The Depository Trust & Clearing Corporation (DTCC) and the Korea Securities Depository (KSD) have signed an agreement to foster close collaboration and strengthen the working relationships between both organizations.
The agreement provides a legal and business framework under which the two major securities depositories can exchange information and advice on their business and services, and other projects of common interest.
"This agreement creates a springboard for the exchange of ideas between our organizations, and offers us a genuine opportunity to work more closely with KSD," said Jill M. Considine, DTCC Chairman and CEO. "We look forward to sharing our experiences and tapping KSD's expertise on Korean market practices."
Currently, the Korean legislature is reviewing the country's regulated clearing and settlement model. "I believe the agreement will play a pivotal role for KSD to take a step forward," said Mr. Huhn Gunn Ro, Chairman and CEO of KSD. "By sharing experiences, information, and know-how with DTCC, KSD will be able to solve problems and develop new services in an effective and efficient manner."