Dubai Financial Market (DFM) has signed a Memorandum of Understanding (MoU) with Korea Securities Depository (KSD) in order to promote close cooperation and further develop the post-trade securities market infrastructure between Dubai and Korea.
The MoU aims to strengthen collaboration between both sides in the capital markets post-trade related businesses including exchange of information, developing new services and establishment of operational linkage for enhancing efficiency of depository and settlement systems as well as making concerted efforts to contribute to the development of the international securities industry.
The MoU creates a general framework for areas of joint cooperation and was signed by Maryam Fekri, Executive Vice President & Chief Operation Officer (COO) Head of Clearing, Settlement and Depository, DFM, and Dr. Jaehoon Yoo, Chairman and CEO of Korea Securities Depository (KSD), in the presence of senior officials from both sides, during the visit of the Korean depository delegation to DFM.
The two parties agreed to put their best effort to explore new service areas and establishing new systems, exchange of personnel through cross-training program, exchange of information of operations-related statistics and market updates as well as business operating models and the related improvement opportunities.
Commenting on this, His Excellency Essa Kazim, Chairman of DFM said: "We are delighted to receive the visiting delegation from Korea as we always endeavor to strengthen relationship with international securities depositories and share knowledge on international best practices and ways to develop the post-trade securities infrastructure. We look forward to see this MoU put into practice paving the way for both the DFM depository and the KSD to get the most out of this MOU and foster the relation between our country and Korea. Over the past years, DFM's Clearing, Settlement Depository (CSD) has utilized its extensive expertise to promote best practices in this sector, and we are confident that it is well positioned to make this relation beneficial for both sides."
Dr. Jaehoon Yoo, Chairman and CEO of KSD, commented: "We are very happy to enter into this cooperative relationship with the DFM, the leading capital market operator in the region, and look forward to leveraging each other's expertise for a mutually beneficial collaboration. In the 40 years since its establishment, KSD has diversified its service portfolio to include not only traditional CSD services but also a wide range of value-added services. We have also formed rewarding partnerships with global service providers as well as with markets seeking to improve their CSD infrastructure. I hope today's MOU will have implications beyond enhancing the friendship and cooperation between DFM and KSD, and become a catalyst for stronger cooperation between the financial sectors of UAE and Korea."