Three years ago, fraudulent behavior related to a few deals in the structured finance market turned a spotlight on the role of the trustee, and the obscure world of deal document management has never been the same since. "We had to go out and do a better job of explaining the role of the trustee," said Joseph Giordano, senior vice president and head of JPMorgan Chase's Worldwide Securities Services.

The "trust" in trustee may have implied explicit responsibility over aspects of a transaction, which was never really the case. After a year or two of intense scrutiny, an understanding has emerged that whatever the role of the trustee, it must be laid out in the deal documentation, Giordano explained. "But dialogue certainly continues at industry conferences," he added.

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