BNY Starts to Clear Trades for KSD

The Korea Securities Depository (KSD) and BNY Clearing Services LLC (BNYCS), a subsidiary of The Bank of New York, held an opening ceremony to celebrate the commencement of trading via the new American Home Trading System (AHTS). The event marked

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The Korea Securities Depository (KSD) and BNY Clearing Services LLC (BNYCS), a subsidiary of The Bank of New York, held an opening ceremony to celebrate the commencement of trading via the new American Home Trading System (AHTS). The event marked the launch of BNYCS’s provision of execution, clearing and custody services to KSD’s Global Home Trading System Project.

More than 300 guests attended the ceremony, including senior officials from the U.S. Ambassador’s office to Korea, representatives of the Korean Ministry of Finance and Economics, The American Chamber of Commerce in Korea, The Korean Financial Supervisory Commission, and the Korea Securities Association. Also in attendance were approximately 30 presidents and CEOs from Korean securities companies, some 80 investment management companies and other institutional investors, and about 50 presidents and CEOs from local and foreign commercial banks.

The trading initiative will help KSD extend its online e-trading platform to the United States and other global markets. Member firms in Korea will be able to receive clearance and settlement services through the AHTS, which will link into BNYCS’s New York operations via straight through processing.

BNYCS’s president, Frank LaSalla, said, while speaking at the dinner event, “We are pleased to be able to celebrate the beginning of AHTS trading and the relationship forged between KSD and BNYCS. The services that we provide will enhance the systems created by the KSD and help them become a leading model of online trading accessibility in Asia. We have already successfully pioneered this service with many online financial institutions in Europe.”

Mr. Huhn Gunn Ro, Chairman & CEO of KSD, said, “We are pleased to celebrate the commencement of AHTS trading and look forward to a mutually rewarding relationship with BNY Clearing Services, a leading securities services provider in the U.S.”

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