Winter 2012

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In the past six months, we’ve seen continued volatility in the global markets and the prospect of complex changes precipitated by new industry regulations. For you, our clients, some of these changes have created uncertainty; others may see opportunity on the horizon.

In this issue of Thought, “Global Interests,” we explore topics of significance on a global scale that pertain to both change and opportunity. Inside you’ll find a review of the challenges ahead for asset managers and an overview of collateral diversification in securities lending. For a regional perspective, we offer a look at pensions’ reform in Europe, the resurgence of private equity in Asia and some key elements of the Brazil market. With an eye on evolving regulations, we examine the regulatory impact on OTC derivatives and also on global fund distribution. Whether you are affected by change or thinking about opportunity, J.P. Morgan can bring its extensive resources to assist your needs.

	Regulatory Reform and Collateral Management In the wake of the global financial crisis, the impact of new regulations on major participants in the OTC derivatives markets.
	Countdown to the Foreign Account Tax Compliance Act Requirements and possible challenges for non-U.S. financial institutions as mandated by the U.S. with FATCA.
	New Challenges Ahead Will Test Asset Managers A comprehensive summary of some of the changes facing the European asset management industry today and going forward.
	And How Will the Resulting Regulations Impact Global Fund Distribution? The current UCITS fund distribution model faces the prospect of meeting the demands of new regulatory requirements.
	The Resurgence of Private Equity in Asia An examination of trends and opportunities for private equity investors looking to build diversified portfolios in Asia.
	Accessing the Brazil Market Brazil illustrates how, in the long run, a fully regulated environment can prove to be beneficial for the funds industry.
	Pensions’ Reform in Europe Are the available options sufficient for remedying perceived weaknesses in the European pensions’ system?
	Independent Collateral Agents: The Interconnecting Link The important role that collateral agents play in the crucial process for managing and mitigating credit risk.
	A Best Practice Approach for Designing a Securities Lending Program Building a solid securities lending program and the options available for program structure, loan types, parameters and collateral.
	The Benefits of Collateral Diversification in a Securities Lending Program A closer look at the fundamental role collateral diversification plays in the risk mitigation process for securities lending.
	Golden Opportunities Optimizing assets to their best advantage—new ways for putting gold to work to diversify the collateral pool.
	From Idea to Implementation: U.S. Tri-Party Repo Market Reforms A self-directed, private-sector task force implemented fundamental reforms in 2011, creating a radically transformed market.