‘Depositories are the backbone of the securities market’: CDS & CSE Chairman

Thursday, 14 May 2015 02:40 - - {{hitsCtrl.values.hits}}

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From left: Head of the CDS Nalin Fonseka, CEO of the CSE Rajeeva Bandaranaike, Chairman of the CDS and CSE Vajira Kulatilaka, Director General of the SEC Vajira Wijegunawardene, COO of the CSE Renuke Wijayawardhane and Senior Manager International Department Japan Securities Depository Centre (JASDEC) Yasushi Yoshikawa.

During the 17th Annual Cross Training Seminar of the Asia-Pacific Central Securities Depository Group (ACG), which is currently taking place in Colombo, the importance of depositories for the functioning of Capital Markets was emphasised.

“In the global capital market arena, on which we function, the efficient and robust functioning of central securities depositories is fundamental to the efficient functioning of securities markets. In fact it is the backbone of the securities market,” Vajira Kulatilaka, Chairman of the Colombo Stock Exchange (CSE) and Central Depository Systems Ltd. (CDS), a fully-owned subsidiary of the CSE, said.

“As a key pillar of the capital market services infrastructure, central depositories are providing more than a supportive role to the global financial market; depositories now use innovative forms of technology to increase efficiency, minimise risk and reduce costs in order to support investors and market intermediaries and are responsible for ensuring the safety of customer assets,” he added.

The ACG Cross Training Seminar is being hosted by the CDS on 12 and 13 May in Colombo. This is the first time the CDS is hosting the Cross Training Seminar and the event saw the participation of 95 representatives from depositories across the region, the highest number of participants seen at an ACG event.

“A Cross Training Seminar of this nature is a good opportunity for depositories to learn from their regional peers because most countries have a single depository therefore there is very little opportunity for cross-exposure,” the Director General of the Securities and Exchange Commission (SEC) Vajira Wijegunawardene also spoke at the event.

The event was attended by members of the Board of Directors of the CSE, M.R. Prelis, Jeeva Niriella, Lal Nanayakkara and Anton Godfrey.

The ACG Cross Training Seminar is a yearly event hosted by an ACG member, planned and managed by the host member and the ACG Taskforces, with the intention of facilitating exchange of information among working level attendees of member institutions. At the two-day conference, the Host Depository and Taskforces will have sessions on pertinent areas of interest.

Currently, the ACG acts as a regional alliance and its membership structure includes 32 depositories and clearing organisations from 23 member countries across Asia.

CDS obtained membership within the Asia-Pacific Central Securities Depository Group in 1998. CDS is also a member of the Technical Taskforce of the ACG and works closely with the National Securities Depository Ltd. of India, which is the convener of the Technical Taskforce.