Nasdaq Japan commissions DTCC for global clearing

Nasdaq Japan commissions DTCC for global clearing

The Osaka Securities Exchange (OSE) and Nasdaq have commissioned New York's Depository Trust and Clearing Corporation to explore the creation of a clearing and settlement system for cross-border and non-Japanese transactions.

OSE currently provides central counterparty functions for Nasdaq Japan, which is soon to introduce a dealer-based trading platform. The new platform will be linked with Nasdaq's European and US markets to provide issuers with a global pool of liquidity.

Under the Memorandum of Understanding (MOU) signed with the DTCC, OSE and Nasdaq are to plan an improved solution for the clearance and settlement of cross-border transactions and transactions in non-Japanese securities. It is envisioned that this solution will ultimately be part of a seamless global clearance and settlement solution supporting Nasdaq's markets worldwide

John Hilley, chairman and CEO of Nasdaq International, comments: "This particular initiative, which brings together our key clearance and settlement partners, DTCC and OSE, makes a strong statement about our commitment to building a global trading and settlement platform and particularly underscores our recognition of the competitive advantages to be garnered in the clearance and settlement space."

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