a

100% virtual AGM service as

the first in the world

⁄ In 2011 VP introduced

electronic vote casting at

AGMs (e-voter) 6


VP MORTGAGE SOLUTION

• Partnership for prosperity between

Mexico and USA

• Cooperation between World Bank –

Soros

• 2003 VP involved in project

• 2005 VP establishes Absalon, a

50/50% JV with Soros Fund

Management

• Export of Danish Mortgage Solution

system to Mexico

• Social Business

• The first loan was issued end 2007

• 2010 VP establishes Absalon

Project, a 50/50% JV with Soros

Fund Management

• For profit Business

7


Absalon – a good story


VP contributes to providing cheap and flexible funding to

house owners in Mexico


Bonds are based on ” Principle of Balance”


Bonds are sold directly to the secondary market securing

fair markets conditions


In the long term Absalon contributes to stabilising the

macroeconomics in Mexico



VP would like to tell more good stories…

LATEST NEWS - ABSALON II

8


Absalon II Project activities


Absalon II is investigating introducing the Danish Mortgage

Model on five continents






North America

Africa

Europe

Asia and Middle East

South America

9


VP Luxembourg

• A CSD eligible for Eurosystem credit operations in EUR

• RTGS settlement (TARGET2 Ancillary System) via the

Luxembourg central bank

• A copy of the VP-system with limited functionality (most IT +

operations outsourced to VP) - 100 pct. owned by VP

• Customers: Issuers and professional investors

• Links to VP DK and CBL

• First issuance: October 2008. (volume end of 2010: EUR 25

billion)

11


Becoming global


Time differences


Other holidays


Cultural diversity


Language differences


Large flexibility is required


Workplace is on site

12


VP global in the future


More new countries


New offices; Luxembourg


European cooperation; Link Up Markets


Offshore


Near shore/far shore


Increased global staff mix

13


If you want to know more

Please visit www.uk.vp.dk

www.virtualgeneralmeeting.com

www.vplux.lu

14

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