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KSD raises global profile of securities depositories
KSD CEO Lee Byung-rhae
By Lee Kyung-min
By Lee Kyung-min
Korea Securities Depository (KSD) is taking a leading role in boosting personnel and work-related exchanges among international central securities depositories (CSDs), in a bid to raise their profile on the global stage.
This is part of a broader move to lay the groundwork to help the CSDs facilitate businesses under a long-term goal to promote global securities businesses.
The initiative is led by KSD CEO Lee Byung-rhae who became chairman of the Asia-Pacific Central Securities Depository Group (ACG) in March 2017, following a vote participated in by eight ACG executive bodies. Lee routed his major contender from India. His term will end in September 2019.
Lee doubles as the chairman of the World Forum of CSDs (WFC) with the term set to end in April 2019.
“KSD seeks to promote the prosperity of ACG and WFC member countries that understand and share the need to develop and nurture organized programs that could create a synergy,” a KSD official said.
Korea, as the secretariat of both the ACG and WFC, plans to assume a particularly important role in various areas, including effective membership registration, fund management retooling of organizational structures.
“We will be able to provide for the global CDSs a platform helping them enhance their capabilities through knowledge sharing, effective expression of our concerns and interest as well as other crucial initiatives, all of which will contribute to financial market development,” the official said.
The WFC was formed in 2011 to enhance inter-association communications, mostly by providing a forum for regional CSD associations where they can address and exchange information and ideas on ways to further common interest, thereby increasing their influence and engagement.
The ACG was established in 1997 to facilitate the exchange of information and promote mutual assistance among depositories and clearing organizations in the Asia-Pacific region. It now has 34 members from 24 countries, and engages in active cooperation with other regional associations and various international bodies.
“In the years that followed the Asian financial crisis in 1997, we have learned about the importance of strengthening regional cooperation and integration in achieving financial stability. We will continue to maintain that as our priority,” the official said.