Clearstream chooses Deutsche Bank 28 April 2014Taipei Reporter: Stephen Durham
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Deutsche Bank AG, Taipei Branch has been appointed as account operator in Taiwan by Clearstream.
The appointment is part of Clearstream’s collaboration with the Taiwanese Central Securities Depository (TDCC), which was formed in order to develop a direct settlement link for global investors and issuers to access the Taiwanese international bond market, such as Renminbi-denominated 'Formosa bonds'.
By opening an account directly with the TDCC, Clearstream becomes the first international central securities depository (ICSD) participant of the TDCC. The settlement link will be operated by Deutsche Bank AG, Taipei Branch and offers settlement and custody services for foreign currency-denominated bonds including Formosa bonds.
Mark Bosquet, executive director, head of network management for domestic markets at Clearstream, said: “The establishment of our Taiwan account operator relationship with Deutsche Bank is another step towards a more robust and meaningful relationship that we already enjoy with the bank across our joint networks and product offerings.”
Part of its Global Transaction Banking division, Deutsche Bank’s Direct Securities Services business has approximately €1.5 trillion of assets under custody globally and an operational presence in 33 global markets—14 of which are in Asia.
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