Welcome [] file3 Central Depository CDBL Bangladesh [email protected] Nil ... 18 PT Kliring Penjaminan Efek KPEI Indonesia [email protected]

Asia-PacificCentral SecuritiesDepository GroupSecretariat : MCD And SCANS

It is indeed a great privilege for both the

Malaysian Central Depository Sdn. Bhd. (MCD)

and Securities Clearing Automated Network

Services Sdn. Bhd. (SCANS) to welcome you to the

first issue of the ACG newsletter for the

year 2002.

Welcome

newsletter • 2

ContentsWELCOME REMARKS 3

ACG MEMBERS 4

TASK FORCE UPDATES 5

BEST PRACTICE TASK FORCE 5SETTLEMENT RISK MANAGEMENT TASK FORCE 5EXCHANGE OF INFORMATION TASK FORCE 6CROSS BORDER LINKAGE TASK FORCE 7TECHNICAL TASK FORCE 7

NEWS CORNER 8

JAPAN SECURITIES DEPOSITORY CENTER 8KOREA SECURITIES DEPOSITORY 9MALAYSIAN CENTRAL DEPOSITORY SDN. BHD. 10PHILLIPINE CENTRAL DEPOSITORY INC. 12SECURITIES CLEARING AUTOMATED NETWORK SERVICES SDN. BHD. 12STATE CENTRAL SECURITIES DEPOSITORY OF THE REPUBLIC OF UZBEKISTAN 13

The traditiional Malaysian wauor kite, is used as both as adecorative item and also in

competitions.

Welcome Remarks Dear ACG Members,

It is indeed a great honour for both the Malaysian Central Depository Sdn. Bhd. (MCD) and Securities ClearingAutomated Network Services Sdn. Bhd. (SCANS) of Malaysia to be given the opportunity to serve as the ACGSecretariat for 2002.

In keeping with the tradition of the ACG, we intend to continue the good and commendable work done by theprevious Secretariats. On this note, since ACG is a forum for Members to share and exchange ideas, we, theSecretariat would definitely appreciate feedback, news, comments or reports for dissemination to the benefitof all Members specifically as well as our associates in the securities industry, generally.

In moving forward in the year 2002, we foresee a very challenging, highly competitive and demandingenvironment ahead of us. The consolidation of market intermediaries, demutualisation of exchanges, rapiddevelopment of electronic markets and ever increasing trends towards cross-border linkages demand constant,strong and collective commitment from all Members to share information and experiences. Members need andshould strive to acquire and establish a knowledge-based operating environment to meet these challenges.

The Secretariat, in its effort to create this knowledge-based operating environment, will endeavour to placegreater effort and emphasis to be in a position to be able disseminate all the relevant information, knowledgeand experiences to all Members. In order to serve Members better, the Secretariat has made an effort to makethe Newsletter available to all Members and associates on the ACG Secretariat Website in PDF format atwww.klse.com.my. We have also incorporated a forum on this Website for Members who may want to addressor raise any issues or concerns in relation to the ACG or the securities industry in general. The Secretariat wouldalso appreciate and look forward to receiving the comments and feedback from Members as well as theassociates on the ACG Website or any other matters relating to the ACG. Please direct all enquiries, comments,review, feedback and reports to the Secretariat e-mail address at [email protected]

We look forward to close co-operation among Members of the ACG and wish all Members a prosperous andsuccessful year ahead.

Thank you.

Ahmad Aznan NawawiChairman ACG Secretariat

newsletter • 3

ACG MembersNo Organisation Acronym Country E-mail Web URL

1 ASX Settlement & Transfer ASTC Australia [email protected] www.asx.com.auCorporation Pty Ltd

2 Austraclear Limited Australia angus2000@austraclear. www.austraclear.com.aucom.au

3 Central Depository CDBL Bangladesh [email protected] NilBangladesh Limited

4 Central Depository Company CDC Pakistan [email protected] Nilof Pakistan Limited

5 Central Depository CDSL India [email protected] www.centraldepository.comServices (India) Limited

6 Central Depository Systems CDS Sri Lanka [email protected], www.cse.lk(Pvt) Ltd [email protected]

7 China Securities Depository CSDCC China [email protected] www.ssccrc.comand Clearing Corporation Ltd

8 Hong Kong Monetary Authority HKMA Hong Kong [email protected] www.info.gov.hk/hkma9 Hong Kong Securities Clearing HKSCC Hong Kong [email protected] www.hkex.com.hk

Company Limited10 Japan Securities Depository JASDEC Japan [email protected] www.jasdec.com

Centre Incorporated Inc.11 Japan Securities JSCC Japan [email protected] www.jscc.co.jp

Clearing Corp.12 Korea Securities Depository KSD Korea [email protected] www.ksd.or.kr13 Malaysian Central Depository MCD Malaysia [email protected] www.klse.com.my

Sdn Bhd14 Nasional Securities Clearing NSCCL India [email protected] www.nseindia.co.in

Corp. Ltd.15 National Securities NSDL India [email protected] www.nsdl.co.im

Depository Ltd.16 New Zealand Central NZCSD New Zealand [email protected] www.rbnz.govt.nz

Securities Depository17 Philippine Central Depository, PCD Philippines [email protected] www.pcd.com.ph

Inc18 PT Kliring Penjaminan Efek KPEI Indonesia [email protected] www.kpei.co.id

Indonesia19 PT Kustodian Sentral Efek PT KSEI Indonesia [email protected] www.ksei.co.id

Indonesia20 Securities Clearing Automated SCANS Malaysia [email protected] www.klse.com.my

Network Services Sdn Bhd21 SFE Clearing SFE Australia [email protected] www.sfe.com.au22 State Central Securities UzSCSD Uzbekistan [email protected] www.deponet.uz

Depository of the Republic of Uzbekistan

23 Taiwan Securities Central TSCD Taiwan [email protected] www.tscd.com.twDepositry Co. Ltd R.O.C

24 Thailand Securities TSD Thailand [email protected] www.set.thDepository Company Ltd

25 The Central Depository (Pte) CDP Singapore [email protected] www.sgx.comLimited

newsletter • 4

Wayang Kulit (Shadow Play) is aunique form of theatre originating

from the state of Kelantan usingpuppets made of leather.

Task Force UpdatesBest Practice Task ForceMembers• Austraclear Limited, Australia • National Securities Depository Limited (NSDL), India• New Zealand Central Securities Depository Limited• Philippine Central Depository Incorporated• Securities Clearing Automated Network Services Sdn. Bhd., Malaysia• Central Depository Services (India) Limited

Convenor• Hong Kong Securities Clearing Company Limited• Email Contact: [email protected]

ObjectiveContinue to develop best practice guidelines for ACG members and monitor best practice goals and KeyPerformance Indicators (KPI’s) of members. Monitor and disseminate information on fee structures.

Settlement Risk Management Task ForceMembers• Central Depository Company of Pakistan Limited• Central Depository of Bangladesh Ltd.(CDBL)• Central Depository Systems (Pvt) Limited (Sri Lanka)• Hong Kong Securities Clearing Company Limited• Korea Securities Depository• Securities Clearing Automated Network Services Sdn. Bhd., Malaysia• China Securities Depository & Clearing Corporation Limited• Taiwan Securities Central Depository Company Limited• Thailand Securities Depository Company Limited• National Securities Clearing Corporation, India

Convenor• Korea Securities Depository• Email Contact : [email protected]

ObjectiveTo develop the understanding of risk management practices and examine the impact of new trends onsettlement risk management.

newsletter • 5

Exchange of Information Task Force

Members• Central Depository of Bangladesh Limited (CDBL)• Indonesian Central Securities Depository (KSEI)• Japan Securities Clearing Corporation• Japan Securities Depository Center, Inc.• Malaysian Central Depository Sdn. Bhd• National Securities Depository Limited (India)• Securities Clearing Automated Network Services Sdn. Bhd., Malaysia

Convenor• Japan Securities Depository Center, Inc.• Email Contact : [email protected]

ObjectivePromote the facilitation of the exchange of information and mutual co-operation amongst ACG members. Thisincludes the maintenance of a list of contacts for all ACG members.

ReportAlong with the results of the survey conducted by the Task Force, the Task Force proposed on January 8, 2002,to the members to hold the next cross-training seminar 2002 in India for a few days in June 2002 with the maintopic “Risk Management” to be hosted by the National Securities Depository Limited.

The Task Force has received the responses from 11 members, all of whom have expressed their support of theTask Force proposal.

Accordingly, the Task Force will step forward to organize the cross-training seminar 2002 along with theproposal with the cooperation of NSDL, the hosting CSD of the next seminar 2002.

On this occasion, the Task Force would like to express our special thanks to NSDL, India who expressed theirwillingness to host the next seminar, and KSD in Korea, MCD and SCANS in Malaysia and TSCD in Taiwan, whoexpressed their willingness to consider to host the seminar 2002 in case the Task Force can find no volunteers.

newsletter • 6

Gasing (Top Spinning) is agame that is by no meanschild’s play.

Cross Border Linkage Task Force

Members• ASX Settlement and Transfer Corporation Pty Limited, Australia• Austraclear Limited, Australia• Central Depository Company of Pakistan Limited• Hong Kong Securities Clearing Company Limited• Japan Securities Clearing Corporation• Korea Securities Depository• New Zealand Central Securities Depository Limited• Securities Clearing Automated Network Services Sdn. Bhd., Malaysia• Taiwan Securities Central Depository Company Limited• The Central Depository (Pte) Limited, (CDP) Singapore• The State Central Depository of Securities of the Republic of Uzbekistan• Indonesian Clearing & Guarantee Corporation (KPEI)

Convenor• Japan Securities Clearing Corporation• Email Contact : [email protected]

ObjectivesDevelop a model of multilateral cross-border linkages based on research of European models and bestpractices for linkages.

Technical Task Force

Members• Austraclear Limited, Australia• Central Depository of Bangladesh Limited (CDBL)• Central Depository Company of Pakistan Limited• Hong Kong Securities Clearing Company Limited• Malaysian Central Depository Sdn. Bhd• National Securities Depository Limited, India• New Zealand Central Securities Depository Limited• Securities Clearing Automated Network Services Sdn. Bhd., Malaysia• China Securities Depository & Clearing Corporation Limited• Taiwan Securities Central Depository Company Limited• Thailand Securities Depository Company Limited.

Convenor• National Securities Depository Limited, India• Email Contact : [email protected]

ObjectiveInvestigate business proposals in relation to technical issues such as e-commerce and security of systemnetworks.

newsletter • 7

News CornerJAPAN SECURITIES DEPOSITORY CENTER

Japan Securities Depository Center, Inc. established in January, 2002: In line with theDemutualization Framework of JASDEC reported by the Committee for Reform of Securities Clearingand Settlement System of the Japan Securities Dealers Association, a new company, JapanSecurities Depository Center, Inc. was established on January 4, 2002, with a capital of 1.25 billionyen (paid-in capital of 2.5 billion yen). It is expected that the new company will raise someadditional capital in April and the JASDEC services will be transferred to the new company shortlyafter the amended CSD Law becomes effective in April 2002.

Pre-Settlement Matching System (PSMS) of JASDEC will be expanded in February 2002: ThePSMS, a pre-settlement matching system, which became operational in September 2001, will beexpanded to include cross-border transactions and convertible bonds on February 28, 2002. It isexpected that an additional 20 firms will start to use the PSMS from February 28 and thus, theusers will number 70 in total.

Establishment of a new Unified Clearing Organization announced: Japan Securities DealersAssociation, Tokyo Stock Exchange, Inc., Osaka Securities Exchange Co., Ltd., Nagoya StockExchange, Sapporo Securities Exchange and Fukuoka Stock Exchange have announced that theywill to establish a unified clearing organization that offers CCP functions and clearing service forall trades across the stock exchanges and JASDAQ in Japan. The new unified clearing organizationis scheduled to be operational in November 2002.

newsletter • 8

Rebana Ubi (Giant Drum) is afavourite musical instrumentamongst the locals in east coast ofMalaysia.

KOREA SECURITIES DEPOSITORY

MOS Signing Ceremony between KSD & JSCC

The Ceremony was held at the Tokyo Stock Exchange on Dec. 21, 2001: From left Mr. Huhn Gunn Ro, Chairman& CEO of KSD and Mr. Yoshimasa Yamashita, president of JSCC

On December 21, 2001, Korea Securities Depository (KSD) and Japan Securities ClearingCorporation (JSCC) entered into the Memorandum of Services (MOS) at the Tokyo Stock Exchange(TSE) to establish cross-border linkage between two countries. As some KOSDAQ-registered firmshave been very keen about being listed on MOTHERS, the Market of the High-growth and EmergingStocks established by TSE, the linkage between KSD and JSCC is expected to facilitate the cross-listing activities of local companies.

Mr. Huhn Gunn Ro, the Chairman & CEO of KSD said at the ceremony that the cross-border linkagewould encourage, in the visible future, potential Japanese companies to list their shares on theKorea securities markets. He also expressed his view that the cross-listing between the twocountries would enhance the settlement system for international securities transactions andcontribute to the development of both markets through active exchange of information.

The MOS between KSD and JSCC is significant as local companies now have an additional way offund-raising in overseas markets, by issuing and listing their ordinary shares rather than byissuing DRs, CBs or BWs. To promote such activities, KSD and JSCC will open deposit account witheach other for securities settlement to eliminate physical movement and will launch a system tofacilitate entitlement processing.

newsletter • 9

MALAYSIAN CENTRAL DEPOSITORY SDN BHD

Introduction of Security Deposit/Bank Guarantee for Record of Depositors Requests

Effective 1 November 2001, MCD introduced a new requirement, to be complied with by the Issuerwith respect to requests for the Record of Depositors (ROD). In Section 2 of the Securities Industry(Central Depository) Act 1991 (SICDA), an issuer is defined as the public company, corporation,government, or the body, corporate or incorporate, which issued the security (the public listedcompany – PLC), and any person performing the functions of a registrar or an issuing house forsuch issuer (the issuing house) in respect of such security.

The objective of introducing this new requirement is to streamline and expedite the administrativeprocess in attending to requests for ROD. With this requirement in place, MCD will be able toprocess and monitor all payments from PLCs, registrars and issuing houses more efficiently.

Under this requirement, an issuer is required to provide the security for the payment of ROD fees toMCD on or before the date of submission of a ROD request. The security for the payment of RODfees can either be made in the form of payment of a security deposit or a bank guarantee to MCD.A statement of account shall be sent to each issuer on the first day of each month detailing all thedebit and credit entries with respect to the account of the issuer made during the preceding month.

Procedures on Withdrawal of Deposited Securities

MCD has widened the circumstances for withdrawal of deposited securities. This is in addition towithdrawal of securities to facilitate the following circumstances :

i. share buy backii. conversion of debt securities iii. the process of company restructuring iv. rectification of errors

As a guide to the withdrawal of securities, MCD has recently provided Authorised Depository Agents(ADAs) and Authorised Direct Members (ADMs) with the Procedures on Withdrawal of Securitiespursuant to Rule 7.01 (e) of the Rules of MCD. The procedures issued on 4 December 2001 are tobe incorporated into the existing ADAs/ ADMs current procedures manual.

The withdrawal procedures are only applicable under certain circumstances as stated in the Rulesof MCD. The above additional procedures to be complied with by the ADAs / ADMs and theaffected depositors are with respect to accepting, verifying, keying-in, filing and rejecting of theSecurities Withdrawal Request Forms (FWT010) and submission of these documents to MCD.

newsletter • 10

Congkak is an indoorgame once popular only

among the women

Designation of Inactive Account Status

In a move to provide long-term investors with additional security and protection againstunauthorised transactions and to further enhance the operational efficiency of the CentralDepository System (CDS), MCD has designated the status of certain securities accounts as inactivewith effect from March 6, 2002. An account is termed as inactive when there are depositedsecurities in it, but there has not been any debit or credit entry for at least 36 consecutive monthsfrom the date of last entry made. As for the case of dormant account, a CDS account will beclassified as dormant when it has no deposited securities (nil balance) and without any debit/credit entries for 36 months from the date of nil balance.

One month prior to the designation date of inactive status, MCD will issue a notice to affecteddepositors of the same. In the interim period, if there is any form of book-entry in affected depositors’accounts, such accounts will not be classified as inactive account after the grace period.

Once an account is inactive, the account holder may continue to perform all CDS transactionsexcept for outward transfers and trade, i.e. buying or selling of securities, unless the account isreactivated. To reactivate the account, the inactive account holder is required to either write orsubmit to the ADA the duly completed prescribed form. Once activated, the account holders mayutilise the CDS facilities immediately.

To assist the affected depositors in their portfolio reconciliation, MCD will continue to send thestatements of account on a half-yearly basis after the account has become inactive. In themeantime, the account holder will also continue to receive any dividend or other forms of corporateaction entitlements declared by the company(ies) of whose securities he/she is holding as atparticular lodgement date.

newsletter • 11

PHILIPPINE CENTRAL DEPOSITORY, INC.

PCD to Phase out Its Broker Lodgment Service

Philippine Central Depository, Inc. (PCD) sought clearance from the Securities and ExchangeCommission (SEC) to phase out its broker lodgment service.

In SEC’s letter to PCD dated January 25, 2002, the Commission did not pose any objection to theimplementation of the proposed change in lodgment procedures. However, the SEC cautioned thatthe resulting transfer of costs and risks from PCD to the brokers should be tempered or minimizedby providing the necessary safeguards.

The broker lodgment service was an accommodation of PCD to PSE brokers in 1997 when theinitial conversion from scrip to book-entry started. It made sense then because a) the granting ofimmediate credit confirmation to brokers was backed by a PSE guarantee to avoid liquidityproblems, and b) it was convenient to have a centralized lodgment delivery facility through PCDinstead of brokers delivering to various transfer agents.

Upon the removal of PSE guarantee over broker lodgments in April 2001, the first reason for thebroker lodgment service was eliminated. Without the guarantee, lodgments coursed through PCDare delivered to the transfer agents for verification before credits are confirmed in the PCD system.This process takes about 10 working days. Brokers who want shorter turnaround time forconfirmation, lodge the shares via Direct Transfer (DT) where they deliver the certificates directly tothe transfer agents and pay the processing fee per DT. About one-third of lodgment transactionsfor the period April to October 2001 were done via DT.

PCD cited that the phasing out of broker lodgment service is one of the many proposed steps to beput in place towards achieving an efficient PCD-transfer agent collaboration.

SECURITIES CLEARING AUTOMATED NETWORK SERVICES SDN. BHD.Revised Rate Of The Clearing Fee For Direct Business Contracts

SCANS has implemented a new clearing fee rate for the clearing and settlement of Direct BusinessContracts with effect from 2 January 2002. The clearing fee for the Direct Business Contracts hasbeen revised from 0.05% of the value of the contracts subject to a minimum of RM 25.00 and amaximum of RM 250.00 for each contract to 0.04% of the value of the contracts subject to aminimum of RM 10.00 and a maximum of RM 200.00 for each contract.

Direct Business Contracts are those securities transactions effected outside the Exchange,including :i. “crossing”, i.e. transactions between two stockbroking companies; orii. “married” i.e. the transactions between two clients within a stockbroking company.

newsletter • 12

STATE CENTRAL SECURITIES DEPOSITORY OF THE REPUBLIC OF UZBEKISTAN

Depository System Of Uzbekistan On The Way Of Development And Integration With The WorldSecurities Market.

Necessary preconditions for the emergence and development of securities markets have appearedafter the Republic of Uzbekistan obtained its independence on August 31, 1991. The most dynamicdevelopment of the market started in 1993-1994 with the beginning of the processes of massprivatization of the state enterprises.

Within a rather short period the securities market of Uzbekistan has acquired the features inherentto many advanced international stock markets, significant successes in its development have beenachieved, though, at the same time, there is still a number of issues to be resolved.

In recent years, the infrastructure for securities markets has been created in Uzbekistan, includingthe Republican Stock Exchange “Tashkent”, Central Securities Depository, Electronic OTC tradingsystem “Elsis-Savdo”, Clearing and Settlement Board “Elsis-Kliring”, Electronic information-analysis system “A&TM” and other institutions. The number of institutions that have obtained thelicense of the Center on coordination and control of functioning of securities market of Uzbekistancurrently makes up over 700.

Strengthening and developing the necessary legal framework of functioning of the securities market,provision of the mechanism of implementation and execution of the legislation has always been atask of principal importance. Establishment of the legislative framework in the Republic ofUzbekistan for the securities market has been carried out simultaneously with the reforms in theeconomy. The Government of the Republic of Uzbekistan has initiated securities market reformsthrough support of securities market institutions.

Uzbekistan was the first among the CIS countries to elaborate and approve performance standardsfor depository and register institutions. Performance standards for stock exchanges were adoptedwhich included securities listing provisions, securities expertise procedures, securities quotationprovisions together with a number of other important documents.

Essential legislative base of the securities market comprising 9 Laws, 11 Presidential Decrees, 31Orders and Resolutions of the Cabinet of Ministers of the Republic of Uzbekistan and more than 60legislative documents has been created in Uzbekistan. The documents define a legal basis forformation and further development of the securities market and its infrastructure, carrying out ofoperations with securities, protection of the market participants’ rights and interests, as well asregulation of their activities and others.

The State Central Securities Depository (UzSCSD) was created according to the resolution of theCabinet of Ministers (May 21, 1999) “On foundation of Central Securities Depository” in compliancewith the Law of Republic of Uzbekistan “On activity of depositories in the securities market”.

The UzSCSD is an economically independent legal entity. In accordance with the Law “On activity ofdepositories in the securities market” two–level depository system with the Central SecuritiesDepository at the first level and the other depositories (local custodians) at the second level isintroduced.

newsletter • 13

Timur YadgarovFirst Deputy General Director

State Central Securities Depositoryof the Republic of Uzbekistan

The main functions of the UzSCSD are to provide a depository of securities, to account the rights ofsecurities owners and provide movement of securities in territory of the Republic of Uzbekistan.Pursuant to the Law “On activity of depositories in the securities market” the following exclusivefunctions of the Central Depository are determined:

• storage of all non–physical issues of corporate securities;• storage and account of all state-owned corporate securities;• management of corresponding accounts of the second level depositories;• confirmation of availability and authenticity of securities on the stock exchange and over

the counter market before placing them in the markets for trade; • maintenance of securities delivery to the participants of the stock exchange and OTC trade;• accounting of all securities issued in the Republic of Uzbekistan;• collection and systematization of information about movements of securities in the

depository system.

The main activity of the UzSCSD is storage of securities, in particular, state owned fulfillment offunctions of an accounting depository.

UzSCSD and the depositories of the second level conduct an activity on the basis of the followinglegislature:

• Requirements on conducting depository activity;• Unified rules (standards) of the depository accounting;• Procedure of interaction of the authorized state body on securities regulation with Central

Securities Depository;• Procedure of interaction of the Central Securities Depository with trading and clearing

systems; • Procedure of depository operations in cases of suspension and liquidation of a depository;

In these documents, there are procedures of depository accounting described in detail.

The depositors of the UzSCSD can be:• legal entities registered in accordance with legislature: depositories, bodies, authorized by

the state to storage, account or manage state assets;• legal entities who are participants of the trade systems, investment intermediaries, banks

and others;• foreign legal entities including Central Securities Depositories of foreign countries,

international clearing organizations, the foreign legal entities who trade with securities,other foreign legal entities who have right to conduct a professional activity in thesecurities market of Uzbekistan;

• the citizens of the Republic of Uzbekistan or other countries, if they have an access to thetrading systems.

The depositors of the UzSCSD are: the State Property Management Committee and its territorialbranches, the Ministry of finance, joint-stock companies, associations, holdings with 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.

• The Central Securities Depository provides services to 40 PIFs.• The Central Securities Depository has 35 correspondent accounts with second level

depositories.

newsletter • 14

UzSCSD operates as a settlement depository, by providing services to RSE “TASHKENT” duringsecurities trade and OTC system “ELSIS-SAVDO”. UzSCSD interacts with “ELSIS-CLEARING”. Theinteraction with the indicated structures is carried out by reception and transfer informationelectronically.The Central Securities Depository constantly carries out methodological studies with clients onimproving interaction with them and finding their issues.

Now there are 35 depositories located in all regions of Uzbekistan. The interaction between UzSCSDand depositories of the second level is constructed under the vertical scheme. The depositories insidetheir systems keep movement of securities among their customers. The movement of securitiesamong customers of different depositories is reflected on their corresponding accounts in the CentralSecurities Depository. To increase the efficiency of realization of inter-depository transfers ofsecurities and to maintain electronic interaction with depositories of the second level the form ofelectronic order is created and the special rules of inter-depository data exchange developed.

The UzSCSD intends to implement a full electronic turnover of documents with correspondentdepositories, with the professional market participants of securities market who have theappropriate computer programs for realization of electronic data exchange. It is planned to executedata exchange by use of the internationally accepted data exchange standards of SWIFT.

At the 5th General Meeting of the Asia-Pacific CSD Group (ACG) September 24, 2001 in Kuala Lumpur,the State Central Securities Depository of Uzbekistan was accepted as a new member. UzSCSDintends to participate actively in ACG activities, and to also study and apply the experiences of ACGmembers.

On December 14-15, 2001, UzSCSD organized an international seminar “Integration of depositorysystems is a basis of effective cooperation in the international securities market”. More than 120representatives from financial organizations took part in the seminar. Among them:

• Depository-Clearing Company (Russia)• Kazakhstan Central Securities Depository• Korea Securities Depository• Kirghizstan Central Securities Depository• National Depository Center of Azerbaijan• National Depository Center of Russia• National Depository of Ukraine

The seminar focused on issues of establishment relations among CSDs in the CIS and Asia region.ACG, its functions and activity were presented by KSD delegates. Outcome of the seminar wasacceptance of the Resolution of the seminar in which the basic directions of further cooperationbetween the CSDs in the region were stipulated.

UzSCSD aims towards creation of reliable securities market in Uzbekistan integrated with globalfinancial markets, development relations with ACG members, support of foreign investors andestablishment correspondent relations with foreign depositories.

For additional information please visit our website at www.deponet.uz, e-mail: [email protected], [email protected]

newsletter • 15

Documents

Welcome [] file3 Central Depository CDBL Bangladesh [email protected] Nil ... 18 PT Kliring Penjaminan Efek KPEI Indonesia [email protected]