Euroclear SA/NV and National Securities Depository Limited (NSDL) have signed today a Memorandum of Understanding (MoU) to build a close cooperative relationship between the central securities depositories.
The parties anticipate exploring how best to promote cross-border investment, including the possibility of establishing a cross-border operational link between the depositories. The MoU also aims at exchanging information on operational statistics and market trends, as well as opportunities to strengthen the efficiency, stability and reliability of their respective depository systems.
The agreement includes:
- regular meetings between senior management to increase mutual understanding of business developments;
- exchange of information on business operating models and related improvement opportunities;
- exchange of staff and training to increase understanding and knowledge of their respective securities markets; and
- joint studies on topics related to securities depository operations.
Mr. Gagan Rai, Executive Director of NSDL, commented: “The depth and breadth of Euroclear’s experience in both domestic and cross-border transactions is of interest to NSDL and our clients. We place great value in developing a cooperative relationship to further the growth and prosperity of our respective markets.”
Ignace R. Combes, Deputy Chief Executive Officer of Euroclear SA/NV, said: “We believe that closer cooperation with NSDL, a critical infrastructure in one of the world’s fastest growing economies, will lead to great benefits and enriched knowledge for both parties. Together, we will discover ways to further improve our business operations and service offerings to clients interested in the Indian capital markets.”