Russias National Settlement Depository (NSD) has signed a memorandum of understanding (MoU) with the Korea Securities Depository (KSD) to promote cross-border investment and establish an operational linkage between the two depositories.
NSD and KSD will also partner through an information exchange and through mutual training and technical support to aid in the development of the fund industry in both countries.
This is the first step towards a partnership for mutual cooperation on the development of depository and settlement infrastructures and advancement of the asset management industry, says Kyung Dong Kim, chairman and CEO of KSD. With signing of this MoU, I hope we can develop a new future together.
Eddie Astanin, chairman of the executive board of NSD, adds: NSDs integration into the world market and in the global infrastructure, through cooperation with key national infrastructure institutions such as the Korea Securities Depository, is in line with our companys development strategy. We are very happy to begin our cooperation and we hope it will be long-lasting and mutually rewarding.
NSD previously established partnerships with other CSDs including the PJSC National Depository of Ukraine and the Japan Securities Depository Center. NSD in April completed its acquisition of Depository Clearing Company, another Russian depository, moving it one step closer to securing CSD status under new legislation in the country calling for a single CSD.
(CG)