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Friday January 21st, 2022
Bonds & Forex

Sri Lanka SEC set up committee with CSE for central counter party

ECONOMYNEXT – The Securities and Exchange Commission of Sri Lanka has appointed a joint committee with the Colombo Stock Exchange to set up a central counterparty mechanism to prevent any failures in trade settlement.

“The Committee’s key mandate will be to identify the manner of implementation of a CCP and to recommend the entire procedure including matters pertaining to procurement,” SEC said in a statement.

“The expectation is that it could be completed before the end of next year. The first meeting of the Committee will be held during the first week of January 2022.”

“It was also decided to have a close dialogue with the Central Bank of Sri Lanka (CBSL) since the CBSL is in the process of setting up of a CCP mechanism for government securities which is also one of the policy actions under the Capital Market Development Project of the Asian Development Bank (ADB).”

Commission Member Sunil Lankatilaka will head the Joint Committee

Director General, Chinthaka Mendis, Acting Director Capital Market Development, Prabash Wanigatunga would represent the SEC.

Dilshan Wirasekera Director, Suren De Silva Director, Rajeeva Bandaranaike CEO, Renuke Wijayawardhane CRO, Dulani Warnakulasooriya Head ERM and Lankesha Molligoda Head Compliance and Regulatory Policy will represent the CSE.

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