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Asia-Pacific Central Securities Depository Group
Member Profiles2004-2005
Exchange of Information Task Force
AustraliaBangladeshHong KongIndiaIndonesiaJapanKoreaMalaysiaNew Zealand
PakistanP.R.ChinaPhilippinesSingaporeSri LankaTaiwanThailandUzbekistan
Contents
List of ACG Members …………………………
Foundation of ACG and Task Forces …………
ACG Member Profiles …………………………
Contact Us ………………………………………
Member Profiles
- 1-
Member Profiles
Australia: ASX Settlement & Transfer Corporation Pty Limited
Austraclear Limited
Bangladesh: Central Depository Bangladesh Limited
Hong Kong: Hong Kong Monetary Authority
Hong Kong Securities Clearing Co., Ltd.
India: Central Depository Services (India) Limited
National Securities Clearing Corporation Limited
National Securities Depository Limited
Indonesia: PT. Kustodian Sentral Efek Indonesia
Indonesian Clearing & Guarantee Corporation
Japan: Japan Securities Depository Center, Incorporated
Japan Securities Settlement & Custody, Inc.
Korea: Korea Securities Depository
Malaysia: Bursa Malaysia Depository SDN BHD
Bursa Malaysia Securities Clearing SDN BHD
New Zealand: New Zealand Central Securities Depository
Pakistan: Central Depository Company of Pakistan Limited
P. R. China: China Securities Depository & Clearing Corporation Limited
Philippines: Philippine Depository & Trust Corp.
Singapore: The Central Depository (Pte) Limited
Sri Lanka: Central Depository Systems (PVT) Limited
Taiwan: Taiwan Securities Central Depository Co., Ltd.
Thailand: Thailand Securities Depository Co., Ltd.
Uzbekistan: Uzbekistan State Central Securities Depository
List of ACG Members
- 2-
Foundation of ACG
The Asia-Pacific Central Securities Depository Group was formed in November 1997 as an informal
international organization with the objective to facilitate the exchange of information and to promote
mutual assistance among member securities depositories and clearing organizations in the Asia-Pacific
region.
The number of participants as of the end of 2003 is 24 institutions in 17 countries.
The ACG publishes News letters quarterly to distribute the updated information concerning the securities
depository and clearing systems in the Asia-Pacific region.
General Meeting of ACG is to be held once a year and its venue is to be decided by hosting members.
ACG also organizes a Cross-Training Seminar once a year to provide non-executive officers of members
with the opportunity to learn the business operations of members and to learn the various services
provided or to be implemented by members in the region.
Further information on ACG will be available from the web-sites of members.
Secretariat (Year 2004) : PT. Kustodian Sentral Efec Indonesia
Indonesian Clearing & Guarantee Corporation
Task Forces
Settlement Risk Management Task Force
Convenor: Thailand Securities Depository Co., Ltd.
Terms of Reference:
# Develop the understanding of risk management practices
# Examine the management of failed trades.
# Examine the activities of the derivatives market.
# Share experience among members
Member Profiles
Task Force Members:
Central Depository Company of Pakistan
Limited
Central Depository of Bangladesh Ltd.
Central Depository Systems (PVT) Limited
Hong Kong Monetary Authority
Hong Kong Securities Clearing Co., Ltd.
National Securities Clearing Corporation Limited
Korea Securities Depository
China Securities Depository & Clearing
Corporation Limited
Taiwan Securities Central Depository Co., Ltd.
Uzbekistan State Central Securities Depository
Exchange of Information Task ForceConvenor: Japan Securities Depository Center, Inc.
Terms of Reference:
# Activities to facilitate the exchange of information concerning the securities market of ACG members.
# Activities to facilitate and promote the mutual assistance and cooperation among members of ACG.
Task Force Members:
ASX Settlement & Transfer Corporation Pty Limited
Austraclear Limited
Central Depository Bangladesh Limited
Central Depository Services (India) Limited
National Securities Depository Limited
PT. Kustodian Sentral Efek Indonesia
Indonesian Clearing & Guarantee Corporation
Japan Securities Settlement & Custody, Inc.
Korea Securities Depository
Technical Task ForceConvenor: National Securities Depository Limited
Terms of Reference:
# Investigate business proposals in relation to technical issues such as e-sommerce and security of
system networks.
Task Force Members:
Austraclear Limited
Central Depository Bangladesh Limited
Hong Kong Securities Clearing Co., Ltd.
Bursa Malaysia Depository SDN BHD
New Zealand Central Securities Depository
New Service Initiative Task ForceConvenor: Korea Securities Depository
Terms of Reference:
# Sharing Information & Experience on New Service Initiatives
# Making Joint Efforts to Initiate New Services in the Areas of Common Interest
# Pursuing Development & Prosperity of Members
Task Force Members:
National Securities Depository Limited
The Central Depository (Pte) Limited
- 3-
Member Profiles
Bursa Malaysia Depository SDN BHD
Bursa Malaysia Securities Clearing SDN BHD
New Zealand Central Securities Depository
Central Depository Company of Pakistan Limited
Philippine Depository & Trust Corp.
The Central Depository (Pte) Limited
Taiwan Securities Central Depository Co., Ltd.
Uzbekistan State Central Securities Depository
Bursa Malaysia Securities Clearing SDN BHD
China Securities Depository & Clearing
Corporation Limited
Taiwan Securities Central Depository Co., Ltd.
Thailand Securities Depository Co., Ltd.
Taiwan Securities Central Depository Co., Ltd.
Thailand Securities Depository, Co., Ltd.
ASX Settlement and Transfer Corporation(ASTC)
General InformationASTC was established in 1992 as a wholly-owned subsidiary of the Australian Stock Exchange (ASX) with
responsibility for establishing and operating a book-entry clearing and settlement service for transactions
effected on the equities market operated by ASX. ASTC’s initial task was to establish the legal, regulatory,
systemic and procedural infrastructure comprising the environment of the Clearing House Electronic Subreg-
ister System (CHESS), for clearing and settlement of exchange transactions. Electronic transfer facilities
were first introduced in 1994, and delivery-versus-payment settlement (BIS model 3) was introduced in 1996.
Over a period of five years from 1994 all securities traded on the exchange evolved to fully dematerialised
holdings.
CHESS is an implementation of the name-on-register model for book-entry transfer and settlement. Under this
model transfers of securities constitute a transfer of legal title, in contrast to the more widely used depository
model in which transfers constitute a transfer of beneficial interests within a depository nominee.
Market transactions are novated and cleared through a central counterparty (CCP).
The market adopted a T+3 (trade date + three business days) settlement discipline in 1999.
Responding to major changes in the Australian Corporations Law, which among other things changed licensing
requirements for clearing and settlement facility providers, and empowered the Reserve Bank of Australia (the
central bank) to impose financial stability standards on clearing and settlement facilities, ASX implemented a
major restructuring of its clearing and settlement facilities in March 2004. Provision of clearing services for
equities market transactions was devolved from ASTC, and combined with clearing services for derivatives
markets operated by ASX, in a wholly-owned subsidiary known as Australian Clearing House Pty Ltd (ACH).
ACH now provides clearing and counterparty risk management services across all markets operated by ASX.
ASTC continues to function as a licensed settlement processing facility providing settlement and asset regis-
tration services.
Each listed entity maintains an electronic subregister within CHESS for each class of its quoted securities.
The CHESS subregister forms part of an entity’s principal register, and it is in this way that legal title may be
transferred electronically while maintaining maximum transparency of ownership. Securities holdings are
registered in the name of the legal owner and may be held either on the CHESS subregister or directly on the
principal register, which is known as the “issuer sponsored” subregister. Holdings in CHESS are either direct
holdings of settlement participants, or holdings of other parties (typically retail investors) who are sponsored
by settlement participants. As at March 2004, there were some 7.1 million holdings on CHESS subregisters,
with a value of about A$630 billion, representing some 79% of the total ASX domestic market capitalisation.
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Member Profiles
Ownership and governanceASX is a for-profit public listed company, and both ASTC and ACH are wholly-owned subsidiaries of ASX.
The board of ASX comprises a Managing Director/Chief Executive Officer, a non-executive Chairman, and
six non-executive directors. Both ACH and ASTC have the same set of directors, comprising three non-executive
directors and four directors who are executives of ASX. The Chairman in each case is a non-executive.
Regulatory environmentBoth ASTC and ACH are separately licensed under the Corporations Act 2001 as Australian clearing and
settlement facility licensees. Participants in ACH, and ACH itself, are contractually bound by the ACH
Clearing Rules, which include provisions covering responsibility for counterparty risk, access to clearing
facilities, and conduct of clearing participants. Similarly, participants in ASTC and ASTC itself are
contractually bound by the ASTC Settlement Rules, which among other things govern access to the settlement
infrastructure for the purpose of payment, delivery, asset registration, and conduct of settlement participants.
The Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia regulate
both ASTC and ACH, and are empowered to enforce laws relating to clearing and settlement licensees. Both
entities are subject to periodic examinations by ASIC, which has the power to inspect premises and records,
and assess each entity’s compliance with its obligations. ASIC is empowered to disallow proposed amendments
to the clearing rules and settlement rules. For breaches of applicable statutes or regulatory requirements, ASIC
may restrict, suspend or terminate the operations of a clearing and facility licensee.
Services providedServices provided by ASTC include the following:
Electronic transfer of securities held between holdings held on the CHESS subregister, and
inter-subregister transfers;
Pre-settlement matching trades between direct and indirect market participants;
DVP settlement of market transactions in accordance with the BIS Model 3;
DVP settlement of initial public offerings;
Maintaining records of sponsorship for holdings on the CHESS subregister;
Providing monthly activity statements for holdings on the CHESS subregister;
Updating holdings on the CHESS subregister to reflect allotments arising from corporate actions;
Maintaining the integrity of holdings pledged to ACH in accordance with its risk management
requirements.
Clearing participants, settlement participants, banks, and issuers share registries (transfer agents) interact
electronically with the central systems of ASTC/ACH via a proprietary messaging protocol.
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Member Profiles
General InformationIn December 2000, Austraclear Limited (SFE Austraclear), the operator of the central securities depository
for the Australian money market (commercial paper, government and non government registered securities)
became part of the SFE Group. SFE Austraclear was formed to develop and operate a Central Securities
Depository (CSD) for Australian markets, launching its first live electronic settlement system in September
1984.
SFE Austraclear operates a significant Central Securities Depository service in the Asia Pacific region and
on average holds over A$426 billion in securities on a daily basis.
Ownership and GovernanceSFE Corporation Limited and its subsidiary companies, Sydney Futures Exchange Limited, New Zealand
Futures and Options Exchange Limited (NZFOE), SFE Clearing Corporation Pty Ltd and Austraclear Ltd
provide exchange traded and over the counter (OTC) services throughout the Asia Pacific region and in other
major financial cities in the world.
SFE is a public company whose shareholders include many of Australia’s and the world’s leading banks and
brokerages as well as institutional and retail investors. Its shares were listed on the Australian Stock Exchange
(ASX) in April 2002, having previously been exempt market listed, and the stock is included in the ASX 200
index.
Regulatory EnvironmentSFE Austraclear is regulated by the following statutory authorities:
# Reserve Bank of Australia (RBA)
(focusing on financial stability standards and reduction of systemic risk)
# Australian Competition and Consumer Commission (ACCC)
(focusing on anti competitive behaviourand use of market power)
Regulatory approvals are publicised and the SFE Group (of which SFE Austraclear is a part) must produce
annual financial statements and publish an annual report. SFE Austraclear also maintains informal links with
ASIC and RBA to ensure transparency of SFE Austraclear’s operations with the regulators.
SFE Clearing has been added to the list of recognised clearing houses by the FSA of the UK for capital ade-
quacy purposes. The SFE, SFE Austraclear and SFE Clearing are parties to the International Information
Sharing Memorandum of Understanding and Agreement initiated on 15 March 1995. SFE is a member of the
Intermarket Surveillance Group (ISG).
- 6-
Member Profiles
Services ProvidedSFE Austraclear provides the following CSD services to the Asia Pacific Region:
# Instantaneous clearing and settlement of transactions for more than 700 Participants
# Operation of the CSD for owners of debt securities in Australian financial markets valued A$46 billion
# Enablement of ownership of the securities to be transferred on a DvP basis by connecting market
participants and their banks through its network to a central processing site, without buyers and sellers
having to exchange documents or cheques
# Provision of a feeder system into the RBA’s real-time gross settlement system (RTGS), enabling the
real-time irrevocable settlement of funds.
Main InitiativesIn order to better service the needs of Australian and New Zealand debt markets, replacement has commenced
of one of the three SFE core technology platforms, (FINTRACS), with the new SFE Austraclear system due
to be introduced in late 2004. This will culminate SFE Austraclear’s investment in the technology infrastructure
that underpins the group’s services. Importantly, it will extend SFE Austraclear’s franchise into multi-currency
clearing, settlement and depository services, in keeping with the trend towards greater issuance and holdings
of non-A$ based securities by Australian banks and non-financial corporations, as well as widening its franchise
into other asset classes and B2B clearing and settlement applications.
In 2004 SFE Austraclear continues to leverage its brand, technology platforms and business competencies to
new products and services and to new markets. SFE Austraclear was selected in late 2003 to be the preferred
supplier to partner with the Victorian State Government’s initiative to introduce electronic conveyancing into
property settlement processes across the state, with potential application to all states of Australia.
- 7-
Member Profiles
- 8-
Central Depository Bangladesh Limited (CDBL)
Business CommencementCDBL started its depository and book-entry transfer services on 20th October 2003, with Government Secu-
rities, namely Treasury Bills and Bangladesh Government Treasury Bonds issued by the Bangladesh Bank
(Central Bank). Weekly auctions of Treasury Bills are held by the Bangladesh Bank and successful bidders
are credited their allocation of Treasury Bills to their accounts in the depository. The same process is also
applicable for Government Treasury Bonds, auctions of which take place once every two months. Bidders
are commercial banks, and presently 39 of them are connected to the Central Depository System (CDS) of
CDBL. Banks can transfer ownership of Treasury Bills and Bonds on the CDS to borrow money from each
other or settle sale / purchase transactions.
As of 24th April 2004, around US$ 4.9 billion worth of Treasury Bills were held in custody in the depository
representing 100% of Treasury Bills market. All Government Treasury Bonds of 5 and 10 year maturities
issued since 28th December 2003, are held in custody in the depository.
Depository and book-entry transfer services of ordinary shares of companies listed on the Dhaka and
Chittagong Stock Exchanges commenced from 24th January 2004, with a pilot stock, namely, Square
Pharmaceuticals Limited, the largest manufacturer of pharmaceutical products in Bangladesh. As of 22nd
July 2004, depository services are being provided in 3 cities of Bangladesh (Dhaka, Chittagong, and Sylhet)
through 67 Depository Participants (DPs) i.e. 59 brokerage houses, 6 custodian banks, and the 2 Stock
Exchanges.
As of 22nd July 2004, settlement of Stock Exchange trades of 26 listed securities have started in the depository,
and thereafter, it is expected that 4 / 5 more listed securities will enter the depository every month.
Ownership and GovernanceThe stake holders of CDBL are 84 institutions covering a broad spectrum of the financial and industrial sec-
tors as follows:
% Institutions10 Asian Development Bank (ADB)
45 Local Banks
13 Foreign Banks
12 Listed Companies
7 Stock Exchanges
5 Insurance Companies
8 Other Financial Institutions
Apart from the Managing Director & CEO, as of date, there are 13 Directors on the Board of CDBL, who are
all either nominees of shareholder groups or institutions including a director nominated by the ADB.
Member Profiles
- 9-
Regulatory EnvironmentThe legal basis for CDBL’s operations is set out in:
The Depositories Act 1999;
Depositories Regulations 2000;
Depository (User) Regulations 2003; and
The CDBL Bye Laws.
CDBL is regulated by the Securities and Exchange Commission (SEC).
Services ProvidedCDBL provides the following services for equity market operations:
Investor Accounts
Dematerialization of securities
Dematerialization of New Issues (IPO)
Safekeeping of securities dematerialized
Book-entry transfer of securities traded on the Stock Exchanges
Book-entry transfer of securities for trades settled outside the Stock Exchanges
Transfers and Multiple Account Movements
Pledging, Unpledging and Confiscation
On Market Trade Affirmations (Payin / Payout from Clearing Accounts of Brokers)
Corporate Actions e.g. Bonus, Rights Issue, split, etc.
Freeze and suspension of securities / accounts
Statutory reporting and management information
Elimination of securities
Rematerialization of securities
CDBL provides the following services for Government Securities issued by Bangladesh Bank
Transmitting the auction allotments of Treasury Bills and Bonds to the buyers accounts
Repurchase and reverse repurchase transaction facilities
Account Statements and Management Reports
Main InitiativesAfter just 3 months of the introduction of the CDS in the capital market, the settlement cycle of T+5 of the
Stock Exchanges has already been reduced to T+4 by the Securities and Exchange Commission, with plans to
further reduce the cycle to T+3 in the near future. The transition to the demat market segment has been orderly,
and if this is maintained whilst more and more listed securities enter the demat market segment, investor
confidence will progressively rise leading to overall growth of the capital market as a whole.
In the cross border front, CDBL has had an enquiry for providing depository services to the Nepal Stock
Exchange (NEPSE) at Katmandu through VSAT linkup. CDBL is able and willing to assist NEPSE in every
possible way in the spirit of wholehearted cooperation that exists between the member depositories of the ACG.
Member Profiles
Hong Kong Monetary Authority香港金融管理局
Central Moneymarkets Unit
IntroductionThe Hong Kong Monetary Authority (HKMA) established the Central Moneymarkets Unit (CMU) in 1990
to provide computerised clearing and settlement facilities for Exchange Fund Bills and Notes. In December
1993, the HKMA extended the service to other Hong Kong dollar debt securities. It offers an efficient, safe
and convenient clearing and custodian system for Hong Kong dollar debt instruments. Since December 1994,
the CMU has been linked to such international clearing systems as Euroclear and Clearstream. This helps to
promote Hong Kong dollar debt securities to overseas investors who can make use of this link to participate
in the Hong Kong dollar debt market.
The CMU Service was further extended to non-Hong Kong dollar debt securities from January 1996. In
December 1996, a seamless interface between the CMU and the HKD Real Time Gross Settlement (RTGS)
interbank payment system was established. This enables the CMU system to provide for its members real-time
and end-of-day Delivery versus Payment (DvP) services. Beside, the CMU was further linked up to the USD
and EURO RTGS systems in December 2000 and April 2003 respectively to provide real time DvP capability
for US dollar and Euro denominated debt securities, as well as intraday and overnight repo facilities for the
US dollar and EURO payment systems in Hong Kong.
All debt instruments cleared through the CMU are either immobilised or dematerialised, and transfer of title
is effected in computer book entry form. As at end March 2004, there were 174 CMU Members for the trading
of private sector debt securities and 157 Recognized Dealers for the trading of Exchange fund Bills and Notes.
The total outstanding value of debt securities lodged with CMU was HKD338.8 bn, comprising the following:
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HK$ bn
Exchanges Fund Bills and Notes 120.6
(securities issued by HKMA)
Securities issued by public corporations 3.5
Securities issued by the private sector 214.7
338.8
Member Profiles
Main Scope of ServicesAlong with providing CMU Members with securities transfer services, the CMU also offers the following
services:
Collateral Management System
- Automatic Repo Facility (both intraday and overnight) in both Hong Kong dollar, US dollar and
Euro
Securities Lending Service
- Securities Lending Programme for debt securities issued by private sector
Market Making Arrangement for Exchange Fund Bills and Notes
Issuance Programme for Exchange Fund Bills and Notes
Arranger, custodian, agent and operator of notes issued by public corporations.
Real time and End-of-Day DvP for all CMU securities denominated in Hong Kong dollar, US dollar and
Euro
Cross-border DvP Settlement via regional CSDs
Other Custodial Services
- Paying Agent
- Securities Lodgement
- Allotment of tendering
Cross-border LinkagesWith a view to improving the efficiency of the regional debt market infrastructure, the HKMA has established
several linkages with regional central securities depositories (CSDs) and international central securities
depositories (ICSDs). Linkages from Euroclear and Clearstream, the two largest ICSDs in the world, to
CMU were set up in 1994 to facilitate international investors to hold and settle Hong Kong dollar debt
securities through these international networks. In addition to international linkages, the CMU also linked
with regional CSDs, including a link to Australia in December 1997, a two-way link with both New Zealand
and South Korea in April 1998 and September 1999 respectively. The linkages, apart from facilitating cross-
border holding and settlement of debt securities in HK and overseas, can also enlarge the investor base, broaden
the domestic debt markets, and reduce settlement risk by facilitating DvP settlement for cross-border securities
transactions.
In order to develop the international business of the CMU, the one-way inbound links from Euroclear to
CMU, and from Clearstream to CMU were extended to two-way links in November 2002 and January 2003
respectively. These real-time links enable investors in Hong Kong and other parts of Asia to hold and settle
Euroclear and Clearstream debt securities directly via their CMU Members in a secure, DvP environment.
Moreover, the HKMA and the China Government Securities Depository Trust and Clearing Company Limited
(CDC) have signed an agreement on 28 April 2004 to establish a link between the CMU and the Government
Securities Book-entry System (GSBS) operated by the CDC. This link will enable authorised investors in
Mainland China to hold and settle Hong Kong and foreign debt securities lodged in the CMU.
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Member Profiles
Hong Kong Securities Clearing Co., Ltd.(HKSCC)
Company Overview
Hong Kong Exchanges and Clearing Limited (HKEx) is the publicly listed holding company of Hong Kong sstock and derivatives exchanges and their associated clearing houses. HKEx listed on Hong Kong s stockexchange on 27 June 2000.
HKEx provides a comprehensive range of products and services for issuers and investors. All its securitiesand derivatives products are traded electronically, and its clearing and settlement systems were recentlyupgraded to meet future market development needs.
The mission of HKEx is to operate a world-class marketplace for Hong Kong and Mainland China securitiesand derivatives products. By offering issuers access to international capital markets and maintaining an open,secure, fair, orderly, efficient and transparent marketplace, HKEx contributes to Hong Kong's status as aninternational financial centre and the premier capital market for China.
HKEx’s subsidiaries
HKEx is the holding company of The Stock Exchange of Hong Kong Limited, Hong Kong Futures ExchangeLimited and Hong Kong Securities Clearing Company Limited.
The Stock Exchange of Hong Kong Limited (Stock Exchange)The Stock Exchange operates and maintains a securities market in Hong Kong and is the primary regulatorof Stock Exchange Participants with respect to trading matters and of companies listed on the Main Boardand Growth Enterprise Market (GEM) of the Stock Exchange.
Hong Kong Futures Exchange Limited (Futures Exchange)The Futures Exchange operates and maintains a futures and options market in Hong Kong and is the primaryregulator of Futures Exchange Participants with respect to trading matters.
Clearing HousesHong Kong Securities Clearing Company Limited (HKSCC) and SEHK Options Clearing House Limitedprovide services for the clearing and settlement of securities and stock option transactions respectively,including trades and transactions effected on, or subject to the rules of, the Stock Exchange. HKFE ClearingCorporation Limited provides services for the clearing and settlement of transactions on the Futures Exchange.All Stock Exchange trades are required to be settled on T+2.
HKSCC provides clearing and settlement services as well as depository and common nominee services.
CCASS/3, the latest generation of the Central Clearing and Settlement System for the securities market, wasintroduced in phases in 2002 and 2003. The system was built on an open, robust, secure and flexible
- 12-
Member Profiles
HKEx
modularised architecture. CCASS/3 has been designed to provide efficient and dynamic clearing andsettlement by adhering to international standards for securities messages and providing interactive communi-cation with market participants through a standard message-based application programming interface.
Regulation
HKEx s rules and regulations are transparent and fair, and will continue to evolve to respond positively tothe global development of financial markets. They are aimed at meeting the needs of both local andinternational investors, and at encouraging and accommodating innovative financial products and services,new types of business and changes in international practice.
HKEx is committed to performing its public duty to ensure its markets are orderly and fair, risks are managedprudently and its operations are consistent with the public interest.
China Dimension
HKEx s objectives include being the primary market for capital formation by Hong Kong and MainlandChina enterprises and the trading of their listed securities. Hong Kong’s stock exchange is a market whereMainland enterprises can raise funds effectively in a freely convertible currency. As of the end of April 2004,there were 274 Mainland enterprises listed in Hong Kong, comprising 98 H-share companies, 75 red-chipcompanies and 101 companies that have major operations on the Mainland.
Over the last decade, Mainland enterprises have accounted for over HK$800 billion (US$102.6 billion) orabout half of the total funds raised in Hong Kong s securities market. The market capitalisation of H-shareand red-chip companies as of the end of April 2004 totalled HK$1,399.18 billion (US$179.4 billion),representing 26 per cent of Hong Kong’s total market capitalisation. Hong Kong securities market turnoverwas HK$1,514.3 billion (US$ 194.1 billion) in the first four months of 2004, of which HK$660.6 billion(US$84.7 billion) or nearly 44 per cent was derived from trading in H shares and red chips.
HKEx’s Beijing Representative Office was opened on 17 November 2003 under the Mainland and HongKong Closer Economic Partnership Arrangement, or CEPA. State Councillor Tang Jiaxuan officiated at theopening ceremony. The principal task of the Beijing Office is to introduce the Hong Kong securities marketto Mainland enterprises and encourage Mainland enterprises to list in Hong Kong. The Beijing Office alsoserves a channel to strengthen HKEx s communication and cooperation with government departments andinstitutions on the Mainland.
Securities Market Highlights
Hong Kong s stock exchange was the world s 8th largest by market capitalisation at the end of March 2004(Source: World Federation of Exchanges).
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Member Profiles
As of the end of April 2004 Main Board Growth Enterprise Market
No. of listed companies 863 194
Market capitalisation (USD mil) 679,394 9,439
Total turnover for April (USD mil) 192,132 2,008
Average daily for April (USD mil) 2,372 25
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CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED (CDSL)
Central Depository Services (India) Limited (CDSL) is sponsored by a cross-section of leading foreign and
Indian banks and two stock exchanges. CDSL received its Certificate of Commencement of Business in
February, 1999 from The Securities & Exchange Board of India (SEBI), under whose regulatory purview it
falls. From the conception stage itself, CDSL has chosen to benchmark itself against the investor’s expec-
tations and concerns. Provision of convenient, dependable and secure services at an affordable cost hasbeen at the heart of CDSL’s unwritten contract with all classes of investors.
Today, CDSL has 211 Depository Participants, providing CDSL’s depository services from over 1,000 sitesacross the country. Of these, 466 sites have direct electronic connectivity with the CDSL system. CDSLservices an investor population that is dispersed over 16,000 Postal Index Number (PIN) locations.
CDSL s system has a centralised database architecture. As the term suggests, the architecture involves the
storage and updation of records at a single location ie. at CDSL s main site of operations. All transactions by
users, from anywhere in the country, are updated the moment they are committed, requiring no reconciliation
between CDSL s records and the records of users - since there is effectively, only a single database. Moreover,
credit of securities arising from confirmations of dematerialisation requests, corporate actions and transfers
are available instantaneously for further processing. A welcome consequence of CDSL s system architecture
is that it vastly reduces the computer hardware and data storage requirement at the users end. Consequently,
the set-up cost for Depository Participants is significantly reduced.
The centralised location of all transactions by users has obvious benefits. Compilation of reports is easy. Issuer
companies for example, can obtain a complete list of their shareholders every day. Depository Participantscan give their client investors an upto-the-moment status of their accounts. This becomes significant in the
T+2 rolling settlement regime commenced in India from April 1, 2003.
CDSL’s internet serviceThe future of CDSL, nay, of any business, is its ability to creatively and effectively build relationships with
its ultimate consumers. CDSL’s internet service “easi” (electronic access to securities information) does just
that. These will allow Beneficial Owners (investors holding securities in a demat account) and Clearing
Members (brokers) to access the CDSL system at any time, from anywhere.
Through easi, Beneficial Owners can :
1. View their securities holdings and the status of their transactions.
2. Obtain transaction details for the last 30 days.
3. Ascertain the value of their holdings as on the previous day s closing price on The Stock Exchange,
Mumbai (BSE).
4. Print or download the statement of holdings.
Member Profiles
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Member Profiles
In case of Clearing Members, easi allows them to :
1. View holdings in their settlement-related accounts, and their own Beneficial Owners accounts.
2. Obtain updated status of Pay-in and Pay-out details.
3. View the status of various transactions.
4. Ascertain the value of their holdings as of the previous day s closing price on The Stock Exchange,
Mumbai (BSE).
5. Print or download the statement of holdings.
To Clearing Members, easi is much more than an information source. It is an apparatus that reduces
uncertainty, a powerful instrument to efficiently manage the settlement process, and a device to service
clients better. Since easi can make a big difference to the efficient functioning of Clearing Members,they can avail of the service, either through the Depository Participants or by directly registering withCDSL.
easi now has a “big brother” called easiestCDSL has launched a platform for issuance of delivery instructions through its internet facility electronicaccess to securities information & execution of secure transactions - (easiest). The easiest facility
provides an anytime, anywhere kind of freedom to investors to issue delivery instructions. Besides enabling
them to meet the strict deadlines of delivery set under the shortened settlement cycle, it will also obviate the
need of their visiting Depository Participants’ offices to obtain instruction slips and to lodge them with the
Depository Participants.
Advantage CDSL in the shortening settlement cycle scenarioCDSL has made available to Clearing Members and investors, several convenient pay-in options like early
pay-in, auto pay-in and investor-level pay-in. Investors can also deliver the securities to the CC/CH directly
from their account i.e. without transferring them first to a Clearing Member account and then to CC/CH. This
enables the saving of valuable time - which is one of the objectives of the shorter settlement cycles.
The CDSL system also has a facility to pick up the balance available in the investor s account at the time of
pay-in, even if the balance is insufficient to meet the pay-in obligation in full. This reduces the amount of
loss, if any, which may arise on account of failure to deliver full quantity. Further, information on such shortfall
is made available to Clearing Members through reports and even through CDSL s internet facility – easi
on an almost real-time basis, continuously.
The endeavour of CDSL to be a user-friendly depository has been an enduring process. CDSL has addressed
the service aspect of user-friendliness through its widely acknowledged responsive attitude to user feedback-
leading to significant enhancement of CDSL s system capability. The launch of easiest, thrust on technology
upgradation and continued introduction of new features is aimed at satisfying the contemporary needs of
users and investors.
Nationai Secarities Clearing Corporation Ltd.(NSCCL)
Introduction:The National Securities Clearing Corporation Ltd. (NSCCL), was incorporated in August 1995. NSCCL is a
wholly owned subsidiary of National Stock Exchange of India Limited (NSE). NSE is the 3rd largest stock
Exchange in the world, in the equities segment in terms of number of transactions. It is the largest stock
exchange providing online trading facilities to its members across India having a market share of 65% in
equity segment and 99% in derivatives segment.
NSCCL was the first clearing corporation to be established in India and also the first clearing corporation in
the country to introduce settlement guarantee. NSCCL was set up with the following objectives:
to bring and sustain confidence in clearing and settlement of securities;
to promote and maintain, short and consistent settlement cycles;
to provide counter-party risk guarantee, and
to operate a tight risk containment system.
NSCCL commenced clearing operations in April 1996. NSCCL carries out the clearing and settlement of the
trades executed in the equities, retail debt market and derivatives segments of the NSE. It also undertakes
settlement of transactions on other stock exchanges like, the Over the Counter Exchange of India (OTCEI)
and National Commodities Derivatives Exchange of India (NCDEX).
There are 10 Clearing banks, 2 Depositories, 11 Custodians, 785 Trading cum Clearing members in equities
segment and 200 Clearing members in derivatives segment.
NSCCL operates a well-defined settlement cycle and there are no deviations or deferments from this cycle.
Currently, equity segment trades are settled on a T+2 basis. NSCCL has completed more than 1065 settlements
in equities segment till date, without delays or disruptions. NSCCL has carried out settlement for 378 million
transactions in the financial year 2003-04. The value of shares traded during the period in the Equities segment
was USD 242.44 billions and shares worth USD 49.19 billions were settled by delivery. The average value
of securities handled per settlement in the equities segment was USD 194.44 millions for the financial year
2003-04 and 99.54% of delivery was effected in dematerialized form.
The trading in derivatives segment at NSE has commenced from June 2000 and currently Index Futures,
Index Options, Futures on individual securities, Options on individual securities and Interest Rate Futures
are available for trading. The settlement in derivatives segment is on T+1 except for Options on individual
securities which is on T+2. In the F&O segment for the financial year 2003-04 the total turnover value was
USD 473.47 billions, the number of contracts traded were 56.89 million and the total settlement value for the
period was USD 2.73 billions.
Collateral ManagementNSCCL accepts collateral in the form of Cash, approved securities and Fixed Deposit Receipts & Guarantee
issued by approved banks. The approved securities are selected on the prudential norms of liquidity and
volatility. An appropriate hair-cut is applied for valuation of these securities on daily basis. NSCCL has a
facility of debiting the clearing accounts of the members on online basis. The members have a facility to
provide the collateral any number of times during the day.
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Member Profiles
Risk Management NSCCL has put in place a comprehensive risk management system, which is constantly upgraded to pre-empt
market failures. The Clearing Corporation ensures that trading member obligations are commensurate with
their net worth.
Risk containment measures include capital adequacy requirements of members, monitoring of member per-
formance and track record, stringent margin requirements, position limits based on capital, online monitoring
of member positions and automatic disablement from trading when limits are breached, etc.
In the equity segment NSCCL monitors online exposure of the members and alerts are sent to them on crossing
70%, 85%, 95% and 100% of the permissible limit. The moment the member crosses 100% his trading facility
is withdrawn immediately. The end of day margins are calculated on the basis value-at-risk (VaR) and collected
on T+1 along-with mark to market margins.
In the derivatives segment NSCCL charges online real time and upfront initial margin for all the open positions
of a Clearing Member (CM). The position monitoring and margining is carried out through Parallel Risk
Management System (PRISM). PRISM is a real-time online Risk Management System. It calculates the
position and VaR of the portfolio for every client on a real time basis - at every trade or in the absence of a
trade, at every second. PRISM uses SPAN® (Standard Portfolio Analysis of Risk) for the purpose of
computation of initial margins. The risk parameter files required for margin computations in PRSIM are
generated six times during the day in order to take into account the intra day volatility changes. Apart from
initial margin PRISM also calculates mark to market value of the portfolio. PRISM generates alerts at various
intervals like 70% 80%, 90% and 100% of the limits reached by a CM. Once a member breaches the 100%
of the limits permitted for the member, the trading facilities shall be automatically withdrawn for that member
on an online basis.
Clearing & Settlement All the trades in Equity segment are settled on T+2 basis. NSCCL ascertain the net obligations of the members
through multilateral netting. The funds and securities obligations are computed at the member level is settled
through 10 Clearing banks and 2 Depositories as mentioned above. NSCCL has the facility of direct payout
of securities to client’s accounts of the members on both the depositories. Financial Institutions (FIs) and
Foreign Institutional Investors (FIIs) have a facility to clear and settle their trades through custodians.
All the derivatives contracts are settled on cash basis. The derivatives products except Options on individual
securities are settled on T+1 basis and Options on individual securities are settled on T+2 basis. Financial
Institutions (FIs) and Foreign Institutional Invetors (FIIs) have the facility to trade through multiple trading
members but can clear and settle through a single clearing member.
Settlement GuaranteeNSCCL assumes the counter-party risk of each member and guarantees settlement. As on March 31, 2004
the Settlement Guarantee Fund for Capital Market Segment stood at USD 344.64 million. A separate Settle-
ment Guarantee Fund is maintained for the Futures & Options segment. The corpus of the Fund as on March
31, 2004 stood at USD 968.2 millions.
SPAN○R is a registered trademark of the Chicago Mercantile Exchange, used herein under License.
The Chicago Mercantile Exchange assumes no liability in connection with the use of SPAN by any
person or entity.
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Member Profiles
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National Securities Depository Limited. (NSDL)
National Securities Depository Ltd. (NSDL) is the first depository established in India in November 1996.
The enactment of Depositories Act in August 1996 paved the way for establishment of NSDL. NSDL,
promoted by financial institutions of national stature, has since established a national infrastructure of
international standard that handles most of the trading and settlement in dematerialised form in Indian capital
market. Using innovative and flexible technology systems, NSDL works to support the investors and capital
market intermediaries in the country. NSDL aims at ensuring the safety and soundness of Indian marketplace
by developing settlement solutions that increase efficiency, minimise risk and reduce costs.
NSDL at a glance : (As on June 5, 2004)
No. of companies that have joined NSDL : 5321
Demat Custody Quantity (mn securities): 87,065
No of participants: 216
No. of client accounts: 5,361,832
Services provided:NSDL facilitates the following services:● Account maintenance ● Dematerialisation and Rematerialisation of securities● Settlement of trades through market transfers, off market transfers & inter-depository transfers● Distribution of non-cash corporate actions● Transmission / Nomination ● Pledge / Hypothecation of securities● Automatic delivery of securities to Clearing Corporations● Stock Lending & Borrowing● Distribution of cash corporate benefits
Internet- Based Services:Besides providing the basic services provided by a CSD, NSDL has always been in the forefront in providing
value added services by introducing internet based services and taking initiatives towards achieving STP.
The details of such services are as under:
SPEED (Securities Position Easy Electronic Dissemination), a facility which enables the clearing members to
view details of their clearing member accounts directly on the Internet. SPEED helps the clearing members
to ascertain the shortages and follow up with their clients for delivery. This facility has been well received by
the clearing members especially after the introduction of rolling settlements in India.
SPEED-e, a facility which enables the account holders (including clearing members) to submit delivery
instructions directly on the internet through SPEED-e website. NSDL set up this infrastructure on the internet
Member Profiles
in September 2001 with a view to eliminate the need for the users of the depository system to submit paper
instruction slips to the participants. This facility features smart card based access authentication and digital
signature based transaction authorisation for high end users such as clearing members, sub-brokers etc. and
password-based authentication for low-end users.
STEADY (Securities Trading-information Easy Access and DeliverY), an initiative for providing the fcaility
to deliver contract notes to custodians/ fund managers electronically. STEADY is a means of transmitting
digitally signed trade information with encryption across market participants electronically and efficiently,
through Internet.
IDEAS (Internet-based Demat Account Statement), a facility to view balances and transaction in demat accounts
which is updated on an online basis. In this facility, the clients can view the latest balances and transactions
that have taken place in the last five days in their depository accounts.
For further details, visit www.nsdl.co.in
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Member Profiles
PT. Kustodian Sentral Efek Indonesia
General InformationPT Kustodian Sentral Efek Indonesia (KSEI) was founded on December 23, 1997 on the basis of The Capital
Market Law No. 8 of 1995. As a Self Regulatory Organization (SRO) of the Indonesian capital market,
KSEI serves as a Central Securities Depository and facilitates the settlement of securities transaction on
Indonesian exchanges. It received the mandate to act as the Central Securities Depository institution from
BAPEPAM (the Capital Market Supervisory Board) on November 11, 1998.
On July 17, 2000, along with the Jakarta Stock Exchange and PT Kliring Penjaminan Efek Indonesia
(KPEI), KSEI introduced a Central Depository and Book-Entry Settlement System, which came to be known
by its acronym, C-BEST, as the integrated electronic platform for the implementation of scripless trading in
Indonesia. The system has since evolved to include all securities listed on the Jakarta Stock Exchange (JSX)
and the Surabaya Stock Exchange (SSX). As of year-end 2003, a total of 368 counters of shares, 150
corporate bonds, 8 medium term notes, 58 warrants and 2 promissory notes were registered in C-BEST. The
total value of these securities amounted to more than IDR 282 trillion.
OwnershipKSEI is owned by key proponents of the market, and renders its services in close cooperation with its SRO,
namely the Clearing and Guarantee Institution and the Stock Exchanges. On December 31, 2003, KSEI was
held by the Indonesian Clearing and Guarantee Corporation (KPEI) with 7.5% shares; the Jakarta Stock
Exchange (6%), the Surabaya Stock Exchange (3%), 9 Custodian Banks (36%), 31 Securities Firms (33.5%),
and 4 Registrars (4%) and KSEI itself (10%).
Regulatory environment
e KSEI act on a not profit basis. Consequently, the service of fees of KSEI is set at a level to cover annual
operating cost and generate sufficient surplus to finance investment as may be needed and also KSEI will
not pay cash dividends to it shareholders.
e The central securities depository services provided by KSEI regulated under The Capital Market Law and
its implementing regulations, including Rules of KSEI.
e Any activities of KSEI s services are supervised by BAPEPAM.
Eligible Securities1. Equity
2. Debt Instrument
Services providede Securities Account Management Services
- Opening of securities account, including cash account at the payment banks
- Closing of securities account
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Member Profiles
- Blocking/unblocking of securities account
- Safekeeping of electronic securities (dematerialized)
- Administration of pledged securities
e Central Depository Services
- Deposit of physical certificate into electronic securities and funds
- Withdrawal of electronic securities into physical certificate
- Reconciliation of securities/funds
e Transaction Settlement Services
- Book entry transfer of securities deposited for exchange transaction
- Book entry transfer of securities deposited for over the counter transaction
e Corporate Action services
- Mandatory corporate action (cash dividend, stock bonus, right issue, warrant, merger & acquisition,
stock split/reverse stock, interest and principal of debt payment, AGM)
- Voluntary corporate action (exercise of Right and Warrant, Initial Public Offering).
e Other Related Services
- Tender offer
- Report and inquiry
- Investor’s information to Issuing Companies
- The functioning as National Numbering Agency for Indonesian securities.
New initiativeAs a commitment to the service users, KSEI will continuously improve its performance to provide the best
services. It is expected that the service users of KSEI can get the benefit from new services which are expected
to be implemented by semester II and next year :
e Post Trade Processing (PTP)
The PTP system will provide a single communication platform for custodian banks, securities firms and
fund managers to communicate their post-transaction instruction and confirmation through KSEI’s sys-
tem (C-BEST).
e Fund Hub Services
In the mutual fund market in Indonesia, there is no consistency of standards and no consistency of pro-
cessing its activities, i.e. subscription, switching and redemption. The complexity of this market is also
compounded by the lack of industry standards in all aspects in the value chain of the transaction and set-
tlement process. KSEI has taken an initiative to develop a system for fund hub processing in order to
simplify the end-to end straight through processing and bring the market player to the efficiency and
standardize common practice by using KSEI’s system.
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Member Profiles
Indonesia Clearing and Guarantee Corpora-tion
General InformationIndonesian Clearing and Guarantee Corporation (KPEI) were incorporated on September 24, 1996 in
accordance to the New Capital Market Law 1995. Its main function is to provide clearing and guarantee
services in the settlement of stock exchange transactions in an orderly, fair and efficient manner.
Two years later, on June 1, 1998, it received the license to operate as a Clearing and Guarantee Institution
based on the Decision Letter No. Kep.-26/PM/1998 of the Capital Market Supervisory Board (Bapepam)
taking over the clearing business from former clearing and central custody (KDEI). The main function of
this institution were split into Indonesia Central Securities (KSEI) that take care all book entry settlement
and clearing and guarantee business (KPEI). In accordance to the capital market law, KPEI acts as central
counter party between selling and buying member.
Ownership and GovernanceKPEI was formed as a limited liability company by the Jakarta Stock Exchange and the Surabaya Stock
Exchange, with respectively 90% and 10% of the founding share amounting to Rp 15 billion.
Participants of KPEI are securities firms who are qualified to be clearing members and currently there are
142 clearing members. Board of director who are selected by the shareholder heads KPEI. At present, KPEI
has seven divisions: Clearing and Settlement Division, Finance and Accounting Division, Information
Technology Division, HRD and General Affairs Division, Guarantee and Risk Management Division, Legal
and Corporate Communication Division and Internal Audit Division.
In addition KPEI has Credit Policy and Risk Monitoring Committees who support board of director in setting
up risk management policy, risk parameters and matters concerning policy on prudent and safe risk manage-
ment policy.
Service ProvidedKPEI provides following service:
■ Clearing and guarantee for Equity Instruments
KPEI clears and guarantees equity transaction for Regular, Spot and Cash market. The transaction is
novated and netted through our system called e-CLEARS, which stands for electronic Clearing &
Guarantee System. It is web based system, that consist of modules such as Clearing and settlement,
Collateral management, Lending Borrowing, Reporting and Invoice
Members can access through their workstation to obtain various reports for the purpose of clearing,
settlement and risk monitoring.
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Member Profiles
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Member Profiles
To have a safe and sound risk management system, KPEI imposes several requirements to clearing
members such as minimum Net Adjusted Working Capital, cash collateral, perfect etc. Through
collateral management KPEI limits the transaction of its members by calculating trading limit before
the opening of the stock exchange session. This calculation is based of the free collateral times the
multiplier factor of members. Multiplier factor represents the risk profile of members. KPEI super-
vising risks profile-clearing member through collateral management system. The collateral deposits
to KPEI are subjected to valuation by KPEI regularly.
In addition in order to handle risk in supporting the running of the clearing and settlement system as
well as to guard stock exchange members from the bankruptcy of certain members, KPEI collect and
administer guarantee fund. The formula of guarantee fund is 0.01% from transaction fee.
■ Clearing and settlement for Derivatives Instruments (Future Index, Foreign Index and Options)
Currently, derivative instruments cleared by KPEI are LQ45 Future Index and Foreign Indexes such
as Dow Jones Industrial Average Index (DJIA) and Dow Jones Japan Titan 100. These instruments
are traded in Surabaya Stock Exchange.
KPEI developed RMOL (Risk Monitoring On-Line) & Cash Management System to support the
clearing and settlement of LQ45Futures Index and Foreign Future Index. RMOL & Cash Management
system combines client server technology with web base technology to make possible to handle the
whole transaction cycles, include: clearing, settlement, administration and reporting, real time mark
to market collateral, risk calculation and collateral management and also risk monitoring during
trading sessions.
■ Securities Lending and Borrowing
KPEI provides Securities lending & borrowing (SLB) to facilitate Clearing Member as an alternative
in attempt to avoid fails in their settlement activities. Currently, there are 72 securities companies
registered as member of Securities lending & borrowing (SLB). The eligible securities for Securities
lending & borrowing transaction are 47.
■ Other services: M-CLEARS: provides data information notification through short message services
such as Trading Limit, unsettled securities transfer and other information related with Clearing
Member activities.
Main Initiatives
Today, In order to expand its business service, KPEI is currently undertaking three main projects; the three
main projects are clearing and settlement of Option, Single Stock Futures and Corporate Bonds. The
clearing and settlement of Corporate Bonds is the joint project among Surabaya Stock Exchange, KSEI and
KPEI whereas the clearing and settlement of Option is a joint project with Jakarta Stock Exchange.
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General InformationJASDEC started to provide the depository and book-entry transfer services for stock centificates on June
17, 2002, by taking over all businesses of Japan Securities Depository Center (former JASDEC), which
commenced those services in October 1991.
In addition to the stock certificates, JASDEC provides now the depository and book-entry transter services
for corporate convertible bonds since November 2001 and commercial paper in dematerialized form since
March 2003.
The number of shares in custody exceeded 228 billion shares at the end of March 2004, more than 64% of
the whole market.
JASDEC’s Operations Offices are located in Tokyo, Osaka, Nagoya, Fukuoka and Sapporo.
Ownership and Governance
JASDEC was incorporated in January 2002 and amount of its capital is 4.25 billion yen. All of JASDEC
shareholders, 193 shareholders as of the end of March 2004, are its participants; securities companies, banks,
insurance companies, stock exchanges and other financial institutions, designated by the competent ministers.
A few of the large shareholders are the Tokyo Stock Exchange, Inc. (TSE) and the Japan Securities Dealers
Association (JSDA), who owns 22.0% and 12.0%, respectively.
As a user owned and governed organization, JASDEC s board is selected to reflect the diverse constituencies
of financial sectors. Among the JASDEC s board of 17 directors, 13 directors are from its participants
including TSE and JSDA. The remaining 4 directors are full time directors of JASDEC itself. The board
plays a key role in policy development, financial management and operational planning. Furthermore, business
operations committees and sub-committees, which discuss operational and/or IT matters and new projects of
JASDEC, are established to reflect user s voices according to the board request.
Regulatory Environment
JASDEC is:
# a for-profit corporation established under the Commercial Code,
# a central securities depository designated and regulated under the Law Concerning Book-Entry
Transfer of Stock Certificates and Other Securities,
# a book-entry transfer institution designated and regulated under the Law Concerning Book-Entry
Transfer of Corporate and Other Debt Securities,
# regulated by the Financial Service Agency and the Minister of Justice.
JASDEC’s SubsidiaryJASDEC established a wholly owned subsidiary, JASDEC DVP Clearing Corporation (JDCC), in June 2003,
who will play the role of a central counterparty, providing trade guarantee, netting and settlement services
for the trades of stocks and convertible bonds, other than the stock exchange trades in line with the
implementation of DVP settlement for those trades in May 2004.
(JASDEC)
Member Profiles
JDCC is a licensed clearing organization pursuant to the Securities Exchange Law.
Services ProvidedJASDEC provides following services.
● Safekeeping of securities deposited ● Book-entry transfers of securities ● Book-entry pledges of securities in its custody● Book-entry transfers of dematerialized commercial paper ● Acceptance of deposits of and return of securities ● Notification of beneficial shareholders information to
issuing companies● Income collection service and conversion agency service
for corporate convertibie bonds ● Pre-Settlement Matching for the trade and settlement
data between asset management companies, securities
companies, trust banks, custodian banks, life insurance
companies and other institutional investors● Data base for the information on lost stock certificates
JDCC provides following services.● Central counterparty services for DVP settlement for non-exchange trades at JASDEC
Main InitiativesJASDEC has been playing a key role in the reform of securities clearing and settlement system in Japan and
promoting STP and encouraging greater use of depository services for further immobilization of securities
amid progress in the dematerialization of securities certificates.
# Promotion of STP (Expansion of Pre-Settlement Matching Service)● Link of PSMS to DVP settlement system (May 2003)● For JGB Repo and Forward transactions (Feb. 2005)● For JGB non-resident transactions (Feb. 2005)● For Japanese Government Bond Clearing Corporation (Spring 2005)● For commerelal paper and corporate straight bonds transactions (Jan. 2006)
# Development of Book-Entry Transfer System for Various Types of Securities● For corporate and municipal straight bonds in dematerialized form (Jan. 2006)● For beneficiary rights of investment trust in dematerialized form (2006)● For stocks in dematerialized form (2009)
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Member Profiles
Growth of Shares in Custody
“Exchange Trade”&“Non-Exchange Trade”Transfers
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Japan Securities Settlement & Custody, Inc.
General informationJSSC was established as a wholly owned subsidiary of Tokyo Stock Exchange, Inc. (TSE) in December
1953, aiming to provide the Exchange with settlement and custody services. Since then, JSSC operated as
the central depository organization for the settlement of transactions in securities listed on TSE up until
October 1991, Japan Securities Depository Center, Inc. (JASDEC) launched its operations as the central
organization for book-entry transfer and depository services for those listed stocks in Japan.
Initially, JASDEC handled 50 of the listed stocks on TSE, and gradually increased the number and types
of securities it handled, along with the accumulation of the JASDEC s experience in book-entry services.
Meanwhile, JSSC managed to keep its traditional function of providing the deposit and delivery services for
domestic stocks, convertible bonds and others, under the condition that the likely rising of business
confrontation with JASDEC is to be avoided and harmonized in the form of placing all of JASDEC s newly
exploited businesses on custody and safekeeping services towards JSSC.
Thus, keeping in phase with the increase in the number and types of securities to be handled at JASDEC in
regard with book-entry settlement services, the way of business pursued at JSSC has been transformed from
first principle contractor on settlement and custody services into a subcontractor on these conventional
services. Currently, JSSC has become the sole organization that handles contracted-out businesses of
settlement and custody services from the side of JASDEC.
Apart from the above stated transformation of business nature, JSSC itself is currently providing the
settlement and custody services, independently, not only for a broad range of foreign listed stocks in Japan
but also for those domestic bonds that are publicly offered in Japan.
OwnershipJSSC, total capital of 300 million yen, is a wholly owned subsidiary of TSE.
IncorporationJSSC is incorporated under the Japanese Commercial Code.
Services provided- Agent service for JASDECAs a subcontractor of JASDEC, JSSC safe-keeps domestic shares, convertible bonds and ETFs, etc. in its
vaults and administers those securities for JASDEC. JSSC also provides delivery services of securities
certificates for deposit and withdrawal on behalf of JASDEC.
Member Profiles
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Member Profiles
- Book-entry transfer service# Participants
General Trading Participant of TSE and Regular Transaction Participant of Osaka Securities
Exchange, Co., Ltd.
Agency for Clearing Participant of Japan Securities Clearing Corporation.
Securities Finance Company
# Eligible SecuritiesForeign securities (stocks, investment trust, DR, subscription rights)
Yen-denominated foreign bonds
Bonds issued through public offerings
Subscription rights
Services
Safekeeping
Deposit and withdrawal
Book-entry transfer
Custody services (corporate action processing, taxation, reporting to beneficial owners)
- Custody services on Japanese stocks for on overseas investorsJSSC offers custody services for overseas investors in Japanese stocks by means of business collaboration
with CSDs abroad. JSSC keeps Japanese shares of foreign investors in our accounts kept at JASDEC,
and offers standing proxy services for the Japanese listed stocks in foreign countries: including both
receiving dividends from the shares deposited at JSSC’s account and submitting applications for voting
rights on behalf of overseas investors. Additionally, JSSC provides overseas CSDs with information on
corporate actions of listed Japanese issues, such as the record date, the ex-dividend date and the amount
of dividend.
* * *
250
200
150
100
50
0
average balance(billion shs)
Average domestic share balance in trust of JASDEC
1. Structure1) Legal Status The sole central securities Depository Korea
2) Legal ground KSD was established under the Securities & Exchange Act (SEA)
3) Offices Head-office in Seoul and Ilsan-Center in Ilsan, with five branches in Pusan,
Jeonju, Daejon, Kwangju, and Taegu
4) Administrative Arms The general meeting of shareholders, chairman & CEO, senior managing
director, managing directors, and a standing auditor. Chairman & CEO is elected
by the general meeting and is subject to an approval from the Ministry of Finance
& Economy (MoFE)
5) Shareholders KSD is owned by 109 organizations, as of December 31, 2003, including the
KoreaStock Exchange (KSE), the Korea Securities Dealers Association (KSDA),
the Korea Securities Finance Corporation (KSFC), securities companies, banks,
insurance companies, investment & trust companies, and non-banking financial
institutions.
2. SupervisionThe services KSD provides have significant implications on the stability of the securities market, thus requir-
ing strict measures for supervision over KSD businesses.
1) MoFEAmendment to the Articles of Incorporation, approval of new businesses, appointment of chairman & CEO.
MoFE sets the general guidelines for the securities market by enacting, amending, and abolishing laws and
regulations.
2) FSCEnactment, amendment, or abolishment of KSD Business Regulations and budgetary matters.
3) FSSAudit and inspection on KSD businesses and management
3. Major Services1) Centralized CustodySecurities holdings of KSD participants are held in custody on a fungible basis. Entitlement processing for
the deposited securities is also included in this service. Centralized custody of securities is one of the
essential CSD services towards immobilization and dematerialization.
2) Book-Entry TransferKSD transfers the rights that are entitled to deposited securities across accounts resulting from transaction,
pledging, and so forth. Deliveries across accounts carry the same legal effect as physical deliveries
pursuant to the SEA.
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Member Profiles
3) Cross-border Securities Deposit & SettlementKSD provides such services as centralized deposit, settlement, and entitlement processing through the
accounts it holds with foreign sub-custodians and CSDs.
4) Transfer Agent ServiceKSD provides transfer agent services to issuing companies on a contractual basis. These services cover
such areas as administration of shareholders book, securities issuance, delivery, and reporting. Being
smoothly linked with the CSD services of KSD, KSD s transfer agent services stand out in expertise,
contributing to shareholder rights protection and operational efficiency enhancement.
5) Bond RegistrationAs a registrar under the Public & Corporate Bond Registration Act, KSD records details of issued bonds
and the rights deriving therefrom for bondholders and parties involved.
6) Separate Safe CustodySeparate Safe Custody service differs from ordinary types of deposit because securities under Separate
Safe Custody are placed in envelopes separately from other securities for each applicant, not on a fungible
basis.
7) Tax Withholding / Lost or Stolen Securities ManagementKSD is mandated to collect taxes for securities transactions on the KSE and KOSDAQ, and for interest
incomes accrued to deposited bonds. Besides, KSD provides the centralized information provision service
to its participants and their customers in a bid to enhance the stability of securities distribution. Collected
information is distributed to participants and investors around the clock.
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Member Profiles
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BURSA MALAYSIA DEPOSITORY SDN BHD
General InformationThe Bursa Malaysia Depository Sdn Bhd ( Bursa Depository ) (formerly known as Malaysian Central
Depository Sdn Bhd ( MCD )), a subsidiary of Bursa Malaysia Berhad (formerly known as Kuala Lumpur
Stock Exchange Berhad ( KLSE”)), was established on 14 April 1990 to provide efficient central clearing
and settlement of securities. The principal activity of Bursa Depository is the operation and maintenance
of a Central Depository System ( CDS ) in respect of shares, stock bonds, debentures or other securities
of any corporation. The CDS, by effecting the immobilisation of certificates, has created a scripless trading
environment for Bursa Malaysia.
Investors use the CDS for safekeeping of shares, and also for custodian and pledging services. Participating
organisations, or stockbroking companies, are appointed as Authorised Depository Agents ( ADAs ) to
provide CDS facilities and services to the investing public. All investors, whether individual or corporate,
are required to open CDS accounts with an ADA if they wish to trade in prescribed securities.
Members of the banking community (i.e. commercial and merchant banks, finance companies), certain
government institutional investors, insurance companies, unit trusts and other institutional investors also
participate in the CDS as Authorised Direct Members ( ADMs ). The CDS further interacts with other users
such as issuers, registrars, issuing houses, Bursa Malaysia Securities Clearing Sdn Bhd (formerly known as
Securities Clearing Automated Network Services Sdn Bhd ( SCANS )), and Bursa Malaysia Securities
Berhad (formerly known as Malaysia Securities Exchange Berhad).
Ownership and GovernanceBursa Depository has an authorised capital of RM50 million with a paid-up capital of RM25 million. Bursa
Depository is 75% owned by Bursa Malaysia Berhad, while the Association of Banks in Malaysia ( ABM-
MCD Holdings ) holds the remaining 25% of Bursa Depository shares.
Regulatory EnvironmentThe Securities Industry (Central Depositories) Act 1991 authorised the establishment of a Central Depository
and provides the legal framework and safeguards for users and participants in CDS. Bursa Depository is
regulated by the Securities Commission and Ministry of Finance, Malaysia.
Services ProvidedBursa Depository provides following services:
CDS accounts
Safekeeping of securities
Electronic transfers of securities
Pledges of securities
Member Profiles
Acceptance of deposits
Provide record of depositors to share registrars
Bulk Transfer
Verification of allotment records for corporate action purposes
MCD Call-direct, a service that allows subscriber to make enquiries regarding their CDS Account(s)
through the telephone, request for a fax copy of CDS account balances, provided the call is placed
through a fax machine
Electronic Share Application ( ESA ), a facility that allows for application of Initial Public Offering
( IPO ) through Automated Teller Machines ( ATMs ) of participating financial institutions.
Bursa Depository Registered Address:6th Floor, Exchange Square
Bukit Kewangan
52000 Kuala Lumpur
Malaysia
Tel. No. : 6 03 2026 2099
Fax. No. : 6 03 2026 3726
e-mail : [email protected]
Bursa Malaysia Depository Nominees Sdn Bhd Pursuant to Section 21 of the Securities Industry (Central Depositories Act) 1991, all shares deposited with
Bursa Depository are registered in the name of Bursa Malaysia Depository Nominees Sdn Bhd ( Bursa
Depository (N) ) (formerly known as Malaysian Central Depository Nominees Sdn Bhd) that acts as a bare
trustee in relation to the Deposited Securities. Bursa Depository (N) is a wholly owned subsidiary company
of Bursa Depository.
For further details, please visits www.bursamalaysia.com
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Member Profiles
MILLONBILLON
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BURSA MALAYSIA SECURITIES CLEARING SDN BHD
General Information
The Bursa Malaysia Securities Clearing Sdn Bhd ( Bursa Clearing (S)) (formerly known as Securities
Clearing Automated Network Services Sdn Bhd ( SCANS )), was incorporated on 12 November 1983 and
commenced operations in March 1984 as the Clearing House appointed by Bursa Malaysia Securities Berhad
(formerly known as Malaysia Securities Exchange Berhad). Bursa Clearing (S) provides clearing and
settlement facilities for contracts done between Clearing Participants.
The objective of Bursa Clearing (S) is to provide Clearing Participants with facilities for clearing contracts
done between them, and for delivering stocks and securities to and receiving stocks and securities from each
other, and for receiving or paying any amounts payable to or payable by such Clearing Participants in
connection with any of the stockbroking transactions.
Clearing Participantship of Bursa Clearing (S) is divided into two (2) categories:
a. Trading Clearing Participant (“TCP”)TCPs are stockbroking companies which are also a Participating Organisation of Bursa Malaysia
Securities Berhad.
b. Non-Trading Clearing Participant (“NTCP”) NTCPs are resident banks and financial institutions which have been admitted as participants of Bursa
Clearing (S) after having met criteria as set out in the Rules of Bursa Clearing (S).
Ownership and Governance
Bursa Clearing (S) is a wholly owned subsidiary of Bursa Malaysia with a paid-up capital of RM 300 million.
Regulatory Environment
In 1996, Bursa Clearing (S) was awarded the status of a recognised Clearing House under Section 8A of the
Securities Industry Act 1983 and, thus, falls under the regulatory oversight of the Securities Commission of
Malaysia.
Member Profiles
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Member Profiles
Services Provided
Bursa Clearing (S) provides following services:
* Clearing and Settlement of Contracts Executed on Bursa Malaysia Securities BerhadThe clearing and settlement of contracts executed on the Exchange are based on the Fixed Delivery
and Settlement System ( FDSS ), whereby the settlement is on T+3. The financial settlement of
securities is done on a net basis .
* Institutional Settlement Services (“ISS”)ISS is an optional service whereby NTCPs are able to clear and settle directly with Bursa Clearing (S).
Settlement of ISS transaction is on T+3, and on a Delivery versus Payment ( DvP ) basis. The main
objective of ISS is to reduce the settlement risk exposure of institutional investors. Both On-Market
Transactions and Direct Business Transactions are eligible for ISS settlement.
Bursa Clearing (S) Tariffs
i. On-Market : 0.04% of transaction online, subject to a maximum of RM200.00 per contract.
ii. Direct Business : 0.04% of transaction online, subject to a maximum of RM200.00 and minimum of
RM10.00 per contract.
iii. ISS : RM25.00 per ISS confirmation / affirmation.
Bursa Clearing (S) Registered Address
8th Floor, Exchange Square
Bukit Kewangan
52000 Kuala Lumpur
Malaysia
Tel. No. : 6 03 2026 8099
Fax. No. : 6 03 2026 3715
e-mail : [email protected]
For further details, please visit www.bursamalaysia.com
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New Zealand Central Securities Depository
1. OwnershipNew Zealand Central Securities Depository Limited (NZCSD) is a custodian, fully owned by the RBNZ.
NZCSD becomes the legal owner of the securities on the respective registers and holds securities on
behalf of members of the Austraclear system in that which is operated by the Reserve Bank. [The
Austraclear system is a real time clearing and settlement system that provides a secure paperless settlement
environment through the electronic transfer of funds and securities]. NZCSD and the Austraclear System
have been in operation in New Zealand since June 1990.
The rights and obligations of members to each other and the rights and obligations of the Reserve Bank
of New Zealand as operator of the Austraclear System are governed by a mutual contract entered into by
all members. This contract is known as the Austraclear Rules. Copies are available on request from our
Home page www.rbnz.govt.nz
The inventory of securities held in the depository currently stands at around NZ$76 billion of which
NZ$15 billion is NZ equities and NZ$61 billion is fixed interest securities. These holdings have been
relatively static over the last three years. Austraclear processes around 1,100 transactions per day which
equates to around eight billion dollars in daily transaction value.
2. Services ProvidedServices Provided by the Reserve Bank of New Zealand through its NZCSD subsidiary and Austraclear
Operations are:
● Delivery versus Payment (DVP), Real Time Gross Settlement for the following registered security
types:● Certificates of Deposit● Bonds and Treasury Bills● Notes● Equities
● Irrevocable Security transfer between members.
●� ●� ●�●�
●�●�
■� ■� ■� ■� ■�
■�
▲�
▲�
▲� ▲� ▲�
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CASH
EQUITIES
FIXED INTEREST
AUSTRACLEAR SYSTEMAVERAGE DAILY VALUE
4.00
3.00
2.00
1.00
0.002000 2001 2002 2003 2004
YEAR (ended 31 March)
Value ($Billions)
Member Profiles
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Member Profiles
● Irrevocable Cash Transfers - between members.● FX Confirmations - electronic matching/confirmation of FX trades.
● For any currency pairs● Settlement of any NZD leg
● Electronic Tender Facility
● Host to Host Lite Interface allowing the direct transfer of transactions from member’s internal
systems to the Austraclear system.
● FTP Transaction Status file – provides the member with a regular site update of the status of all
external transactions. The file is transferred using FTP protocol. HTH Lite combined with the
FTP transaction status file provide a near real time batched STP solution for members.
● Electronic creation and registration of discount securities (provided they are held solely in NZCSD).
3. Fee structureThe fee structure is made up of three parts. A joining fee, an annual subscription and transaction fees.
The level of joining fees and annual subscription depend on the extent of functions required and the means
of access to the System. This usually requires some discussion to establish the needs of the member.
Transaction fees are the same for each membership class. See website page for a copy of current fee
schedule.
4. MembershipThe Reserve Bank will favourably consider an application for Austraclear membership from any institu-
tion (domestic or foreign) which, in the opinion of the Reserve Bank, is of good standing and has the
necessary resources to meet its obligations as a member.
The Austraclear System has 232 members in New Zealand and Australia. Membership members: banks,
brokers, corporates, fund managers and Nominated Trust Members .
5. System resilienceBack-up and recovery arrangements are such that even in the most extreme disaster scenario, the maxi-
mum system outage would be two hours.
6. EnquiriesThese may be directed to:
Mike Wolyncewicz, Chief Financial Officer
Financial Services Group (0064 4) 471 3826
Email - [email protected]
or
Peter Katz, Manager Payment and Settlement Services
Financial Services Group (0064 4) 471 3711
Email - [email protected]
or
Fax for the attention of the above (0064 4) 471 3860
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Central Depository Company of Pakistan Limited (CDC)
General InformationCDC is the only depository in Pakistan having branches in Karachi, Lahore and Islamabad and is incorporated
as a public limited company (un-listed) on January 23, 1993. It started operations in September 1997. The
market allows both physical and scripless settlement, but a very high proportion of traded securities have
been immobilized in the Central Depository System. Approximately 98% of the market settlement is in book
entry form. Conversion onto the CDS is stipulated to take five days. Investors have the option to withdraw
the securities in physical form. Physical settlement is not allowed for securities live on CDS.
Regulatory EnvironmentRegulated by the Securities & Exchange Commission of Pakistan
A for profit organization established under the Companies Ordinance, 1984 and licensed under the
Central Depository Companies (Establishment and Regulations) Rules 1996.
Book entry settlement is governed under the Central Depositories Act 1997 and the Central Depository
Company of Pakistan Limited Regulations.
Ownership structure of the CDC
CDC board comprises of 12 directors of which ten representing the share holders, one SECP nominee and the
Chief Executive Officer of the Company.
Core services provided1. Deposit of securities
2. Custody of securities
3. Transfer of securities
4. Pledging of securities
S. # Shareholders % of Shareholding
1. The Karachi Stock Exchange (Guarantee) Limited 39.80 %
2. Lahore Stock Exchange (Guarantee) Limited 10.00 %
3. Citibank Overseas Investment Corporation 10.00 %
4. Muslim Commercial Bank Limited 10.00 %
5. Habib Bank Limited 6.35 %
6. National Investment Trust Limited 6.35 %
7. Investment Corporation of Pakistan 5.00 %
8. International Finance Corporation 5.00 %
9. Pakistan Industrial Credit & Investment Corporation Ltd. 5.00 %
10. Islamabad Stock Exchange (Guarantee) Limited 2.50 %
100.00 %
Member Profiles
5. Withdrawal of securities
6. Corporate Actions
a. Bonus
b. Merger / De-Merger
c. Split / Consolidation
d. Credit of Paid Rights
7. Initial Public Offerings
Diversification in Service PortfolioTrustee and Custodial Services
CDC started trustee business operations for open end mutual funds in 2002. Today, CDC is one of the largest
providers of trustee and custodial services in Pakistan. The quality of services provided and the benefits to the
fund managers have not only generated goodwill for CDC, but have also attracted new funds.
On the Custodial side, CDC is providing custodial services to various closed end mutual funds. CDC’s custodial
venture is rapidly gaining recognition as, within a short span of time, CDC has succeeded in enlisting major
mutual funds to the helm of its custodial business.
Investor Account Services
Investor Account Services (IAS) offered by CDC allows investors to directly open and maintain accounts in
CDS. IAS operations started in 1999 and have flourished as an important service in the portfolio of services
being offered by CDC.
By providing secure custody of securities, which was the prime concern of investors in the Pakistani capital
market, Investor Account Services has enabled individual and corporate investors to open direct accounts
with CDC and to avail the variety of services which includes book entry transfers, Pledging of securities and
withdrawal of securities.
Clearing and Settlement Services
Subsequent to the successful implementation of the Central Depository System and the Electronic Trading
Systems of the three stock exchanges, another step towards automation of the Pakistani capital market is the
implementation of National Clearing and Settlement System (NCSS). NCSS, with its technologically
advanced features, introduced extraordinary transparency and expediency in the clearing process. CDC was
assigned to deliver this project and after its successful implementation clearing and settlement operations and
NCSS system maintenance are also managed by CDC on behalf of National Clearing Company of Pakistan
Limited.
Statistics
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Member Profiles
Since the inception of China’s securities market over ten years ago, the securities depository and clearing
system has been constantly evolving. From the initial physical, manual clearing to the present day
dematerialized, centralized electronic depository and clearing, the technology has been constantly advancing
(see the following diagram of the depository and clearing procedures for A shares (common shares
denominated in RMB)).
In March 2001, China Securities Depository and Clearing Corporation Limited (CSDCC) was established
according to the Securities Law and Company Law, to take charge of the depository and clearing of listed
securities. It is under the China Securities Regulatory Commission s supervision. The General Manager, who
reports to the Board of Directors, is responsible for the operation of the company. Headquartered in Beijing,
CSDCC has two subsidiaries: one in Shanghai and the other in Shenzhen. Its business scope covers the
opening and management of securities accounts and settlement accounts, securities registration and
transfer, securities depository, securities/payment clearing and delivery, acting as agent for securities
interests distribution as entrusted by the issues, and any other businesses as authorized by China Securities
Regulatory Commission. At present, the settlement is T+1 for A shares, and T+3 for B shares (domestically
listed common shares quoted in US dollars or HK dollars).
Main Services of SD&C1. Securities Account OpeningSD&C undertakes the duties for opening securities accounts in accordance with article 148 of the Securities
Law. At present, SD&C has published the Management Rules of Securities Accounts of SD&C to regulate
the opening of securities accounts. The participants of the securities account opening business include
SD&C, account-opening agent and eligible account applicants. SD&C is the only administer of securities
account opening in charge of the assignment of account codes and maintenance of securities account
information.
2. Securities RegistrationSecurities issuers shall enter into Securities Registration and Service Agreement with SD&C after public
issurance of securities. SD&C shall handle the registration of issues, variation, entitlement, buy-back
write-off in accordance with the agreement and the business rules. Upon the application of the securities
issuers, SD&C also allows the withdrawal of the registration. The securities registration business falls into
share registration, bond registration and fund registration as securities categories regarded. This report is
mainly dedicated to the share registration, which is comprised of share category registration, issuing
registration, variation registration and entitlement registration.
3. Securities CustodySD&C and the securities companies jointly provide securities custody services to the investors. The
state-owned shares and legal-person shares are under the custody of SD&C. The securities of investors not
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Member Profiles
designated are under the custody of SD&C Shanghai Branch, while the relevant dividends, share interest,
bond interest and bond principal will be paid upon the completion of the designated trading.
4. Clearing and Settlement of Securities Trading(1) Clearing and settlement of A-share (including fund and bond) transactions
(2) Clearing and settlement of treasury-bond repo transaction
(3) B-share clearing and settlement
5. Issuer ServiceSD&C provides securities holder list, dividends distribution service and so on for issuers. Scope of issuer
service: holder list service; cash dividend distribution of shares and funds; cash-in of bond principal and
interest; cash-in of principal and interest of enterprise bonds. The procedure is similar to that of treasury
bonds.
6. Pledge Registration ServiceAccording to the Guarantee Law, the pledgee or pledger of public securities shall undergo pledge registration
procedure in SD&C.
(1) Non-tradable-share pledge registration (2) Tradable share pledge registration
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Member Profiles
Diagram of the Depository and Clearing Procedures for A Shares
Order Placing
Trade report
Trading data
Securities�account data
SD&C
SD&C
Clearing�participants
Clearing�participants
RemittanceRemittance
Bank
ReconciliationReconciliation
Clearing� data
Remittance order
(Exchange)�
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MAIN ADDRESS6767 Ayala Avenue
Makati City
Philippines
Tel: 63 (0) 2 893 5636
Fax: 63 (0) 2 893 5591
Email: [email protected]
Web: www.pcd.com.ph
KEY PERSONNELVicente B. Castillo
Chairman
Roy B. Lacsamana
President & COO
Theresa S. Reyes
Vice-President
OWNERSHIPA share swap was recently undertaken under which the shareholders of the former Philippine Central Depos-
itory, Inc. exchanged their shares in PDTC with shares in Philippine Dealing System Holdings Corp. (PDS).
Tax clearance of the said share swap is currently being secured and as soon as said clearance is issued and
other documentation are completed, Philippine Depository & Trust Corp. (PDTC) shall be a wholly-owned
subsidiary. The PDS is structured as the holding company that will manage the Fixed Income Exchange
Infrastructure, a key significant project of the financial market reforms program. The PDS is owned by the
Bankers Association of the Philippines and its member banks (38%), Philippine Stock Exchange (12.22%),
other insurance companies, issuers and other investors (26.43%), technology provider (10%), Philippine
American Life Insurance Company (5%), Financial Executives of the Philippines (3.8%), Investment House
Association of the Philippines (2.5%) and Social Security System (2%).
GENERAL INFORMATIONPDTC started as the Philippine Central Depository, Inc. in 31 March 1995 as the first and only central securi-
ties depository in the country. Its operation made possible the building of an automated infrastructure that
facilitated and reduced risks in debt and equities securities settlement. Since its establishment, it pioneered
scripless, or paperless, trading for equities and debt instruments in the local financial market. Eight years
later, PCD has undergone a reorganization intended to make it more attuned to the changing financial market
environment. Under a reorganized PDTC, custodianship and registry services for scripless securities shall be
offered. For this purpose, PDTC applied for and obtained an approval in principle from the Bangko Sentral
Member Profiles
ng Pilipinas (BSP) to operate as a trust bank and a quasi-bank.
REGULATORY OBJECTIVESPDTC aims to be the premier provider of registry, depository and custody services for the Philippine fixed
income and equity securities. PDTC also commits to promote public trust by ensuring the effective delivery,
safekeeping and administration of securities holdings of client investors and to enhance the stability of the
Philippine financial system by being part of the integrated securities settlement system.
ACTIVITIES AND IMPLEMENTATIONPDTC provides the following services:
1. Depository services;
2. Nominee services;
3. Custody services of fixed income securities and equity securities; and
4. Registry services of private scripless fixed income securities and equity securities.
ACCOUNTABILITYThe primary regulator of PDTC is the Bangko Sentral ng Pilipinas. The Securities and Exchange Commission
shall also regulate PDTC’s depository and registry functions.
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Member Profiles
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The Central Depository (Pte) Limited(CDP)
OverviewCDP is a wholly-owned subsidiary of the Singapore Exchange with a capital of SGD 100 million. It provides
integrated clearing, settlement and depository services to investors in the Singapore market.
SGX, one of the Asia-Pacific’s leading integrated Exchange in securities and derivatives, was inaugurated on
1 December 1999, following the merger of former Stock Exchange of Singapore and Singapore Monetary
Exchange. On 23 November 2000, SGX became the first exchange in Asia-Pacific to be listed via a public
offer and a private placement. Listed on our bourse, our stock is a component of benchmark indices such as
the MSCI Singapore Free Index and the Straits Times Index.
Our Legal FrameworkCDP is registered under the Companies (Central Depository System) Regulations 1993 as pertaining to the
Companies (Amendments) Act No. 22 of 1993. As an approved Clearing House, we are regulated by the
Monetary Authority of Singapore, under the Securities and Futures Act, which came into effect on 1 October
2002.
As a Clearing HouseCDP acts as the central counterparty (CCP) to all our clearing members. ie. Trades are novated to CDP which
guarantees the settlement of the trades. The CCP system has brought significant benefits to our marketplace
in terms of reduced costs and risks. To realise further benefits from the CCP system, we extended multilateral
netting to institutional trade settlement between our clearing members and their institutional clients. We could
do so as clearing and depository services are integrated within CDP.
To secure the guarantee which we give as the central counterparty, we have a Clearing Fund which comprises
contributions from our clearing members, insurance coverage, CDP contributions and a CDP Standby line of
credit. CDP’s guarantee for DVP is supported by various undertakings and bank guarantees given by our
settlement banks and CDP’s appointed clearing bank.
As a DepositoryAs the central securities depository in Singapore, CDP acts as a central nominee for its account holders. All
immobilised certificates are registered in the name of CDP.
Investors can opt to maintain accounts directly with CDP or with clearing members and other financial
institutions, which in turn maintain accounts with the depository. Settlement of trades is conducted by CDP
via book-entry.
The depository has two categories of participants, namely direct account holders and depository agents (DAs).
Member Profiles
Investors can either custodise their securities in a direct account with CDP or in sub-accounts with the DAs,
which include clearing members and approved financial institutions such as bank nominees.
DAs are given access to CDP’s sub-accounting system, which enables them to maintain separate securities
accounts for their private or institutional clients. The identities of these sub-account holders are known only
to the respective DAs, ensuring the confidentiality and anonymity of their clients.
Depository services provided by CDP include:
Periodic statements to investors on securities account balances
Deposit of securities
Transfer of securities
Withdrawal of securities
Statements to account holders following entries made to their securities accounts.
New issue and distribution service
Distribution of entitlements
Rights Applications
Takeover Offers
Redemption of debt securities
Provision of shareholdings’ information to issuers
Despatch of annual reports/circulars
Other value-added services provided by CDP include:
Securities Borrowing and Lending
Allows investors to earn a fee on the securities kept with CDP
Direct Crediting Service
Allows investors to receive direct credit of cash distribution to bank account on payment
date
CDP Automated Phone Service
Allows investors to check shareholdings and IPO results over the phone
CDP Internet Service
Allows investors to access shareholdings, assess personal securities portfolio and update
personal particulars electronically
CDP is committed to providing highly efficient and reliable services, and continually strives to meet the evolving
needs of investors and market participants.
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Member Profiles
Central Depository Systems (Pvt.) Limited(CDS)
The Organization
The Central Depository Systems (Pvt.) Limited (CDS) is a wholly owned subsidiary of the Colombo Stock
Exchange (CSE) and is responsible for the clearing & settlement of secondary market transactions concluded
on the CSE. Incorporated on 30th August 1991, the CDS commenced operations on 2nd September 1991 and
became fully operational by 30th June 1992. CDS is registered as a“Market Intermediary”under the
Securities & Exchange Commission of Sri Lanka Act No. 36 of 1987, as amended. The CDS is a member of
the Asia-Pacific Central Securities Depository Group (ACG). The Board of Directors of the CSE is
appointed to the Board of the CDS.
Prior to trading their Securities through the Automated Trading System (ATS) of the CSE, a holder of the
Securities is required to open a securities account with the CDS and deposit (lodge) such securities in that
account. On depositing the Securities the account holder in effect transfers ownership of the securities to the
CDS, while retaining the beneficial interest.
CDS thereupon gives notice of the said transfer of securities to the Secretary/Registrar of the Listed Company
to which such Securities relate and the company is required to register the transfer in the books of the
company, subject to the provisions in the CDS Rules.
Upon the due registration of the transfer of securities the said transfer is entered in the register of members
of the Listed Company. The respective CDS account holder, for whose benefit such Securities are held by
CDS, is entitled to enjoy all rights and privileges and is subject to all such duties and obligations as a
registered holder of those Securities, as also specified in the Companies Act No. 17 of 1982, as amended.
All listed securities are not fully de-materialized but it is mandatory to use the CDS for purposes of secondary
market trading. The CDS acts as a depository for all listed securities and approx. 50% of equity shares and
38% of Debt Securities are currently held through the CDS.
Main Services offered by CDS
The main services of CDS include;● maintaining securities in a scripless form to facilitate their trading in the CSE● clearing of securities on account of trades carried out through CSE● co-ordinating the settlement of funds between Participants through the settlement bank of the CDS● the opening and maintenance of securities accounts for investors, deposit of securities in such accounts,
withdrawal of securities and facilitating the transfer of securities between securities accounts in CDS● facilitating Securities Borrowing & Lending (SBL) by the account holders through participants● the provision of entitlement schedules and other reports to listed companies in respect of CDS account
holders● co-ordinating the transfer of securities in CDS pertaining to the take over of listed companies and/or
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Member Profiles
de-listing of listed securities● the provision of CDS account statements to account holders on a periodic basis
Participant Status
Member firms of the CSE and Custodian Banks are eligible to obtain participant status of the CDS.
Fifteen Stock Broking firms (members of the CSE), Three Trading Members (members of the CSE), and
sixteen custodian banks (registered under the Banking Act and who provide custodial services for investors)
have been granted participatory status in the CDS, enabling them to directly utilize the facilities and services
offered by the CDS.
Settlement of Transactions
The settlement process for transactions on equities is in the form of a two tiered rolling system. A buyer of
equities is required to settle the buying broker the value of a purchase within trade day plus five market days
(T+5). On account of a sale, the client will receive his sale proceeds from his participant on trade day plus
six market days (T+6). The inter-participant settlement of all equity transactions falls on trade day plus six
market days (T+6) through the nominated Settlement Bank of the CDS.
The settlement process for transactions on Corporate Debt Securities is in the form of a single tiered rolling
system and falls on trade day plus one market day (T+1). This means that buyers shall pay the buying Broker
on trade day plus one market day (T+1) and the Selling Participant will settle the sellers on trade day plus
one market day (T+1). The inter-participant settlement on Corporate Debt Securities falls on trade day plus
one market day (T+1) through the nominated settlement bank of the CDS.
OPERATIONAL STATISTICS FOR LAST FIVE YEARS (1999 – 2003)
YEAR ACCOUNTS DEPOSITS WITHDRAWALS TRANSFERS TRADESOPENED
1999 12,239 60,021 574 12,189 206,745
2000 10,574 42,967 494 9,802 160,838
2001 5,067 24,718 404 11,201 160,094
2002 11,016 62,010 447 14,110 283,926
2003 21,440 95,878 471 15,349 484,091
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Member Profiles
Apr-04 Apr-03
Domestic 2,995,139,799 2,263,955,726
Foreign 675,325,753 671,560,808
Total 3,670,465,552 2,935,516,534
NUMBER OF SECURITIES HELD IN CUSTODY
Taiwan Securities Central Depository Co., Ltd.
General InformationIn October 1989, The Ministry of Economic Affairs approved the establishment of Taiwan Securities Central
Depository Co., Ltd. (TSCD). In December 1989, the SFC enacted the Rules Governing the Book-entry
Operation of Securities in Centralized Custody and approved the Rules of Business Operation of TSCD.
On January 4,1990, TSCD started its operation officially. At the beginning, TSCD took over the custody
business from Fuh-Hwa Securities Finance Company as well as the settlement operations commissioned by
Taiwan Stock Exchange Corporation. At the same time, TSCD embarked on the computer linkage with secu-
rities firms. By August 1990, all securities firms in Taiwan were linked with TSCD. In coordination with the
enforcement of the book-entry system for all transactions in the centralized trading market, TSCD modified
its procedures and computer system in February 1995 to ensure that transactions and settlement in the centralized
market could be done in a safe and convenient method.
Ownership and GovernanceAs of end of 2003, TSCD had paid-in capital in the amount of NT$2,476,689,090; Taiwan Stock Exchange
Corporation (TSEC) owns 55% of TSCD shares; Fuh-Hwa Securities Finance Company owns 15%; over
100 securities firms and financial institutions own the remaining 30%.
The highest decision making body of TSCD is the shareholders' meeting. The highest executive unit is the
board of directors. Seven directors and three supervisors are elected at the shareholders' meeting. The chairman
is elected among directors. All directors and supervisors have a term of three years and may be re-elected. Under
the shareholders' meeting and the board, there is one president. The president is appointed by the chairman,
subject to the consent of the board, and executes the resolutions of the board and oversees company business
as directed by the chairman. There are two senior executive vice presidents who assist the president. There is
also one secretary general, who is in charge of general affairs, coordination and communication among
departments and assists the president and executive vice presidents.
To meet the business needs, there are eleven departments: operations, depository, shareholders' affairs, system
development, computer operation, planning, administration, auditing, legal, finance, and internal auditing
department.
Regulatory EnvironmentTSCD is:
(1) a corporation established under the Regulations Governing Securities Centralized Depository
Enterprises
(2) regulated under the Regulations Governing Book-Entry Operations for Centrally Deposited Securities
(3) regulated under the Rules of Business Operation of the Taiwan Securities Central Depository
Company
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Member Profiles
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Member Profiles
Services ProvidedAccording to the Regulations Governing Securities Centralized
Depository Enterprises, TSCD may engage in the following
businesses:
(1) Custody of Securities
(2) Book-entry for securities settlement
(3) Book-entry for securities pledging
(4) Book-entry distribution of securities
(5) Computerized processing of securities book-entry
(6) Registration of securities issued in dematerialized form
(7) Other businesses approved by SFC
Future Development(1) Strengthen the clearing and settlement operations for the Emerging Stock market
(2) Establishment of passbook registration system for margin trading
(3) Study the inclusion of specific institutions as TSCD participants
(4) Plan the book-entry operation for split bonds
(5) Strengthen Book-entry Operations for Securities Trust
(6) Promotion of book registration and management services for securities dematerialized issuance
(7) Develop the computerized clearing system of new products for the futures market
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Vision (2006)To offer a complete range of post-security-trading services for the Thai capital market applying both interna-
tional best practices and cutting-edge technology.
OperationsThe Thailand Securities Depository Company Limited (TSD) is a subsidiary of The Stock Exchange of
Thailand (SET) and under the supervision of the Securities and Exchange Commissions (SEC). The TSD
was established on 16 November 1994 with a registered capital of THB 200 million, and commenced
operations on 1 January 1995. The TSD provides securities post-trading services that can be divided into five
categories as follows:● Securities Depository : acts as the central securities depository using an efficient scripless system.
Members: 1. Brokerage firms 2. Custodian Banks; 3. Issuing Companies
4. Any juristic person who is allowed to trade as stipulated by the SET
System: Dematerialized System
Types of Securities in SDC Common Share, Preferred Share, Debentures, Warrant, Derivative
Warrant, Transferable Subscription, Unit Trusts, Options, and Depository Receipts● Securities Clearing and Settlement: acts as the sole clearing house for securities trading in Thailand by
utilizing an internationally accepted multilateral netting mode of settlement.
Members: 1. Brokerage firms; 2. Custodian Banks
System:● Netting with Delivery versus Payment● Model 3 Multilateral Net Settlement ● Settlement: Book entry● Payment: Electronic Fund Transfer through Bahtnet system (Bank of Thailand Automated
High value Transfer Network) and Settlement Bank
Settlement Date: T+3
Risk Management : Clearing Fund, Credit line, SBL, Buy-in System, Settlement Cap, Early
Warning System, etc.● Securities Registration: acts as the securities registrar for all listed companies and other issuing
companies.● Fund Registration: acts as the registrar of Mutual Funds, Retirement Mutual Funds (RMFs), and
Provident Funds for asset management companies.
Main Services: 1. Front Office Program; 2. Back Office Program; 3. Registration Program● Back Office Service Bureau: provides broker services on securities after-trade operations and acts as
the center for operation system development. Presently the services cover various kinds of financial
instruments; for example, debentures, government bonds and short-term instrument. The service helps
reduce cost of brokers on its operation and system development.
Main Services: 1. Full Service; 2. Software Provider; 3. Backup site
Thailand Securities Depository Co., Ltd.(TSD)
Member Profiles
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Member Profiles
Statistical Highlights
2002 2003Number of Mutual Funds in the Fund Registration System (Funds) N/A4/ 44/
Number of Retirement Mutual Funds (RMFs) in the Fund Registration System (Funds) 8 9Number of Provident Funds in the Fund Registration System (Funds) N/A5/ 29 5/
2002 2003Number of Brokers Using Full Service of BSB (Companies) 8 147/
Number of Brokers Using BSB as a Back-up Site (Companies) 1 1Number of Brokers Using Application Service of BSB (Companies) - 1
2002 2003Number of Companies in the Securities Registration System (Companies) 446 467Number of Securities in the Securities Registration System (Securities) 558 601
Common Shares 443 463Preferred Shares 21 21
Bonds and Debentures 23 24Convertible Debentures 2 2Unit Trusts - 4
Warrants 68 86Derivative Warrants 1 1
2002 2003Number of Depository Participants (Participants) 149 200
Brokers 37 37Custodians 31 30Issuers 69 124Others 12 9
Number of Securities Deposited in the Securities Depository System (Securities) 672 718Common Shares 1/ 421 446Preferred Shares 13 13Bonds and Debentures 139 150Convertible Debentures 11 11 Unit Trusts 23 23Warrants 64 74Derivative Warrants 1 1
Value of Securities Deposited in the Securities Depository System (Million Baht) The Stock Exchange of Thailand (SET) (At Market Price) 1,054,033 2,833,882Percentage of Deposit Compared to Total Market Capitalization (At Market Price) 53 59Bond Market Exchange (BMX) (At Market Price) 2/ N/A 32,190Percentage of Deposit Compared to Total Market Capitalization (At Market Price) N/A 21The Market for Alternatives Investment (MAI) (At Market Price) 1,409 8,982Percentage of Deposit Compared to Total Market Capitalization (At Market Price) 81 66The Thai Bond Dealing Center (TBDC) (At Par Value) 7,975 7,198Percentage of Deposit Compared to Total Market Capitalization (At Par Value) 3 2
Number of Accounts in the Securities Depository System (Accounts)Local 8,126 8,832Foreign 1,598 1,654
2002 2003Number of Participants in the Clearing House (Participants) 57 57Total Value of Securities Clearing and Settlement (Million Baht) 237,090 437,601Total Volume of Securities Clearing and Settlement (Million Shares) 82,530 171,250Total Transactions of Securities Clearing and Settlement (Thousand Transactions) 1,328 1,903
1. Securities Depository As of December 31, 2003
2. Securities Clearing and Settlement 3/
3. Securities Registration
4. Fund Registration
5. Back Office Services Bureau - BSB6/
Note: 1/ Including property fund 2/ The BMX started trading on November 26, 2003. 3/ The figures shows the clearing and settlement of securities traded on The Stock Exchange of Thailand only. 4/ Fund registration for Mutual Fund started in June 2003. 5/ Fund registration for Provident Fund started in January 2003. 6/ Back Office Service Bureau (BSB), formerly rendered by The Stock Exchange of Thailand, has run by the TSD since July 2003. 7/ In 2003, 7 out of 14 brokers use back office service only for corporate debentures trading on The Stock Exchange of Thailand.
Uzbekistan State Central Securities Depository (UzSCSD)
General Information
The State Central Securities Depository (UzSCSD) is the sole central depository in Uzbekistan. SCSD
provides depository, registry and settlement services for equities and corporate bonds in Uzbekistan. SCSD
is a state entity that was created by Resolution 263 of the Cabinet Ministers according to the Law about
Depositories Activity in the Securities Market on 21 May 1999 and commenced operations on 19 October
1999. It is an independent institution, functioning on self-financing principle.
The number of shares in custody exceeded 1 479.189 million shares in the April 2004, where there are 95%
shares dematerialized (non-cash securities).
Ownership and Governance
UzSCSD was established under Supreme Parliament of Uzbekistan with the capital of US$ 152 500.
Uzbekistan was the first among the CIS countries tovelaborate andvapprove Performance standards for
depository and register institutions, that included securities expertise procedures, securities quotation
provisions together with a number of other important documents.
UzSCSD is observed by the Center of Control and Coordination of securities market. Nevertheless, UzSCSD
is an economically independent legal entity. The main functions of UzSCSD are to provide depository of
securities, to exercise rights of securities owners and provide execution of securities operations throughout
the territory of the Republic of Uzbekistan.
Regulatory Environment
UzSCSD is:
- a central securities depository designated and regulated under the Law of Republic of Uzbekistan On
activity of depositories in the securities market ,
- regulated by the Center of Control and Coordination of securities market.
Services Provided
● Storage of all non-physical issues of corporate securities issued in the country;● Storage and accounting of rights to corporate securities - State-owned assets;● Conducting correspondent accounts of depositories;● Confirmation of availability and authenticity of securities of exchange and off-exchange trades participants
before offering them for trades;● Maintenance of delivery of securities to exchange and off-exchange trades participants by concluded
transactions;● Accounting of the securities issued by non-residents and the securities issued by residents of the country,
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Member Profiles
circulating in foreign stock markets, on the territory of Republic of Uzbekistan;● Gathering and systematization of the information on movement of securities in depository system
The depositors of the UzSCSD are: the State Property Management Committee and its territorial branches,
the Ministry of Finance; joint-stock companies, associations, holdingsvwith state share, trust management
companies representing the state shares.
By January 1, 2002 there are 1,11 billion equities of 4654 joint stock companies on the total sum – 1,62
trillion sum deposited in the UzSCSD. By April 1, 2004 there are 1,48 billion equities of 3554 joint-stock
companies deposited
Main Initiatives
● UzSCSD was in a number of the key initiators of implementation of dematerialization process. It was
taking part in developing numerous regulations, standards and rules for adoption of dematerialization
mechanisms. The results of dematerialized securities shown at the graph indicate essential prosper of
the process.
● In order to ensure an exercising investor s rights UzSCSD undertakes specific measures on transition
to unified base of depositors. This will allow UzSCSD to organize the structure of interaction with
second level depositories centrally, so that UzSCSD becomes sole unified registrant. The system
operates as follows – since every depositor in UzSCSD has a unified code, the process of trades will
be facilitated and, therefore, overall turnover of capital in the securities market will grow.
Another feature of the process is that it reduces the possibility of double account in the second level
depositories. And the information about all depositors would be accumulated at one organization.
Thus would be reached the transparency of transactions in the securities market.
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Member Profiles
Non-cash securities
Cash securities
Year
1999 2000 2001 2002 2003 2004
1400
1200
1000
800
600
400
200
0
Volume
Graph on Dematerilized Securities(million shares)�
National Securities Clearing Corporation Ltd.Exchange Plaza, Bandra-Kurla Complex, Bandra(E), Mumbai-400051 IndiaTel: +91-22-2659-8200 Fax: +91-22-2659-8121E-mail: [email protected] site: http://www.nseindia.comNational Securities Depository LimitedTrade World, 5th Floor Kamala Mills Compound, Senapati Bapat Marg, Lower Parel,Mumbai – 400013 IndiaTel: +91-22-2497-2980 Fax: +91-22-2497-2979E-mail: [email protected] site: http://www.nsdl.co.in
INDONESIA: PT. KustodianSentral Efek IndonesiaThe Jakarta Stock Exchange Building Tower 1,5th Fl., Jin. Jendral Sudirman Kav. 52-53Jakarta 12190 IndonesiaTel: +62-21-5299-1099 Fax: +62-21-5299-1199E-mail: [email protected] site: http://www.ksei.co.idIndonesian Clearing & Guarantee CorporationThe Jakarta Stock Exchange Building Tower 1,5th Fl., Jin. Jendral Sudirman Kav. 52-53Jakarta 12190 IndonesiaTel: +62-21-515-5604 Fax: +62-21-515-5106E-mail: [email protected] site: http://www.kpei.co.id
JAPAN: Japan Securities Depository Center, Incorporated5th Floor, Daini-Shoken Kaikan Building, 1-1,Nihombashi Kayaba-cho 2-Chome, Chuo-ku,Tokyo 103-0025 JapanTel: +81-3-3661-0161 Fax: +81-3-3661-2810E-mail: [email protected] site: http://www.jasdec.comJapan Securities Settlement & Custody, Inc.1-1, Nihombashi Kayabacho 2-Chome, Chuo-ku, Tokyo 103-0025 JapanTel: +81-3-3665-1463 Fax: +81-3-3669-0348E-mail: [email protected]: http://www.tse.or.jp/english/cash/clearing/index.html # jssc
AUSTRALIA: ASX Settlement & Transfer Corporation Pty Limited20 Bridge Street, Sydney NSW 2000 AustraliaTel: +612-9227-0804 Fax: +612-9251-7639E-mail: [email protected] site: http://www.asx.com.auAustraclear LimitedLevel 1, 30 Grosvenor Street, Sydney NSW2000 AustraliaTel: +612-9256-0555 Fax: +612-9256-0426E-mail: [email protected] site: http://www.sfe.com.au
BANGLADESH: Central Depository Bangladesh LimitedBSRS Bhaban (18th Floor), 12 Kawran Bazar,Dhaka-1215 BangladeshTel: +880-2-812-5402 Fax: +880-2-812-4630E-mail: [email protected]
HONG KONG: Hong Kong Monetary Authority30/F, 3 Garden Road, Central, Hong Kong55/F, Two International Firance Center, 8Finance Street, Central, Hong KongTel: +852-2878-8196 Fax: +852-2878-8197E-mail: [email protected] site: http://www.info.gov.hk/hkmaHong Kong Securities Clearing Co., Ltd.12/F, One International Finance Centre, 1 Harbour View Street, Central, Hong KongTel: +852-2211-6288 Fax: +852-2541-3234E-mail: [email protected] bsite: http://www.hkex.com.hk
INDIA: Central Depository Services (India) Limited28th Floor, P J Towers, Dalal Street, Fort,Mumbai-400023 Maharashtra, IndiaTel: +91-22-2272-3333 Fax: +91-22-2272-3199E-mail: [email protected] site: http://www.cdslindia.com
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Contact Us
Member Profiles
KOREA:Korea Securities Depository34-6 Yoido-Dong, Youngdeungpo-Gu, Seoul,150-884 KoreaTel: +82-2-3774-3445 Fax: +82-2-3774-3433E-mail: [email protected] site: http://www.ksd.or.kr
MALAYSIA: Malaysian Central Depository Sdn Bhd6th Floor, Exchange Square, Bukit Kewangan,50200 Kuala Lumpur, MalaysiaTel: +60-3-2026-2099 Fax: +60-3-2026-3726E-mail: [email protected] site: http://www.bursamalaysia.comSecurities Clearing Automated Network Services Sdn Bhd8th Floor, Exchange Square, Bukit Kewangan,50200 Kuala Lumpur, MalaysiaTel: +60-3-206-8099 Fax: +60-3-206-3714E-mail: [email protected] site: http://www.bursamalaysia.com
NEW ZEALAND: New Zealand Central Securities DepositoryC/-Reserve Bank of New Zealand, No2. TheTerrace Wellington, New ZealandTel: +644-472-2029 Fax: +644-471-3860E-mail: [email protected] site: http://www.rbnz.govt.nz
PAKISTAN: Central Depository Company of Pakistan Limited8th Floor, Karachi Stock Exchange Building,Stock Exchange Road, Karachi-74000 PakistanTel: +92-21-111-111-500 Fax: +92-21-2426271E-mail: [email protected] site: http://www.cdcpakistan.com
P. R. CHINA: China Securities Depository & Clearing Corporation Limited23/F, Investment Plaza, 27# Jin Rong Street,Xicheng District, Beijin 100032 P. R. ChinaTel: +86-10-5859-8897 Fax: +86-10-6621-0938E-mail: [email protected] site: http://www.chinaclear.com.cn
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Member Profiles
PHILIPPINES: Philippine Depository & Trust Corp.G/F Makati Stock Exchange Bldg., 6767 AyalaAvenue, Makati City, Philippines Tel: +632-840-3312 Fax: +632-840-3310E-mail: [email protected] site: http://www.pcd.com.ph
SINGAPORE: The Central Depository (Pte) Limited2 Shenton Way #19-00, SGX Centre 1 Singa-pore 068804Tel: +65-6236-8888 Fax: +65-6535-9434E-mail: [email protected] site: http://www.cdp.com.sg
SRI LANKA: Central Depository Systems (PVT) Limited#04-01, West Block, World Trade Center,Echelon Square, Colombo 01 Sri LankaTel: +94-1-440539 Fax: +94-1-445279E-mail: [email protected] site: http://www.cse.lk
TAIWAN: Taiwan Securities Central Depository Co., Ltd.11F 363 Fushin North Road, Taipei 105 TaiwanTel: +886-2-2719-5805Fax: +886-2-2713-3736E-mail: [email protected] site: http://www.tscd.com.tw
THAILAND: Thailand Securities Depository Co., Ltd.62, 7th Floor, The Stock Exchange of ThailandBuilding, Rachadapisek Road, Klongtoey,Bangkok 10110 ThailandTel: +662-229-2800Fax: +662-359-1256E-mail: [email protected] site: http://www.tsd.co.th
UZBEKISTAN:Uzbekistan State Central Securities Depository10 Bukhoro Street, Tashkent 700000 UzbekistanTel: +998-71-136-1434 Fax: +998-71-133-1357E-mail: [email protected] site: http://www.deponet.uz
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The 1st General Meeting of ACG was held in Hong Kong, hosted by the Hong Kong
Securities Clearing Co. Ltd., attended by 17 CSDs and clearing organizations in 14 coun-
tries in the Asia-Pacific region.
(Since then, the General Meeting of ACG has been held once a year, hosted by one of ACG
members.)
The Central Depository Systems (PVT) Ltd., Sri Lanka, joined ACG.
The 1st Cross Training Seminar of ACG was organized by the Exchange of Information
Task Force, held in Taipei, Taiwan, hosted by the Taiwan Securities Central Depository.
(Since then, the Cross-Training Seminar of ACG has been organized once a year, hosted by
one of ACG members.)
The Central Depository Bangladesh Limited, Bangladesh, joined ACG.
The Securities Clearing Automated Network Services, Malaysia, joined ACG.
The Central Depository Services (India) Limited, India and the National Securities Clearing
Corporation, India, joined ACG.
The Hong Kong Monetary Authority joined ACG.
The Indonesian Clearing & Guarantee Corporation and the Uzbekistan State Central Securi-
ties Depository joined ACG.
The 7th General Meeting of ACG was held in Bali, Indonesia, jointly hosted by the PT.
Kustodian Sentral Efek Indonesia and Indonesian Clearing & Guarantee Corp.
The 6th Cross Training Seminar of ACG was organized by the Exchange of Information
Task Force, held in Hong Kong, jointly hosted by the Hong Kong Monetary Authority and
the Hong Kong Securities Clearing Co., Ltd.
Nov. 1997
Nov. 1998May. 1999
Feb. 2000Mar. 2000Nov. 2000
Mar. 2001Sep. 2001
Nov. 2003
Mar. 2004
Cross-Training Seminar in Hong Kong in May 2004
History of ACG
Member Profiles
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Member Profiles
ACG General Meetings and Cross-Training Seminars
General Meeting in Bali, Indonesia in October 2003
. General Meetings
. Cross-Training Seminars
GM Schedule Venue Hosting Members
1st Nov. 27-28, 1997 Hong Kong HKSCC
2nd Nov 9-10, 1998 Mumbai, India NSDL
3rd Nov. 4-5, 1999 Wellington, New Zealand NZCSD
4th Nov. 1-3, 2000 Seoul, Korea KSD
5th Sep. 24-25, 2001 Kuala Lumpur, Malaysia MCD & SCANS
6th Nov. 18-19, 2002 Bangkok, Thailand TSD
7th Oct. 2-3, 2003 Bali, Indonesia KSEI & KPEI
Seminar Schedule Venue Hosting Members
1st May 10-13, 1999 Taipei, Taiwan TSCD
2nd Jun. 26-28, 2000 Jakarta, Indonesia KSEI
3rd Jun. 19-21, 2001 Tokyo, Japan JASDEC & JSSC
4th Nov. 18-19, 2002 Mumbai, India NSDL
5th Sep. 3-5, 2003 Seoul, Korea KSD
6th May 11-14, 2004 Hong Kong HKMA & HKEx