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During a recent conference in Malta, the 300 something audience was all moved to tears by Sir Ranulph Fiennes 'the Worlds Greatest Living Explorer'' and his stories of extreme experiences in expeditions so difficult and complicated that people died during them and those who did not at least suffered to the extent that makes expressions like 'pain beyond comprahension'' becoming lame phrases.

Making life choices can be grand and aiming for something like the above or they can be small and not really of greater significance. In my own working life I am for example struggling with how to grasp the regulatory invasion on all fronts, how to make sure that day-to-day risks are visualised and charged, how to make the switchboard stop transferring calls that are not mine and how to politely express doubts on the full value of a 453 questions due diligence document. Privately the issues are of bigger dimension like how to overcome the 50-year crisis and being able to remain a smoker with some dignity. Or stop. All about choices I guess. Thinking down those lines, I would like to share a life choice story that is not about crossing both poles in immediate succession, living with rattle snakes for a year or seeking funding for a Hedge Fund with maximum gearing. It is though a brave choice in everyday life and one that at least move me a bit.

I first met Tracy some 11 years ago when working for 2nd Mighty Local Bank here in Norway. She was then a shining Star at one of the more prestigeous Asset Management firms and we had many rowls and laughs on the relative lack of global sophistication we at 2nd Mighty Local Bank (not to be confused with Real Mighty Kingdom Bank) had in our Global Custody processes. She moved on and did well in a few other oufits in our industry but turned a victim of bad times and made redundant when the perfect storm hit us all some 2 years ago, give and take. I guess most of us would have asked all the usual existential questions and ended up trying to find similiar positions somewhere else as ''this is what I know and anyway the only thing I can make a living out of''.

Instead, she saw this as a chance to set up her own business as a photographer with a passion for her work that is reflected in her contemporary photographs. In her estabishlishment year she has got an opportunity beeing shortlisted to 12 to be an apprentice to a top uk photographer .. this is a massive opportunity and one that can change her life. A Facebook page has been set-up where progress can be followed: http://www.facebook.com/pages/PhotoT...26330447409206

I really like this effort and hope that some of you does as well - it proves that guts and heart is more im portant than grandeur when making choices. I have now made the choice to go for lunch AND to try the Cantinas fish dish today. THAT is a very brave choice, I assure you!

The 10th NeMa conference has now kicked-off - can't be a better time to launch the Custody part of the Benche! NeMa is the only occasion where absolutely the whole Custody industry in the shape of banking seniors, Network Managers, Relationship Managers and Operation seniors.

The Custody Industry stands in front of several challenges of magnitude and the debate the next two days will be centered around what is cooking right now, how will announced or expected changes drive development and are we basically on the right track?

Have we managed to come closer to the vision of one single market?

Target 2 Securities: will it do any good?

Do we see a European Colonialisation where larger markets in EU enforces it's ideal framework on smaller developing markets?

Who will assume risk and who is willing to pay for that risk assumption?

We see a shift in hedge fund activity from Europe to Asia - what are the risks for further regulatory arbitrage?

We are invaded by regulations - is the industry doing a good enough job in shaping the development?

This business has stood up to numerous challenges and come out a better industry during the nearly three decades I have been it and it will do so again, with some victims down the road. Having a clear strategy is key: Mike Tyson was once confronted by a reporter in front of title fight 'Your opponent says he has a clear strategy on how to beat you''. Tyson responded: ''Everyone has a strategy until they get hit''