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Strandardization of fund processing in Italy – Update March 2016

Strandardization of fund processing in Italy – Update March 2016. Coordinamento Interassociativo per la standardizzazione dei processi ABI - Assogestioni. Timeline. 12/2011. 12/2012. 12/2013. 12/2014. 12/2015. 12/2016. 12/2017. Pilot Phase. Market Phase. Market roll out.

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Strandardization of fund processing in Italy – Update March 2016

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  1. Strandardization of fund processing in Italy – Update March 2016 Coordinamento Interassociativo per la standardizzazione dei processi ABI - Assogestioni

  2. Timeline 12/2011 12/2012 12/2013 12/2014 12/2015 12/2016 12/2017 Pilot Phase Market Phase Market roll out Broadening of the standardization scope 2

  3. Community Distributors Transfer agents • Unicredit • Banca Generali • Banco Popolare • Banca Popolare Sondrio • Carige • Cariparma • Credito Emiliano • Fideuram • Fineco • ICBPI • Ifigest • Intesa San Paolo • Banca Sella • Bpm • Bper • Veneto Banca • UBI Banca • Allianz • MPS • CA Indosuez • Mediolanum Vendor/Outsourcers • Allfunds • BNP Securities Services • RBC Investor Services • Societè Generale Securities Services • State Street • Caceis Investor Services • Unione Fiduciaria • CAD IT • Finance Evolution • Previnet • Cabel • Cedacri • Informatica BancariaTrentina Asset manager • Etica Sgr • Symphonia Sgr • UBI Pramerica • AM Holding • Amundi • Arca • Euromobiliare • Eurizon • Gestielle • Pioneer Partnership with Swift 3

  4. Risultati raggiunti • Good coverage in terms of accessibility via the standard of the AUM for both funds domiciled in Italy and foreign domiciled funds • Key market players ( distributors, asset managers, transfer agents) compliant and active with ISO 20022 • High number ( in absolute terms ) of daily transactions exchanged via ISO 20022 and linear growth rate over time • Proven reliability, stability and flexibility of the technical standard ISO 20022 • Broadening of the scope with new ' critical ' processes analyzed and added to the scope of the Guidelines (e,g, standard data set for antimoney laundering legislation, data set for Facta) 4

  5. Survey on the level of adoption of ISO 2022 messaging In July 2015 a questionnairewasdisseminated via the tradeassociations (Assogestioni and ABI) to the asset management community in Italy to assess the level of adoption of the standards 10 Assetmangers   32 Distributors   7 SIP replied to the questionnarire Quantitative KPIsweredefined : • KPI-1 Percentage of AUM that can be subscribed via ISO 20022 (total AUM Vs AUM managed by ISO compliantassetmanagers) • KPI-2 Percentage of transactions (orders) exchanged via ISO 20022 (total market vs operations ​​exchanged in ISO 20022) • KPI-3 Growth of transactions (orders) ISO 20022 during the project life cycle (2014-2015) • KPI-4 Size of the ISO 20022 community 5

  6. Adoption of ISO 2022 – KPI 1 • KPI-1- Share of asset managed by Asset managerswho are ISO 20022 compliant • 58% of AUM of Italiandomiciled funds and 80% of AUM of foreigndomiciled funds are ISO 20022 compliant (i.e. they can receiveorders via ISO 20022 ) • They are expected to reach 81% and 90% respectively over the next 12 months. 6

  7. Adoption of ISO 2022 – KPI 2 • KPI-2Proportion of operationstakingplaceusing ISO 20022 (subscriptions, reimbursements and switches) • 42% of ordersregardingItaliandomiciled funds and 18% of foreigndomiciled are exchanged via ISO 20022 7

  8. Adoption of ISO 2022 – KPI 3 • KPI-3 growth of ISO 20022 orders over the projectlifetime Feb 2016 (90) • Average daily number of ISO ordersexchangedbetween asset managersand transfer in sep 2015: 80,000 • Growth rate sincejune2014 : +128% • Expectedgrowth over next12 months: +43% • # of orders (estimate Feb 2016): 90.000 8

  9. ISO 2022 Adoption– KPI 4 • KPI-4 Size of the ISO 20022 community (Italy) • The number of subjectscurrentlyexchanging ISO 20022 is30 (Banks, assetmanagers and transfer agents). 9

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