Sri Lanka to securities settlement in deal with China depository
ECONOMYNEXT – Sri Lanka’s stock exchange hopes to strengthen registration and settlement infrastructure through an agreement with the China Securities Depository and Clearing Corporation.
A statement by the Colombo Stock Exchange said a memorandum of understanding had been signed between Sri Lanka’s Central Depository Systems (Pvt) Ltd (CDS) and China Securities Depository and Clearing Corporation Limited (CSDC).
The deal with CSDC, a non-profit-oriented corporation with Shanghai Stock Exchange and Shenzhen Stock Exchange as its shareholders, each holding 50% equity, is aimed at pursuing a cooperative relationship in the areas of securities clearing and depository.
“We are particularly keen to work with CSDC on further developing our clearing and settlement function, particularly in the areas of strengthening registration and settlement infrastructure, capacity building and improving the services offered to stakeholders of the Sri Lankan capital markets,” said SE and CDS chairman Ray Abeywardena.
“Cooperation with peer depositories and international markets is essential to raising the bar in the Sri Lankan capital market and we pleased to collaborate with CSDC in this regard.”