Colombo—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) regarding strengthening cooperation on mutual development and knowledge sharing. The MoU was signed at 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 Kulatilleke 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. “Pakistan CDC 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,” said Vajira Kulatilleke CSO. Upon its history entry to the capital market as the first depository in South Asia in 1991, the CDS was tasked to specialize in the settlement of securities, transactions and the safe keeping of securities on behalf of domestic and international investors.
The Depository has since embarked upon a number of technical and strategic growth initiatives to build and strengthen its infrastructure, implement world class systems and provide a safe clearing and settlement environment. Today the CDS handles dematerialization operations, account services, corporate action services and clearing& settlement services for its stakeholders.