DTCC and The Clearing Corporation of India Limited Sign Information Sharing and Collaboration Pact
by Judith Inosanto
Dr. R.H. Patil, chairman, The Clearing Corporation of India Limited
DTCC and The Clearing Corporation of India Limited (CCIL) signed a memorandum of understanding (MOU) in November aimed at promoting closer collaboration between the two market infrastructure organizations.
The MOU provides a framework for cooperation between DTCC and CCIL senior management and staff on projects of mutual interest. It is also intended to help promote cross-border investment and broaden the opportunities for discussion on such issues as risk management, business continuity, reducing customer costs and technology capacity planning.
Fostering a dialogue
“As a central counterparty for foreign exchange, government securities and repos in India, CCIL plays a critical role in this fast-growing market,” said Donald F. Donahue, DTCC chairman and CEO. “We are pleased to establish these ties with CCIL, and look forward to fostering a dialogue that contributes to a secure, efficient and sound global trading environment.”
The agreement followed months of discussion between CCIL and DTCC and formalizes a structure for more frequent visits and the sharing of ideas to improve business operating models on both sides.
“CCIL’s MOU with DTCC represents an extension of our already mutually beneficial working relationship,” said Dr. R.H. Patil, chairman, CCIL. “We share the common goal of reducing risk and enhancing operating efficiency for our clients and the global marketplace. The MOU demonstrates our commitment to strengthening our communications channels and sharing insights on our respective markets.”
This collaboration with CCIL is the third such information-sharing agreement that DTCC has signed with securities infrastructure organizations in India. DTCC also has MOUs with India’s National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL).
About CCIL
CCIL was set up in April 2001 to provide clearing and settlement for transactions in money, government securities and foreign exchange. CCIL’s prime objective is to improve efficiency in the transaction settlement process, insulate the financial system from shocks emanating from operations-related issues and undertake other related activities to help broaden and deepen India’s money, debt and foreign exchange markets. For more infor-mation on CCIL, visit www.ccilindia.com. @