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Euroclear signs cooperative agreement with Central Depository Services (India) Limited

email this aricle - Euroclear signs cooperative agreement with Central Depository Services (India) Limited - Brussels and Mumbai - 13 February 2008 print this article - Euroclear signs cooperative agreement with Central Depository Services (India) Limited - Brussels and Mumbai - 13 February 2008
Euroclear SA/NV and Central Depository Services (India) Limited (CDSL) have announced today, the signing of a Memorandum of Understanding (MoU) establishing a basis of cooperation in anticipation of developing a closer working relationship in the future.

Both organisations aim at promoting cross-border investment to foster the prosperity of their respective clients and markets. Euroclear and CDSL will explore the timing and possibility of establishing an operational link between the central securities depositories.

The agreement includes:
- regular meetings between senior management to increase mutual understanding of business developments, operating models and related improvement opportunities;
- exchange of staff and training to increase understanding and knowledge of the respective securities markets;
- joint studies on topics related to securities depository operations; and
- joint conferences, seminars and workshops on topics of mutual interest.

Vijay V. Raut, Managing Director and Chief Executive Officer of CDSL, commented: “The MoU with Euroclear creates a channel for free flows of ideas and information on topics of mutual interest. I am positive that this agreement will benefit both our organisations and the markets and investors we serve. We can learn about each other’s operational innovations, risk-management practices and other efficiency-promoting initiatives. This will be of help in globalising our market reach and defining our future goals.”

Ignace R. Combes, Deputy Chief Executive Officer of Euroclear SA/NV, said:
“The Indian market has tremendous potential, is developing rapidly and attracting interest from global investors. The exchange of ideas and best practices between CDSL and Euroclear is critical to continuously improve business operating models and service offerings to the benefit of our respective customers.”

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