DTCC Signs MOU with India’s NSCCL
Donald F. Donahue, DTCC chairman and CEO; Ravi Narain, chairman of NSCCL and CEO and managing director of NSE
DTCC signed a memorandum of understanding (MOU) with India’s National Securities Clearing Corporation Ltd. (NSCCL), the fourth such agreement DTCC has entered with an Indian infrastructure organization over the past year. The agreement reflects DTCC’s commitment to strengthen relationships and explore areas of cooperation with its peers in view of greater cross-market linkages brought about by the globalization of financial markets.
“NSCCL has been at the forefront of the modernization of India’s capital markets, which have experienced such phenomenal growth in recent years,” said Donald F. Donahue, DTCC chairman and CEO. “This MOU marks the beginning of greater cooperation between our organizations, and provides us with a framework for the exploration of collaborative projects.”
Ravi Narain, chairman of NSCCL, signed the MOU along with Donahue during the Indian company’s recent visit to DTCC’s headquarters in New York in June.
NSCCL is a wholly owned subsidiary of the National Stock Exchange (NSE), India’s largest exchange, ranked third globally by number of trades in the equities market.
“As the capital markets become more global, it is increasingly important for NSCCL to cultivate relationships with our counterparts in other countries,” said Narain, who is also CEO and managing director of NSE. “We look forward to collaborating with DTCC on key areas of interest to our customers, including the growth of mutual fund investing, the trends shaping the over-the-counter derivatives market and the challenges and opportunities of cross-border trading.”
In addition to NSCCL, from India DTCC has signed MOUs with the Central Depository Services of India, The Clearing Corporation of India Ltd. and the National Securities Depository Ltd.
DTCC has signed a total of 11 MOUs with depositories and clearing corporations in Brazil, China, India, Japan, Korea, Pakistan and Taiwan. @