Deutsche Bank to handle Asean Exchanges' settlement and custody services
May 12, 2014 00:00 By The Nation
Asean Exchanges has appointed Deutsche Bank to provide custody and settlement services to market participants of the Asean Exchange link in the participating countries - initially Malaysia, Singapore and Thailand.
The Asean Exchanges comprise seven exchanges from six countries – Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The collaboration aims to promote the growth of the Asean capital market by driving cross-border collaboration, streamlining access to Asean, creating Aseancentric products and implementing targeted promotional initiatives.
“We are very proud to be chosen by the participating Asean Exchanges to provide a wide range of transaction banking services for post-trade activities within Asean. Our track record in the Asean region combined with our deep involvement in industry developments provide a strong value proposition to clients. Being awarded this landmark mandate also clearly cements our leadership position in this fast-growing region,” said Mrugank Paranjape, Asia Pacific Head of Trust & Securities Services and Cash Management for Financial Institutions, Global Transaction Banking at Deutsche Bank.
Through their post-trade link strategy, the seven Asean Exchanges aim to provide brokers who conduct trades into any of the participating Asean Exchanges with a single point of entry, thereby allowing them to settle and hold securities listed at other participating Asean Exchanges via Deutsche Bank.
Deutsche Bank will provide settlement, foreign exchange and custody services to the brokers in the participating countries. By choosing Deutsche Bank’s well established transaction banking services for their post-trade needs, market participants and their clients benefit from more streamlined and cost-effective post-trade procedures.