-: My name is Keith McDermon.
Graduate in 1981. BS Accounting.
I am the chief financial officer
of Mitsubishi Securities USA
and I'm also Chief Financial Officer
of Mitsubishi Securities Canada.
What that means is I'm responsible
for all the financial regulatory reporting
that goes into supporting a US or Canadian broker dealer.
Okay so what a broker dealer does is
they provide capital access to customers.
Through underwriting and the distribution
of those securities to the general population
through the sales and trading practice.
And we service our clients also
by providing liquidity for their portfolios
when they want to buy or sell
and we support them and many verse
different capacities but different products.
From a regulatory perspective I'm responsible
for maintaining the capital liquidity
of the firm at all times.
What that means is that there's a certain level
of regulatory capital that's required
to manage the risk, i.e. the trading portfolios
we maintain here at sufficient levels.
In addition we need also to maintain liquidity
so that we can settle our transactions
with our counterparties.
So those are two of the most vital things I do.
However there are elements around those exercises
such as financial reporting, regulatory reporting,
managing of controls, etc. that are consuming
most of my day and there's always
something to excite me as far as
a crisis or emergency to deal with,
you just have to deal with it as it comes.
Monday will start with just seeing what the profit loss
was for the previous Friday.
Seeing what our capital base is.
See what our balance sheet is.
Looking at our liquidity profile for the week.
Knowing what our settlements will be.
Also understanding the capital market's
activity for the week.
So I need to know the calendar
of what's happening, what's gonna settle
during that week and how much capital
we're gonna be utilizing during that period of time.
So those are the kind of things
I start looking for on Monday morning.
And as the week evolves deals change.
Some deals get accelerated,
some deals get delayed.
And we just have to be monitoring those
as they go through the week.
There's always numerous questions
from Tokyo, our parent company
is a Japanese bank and they pepper us
with hundreds of questions throughout the week.
What's going on?
Explain to us this change, etc.
So, there are always very late evening calls.
There'll be one tonight, for example
at seven o clock, you know
that I'll be asked to attend.
And then also I have a monthly call
at six a.m. that I have to be here in the office for.
And that's late for them but it's early for me
and that's always painful.
So that's just part of the deal
of working for an Asian company.