Central Depository Systems inks deal with Pakistani CDC

MoU on mutual development and knowledge sharing:

Central Depository Systems (Pvt) Ltd (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE) and the Central Depository Company of Pakistan (CDC), recently entered into a Memorandum of Understanding (MoU) to strengthen cooperation on mutual development and knowledge sharing.

The MoU was signed in the backdrop of the 25th anniversary celebrations of the CDS, which was attended by the Chairman of the Asia-Pacific Central Securities Depository Group (ACG) Muhammad Hanif. Chairman of the CSE and CDS Vajira Kulatilaka and Muhammad Hanif signed the agreement. The MoU broadens an already productive relationship between the two depositories, which share a long history, including co-founding the ACG. The CDS in recent years has actively worked towards building up its international alliances, of which notable outcomes include a MoU with the National Securities Depository (Pvt) Ltd of India in 2015 and expanding its role as an active participant of the ACG.

Vajira Kulatilaka said the MoU indicates the continued commitment of the CDS to enhance cooperation within depositories and clearing institutions in the Asian region, especially with those representing neighboring countries. "The exposure we have gained through affiliations with regional organizations and peers such as the ACG and NSDL India have been instrumental in developing the CDS into an institution of international standards, particularly in terms of implementing best practices," he said.

"CDC Pakistan is a leading depository in the region and we are pleased at the prospect of working with CDC for the betterment of our depositories and the capital market at-large," Kulatilaka said.