DTCC, The Clearing Corporation of India ink deal

MUMBAI, INDIA & NEW YORK, USA: The Depository Trust & Clearing Corp. (DTCC) and The Clearing Corporation of India Ltd (CCIL) have signed a Memorandum of Understanding (MoU) aimed at promoting closer collaboration between the two market infrastructure organizations.

The MOU provides a framework for cooperation between DTCC and CCIL senior management and staff on projects of mutual interest. It is also intended to help promote cross-border investment and broaden the opportunities for discussion on such issues as risk management, business continuity, reducing customer costs and technology capacity planning.

The agreement concludes months of discussion between CCIL and DTCC and formalizes a structure for more frequent visits and the sharing of ideas to improve business operating models on both sides.

This collaboration with CCIL is the third such information-sharing agreement that DTCC has signed with securities infrastructure organizations in India. DTCC also has MOUs with India’s National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL).

“As a central counterparty for foreign exchange, government securities and repos in India, CCIL plays a critical role in this fast-growing market,” said Donald F. Donahue, DTCC chairman and CEO. “We are pleased to establish these ties with CCIL, and look forward to fostering a dialogue that contributes to a secure, efficient and sound global trading environment.”

“CCIL’s MOU with DTCC represents an extension of our already mutually beneficial working relationship,” said Dr. R.H. Patil, Chairman, CCIL. “We share the common goal of reducing risk and enhancing operating efficiency for our clients and the global marketplace. The MoU demonstrates our commitment to strengthening our communications channels and sharing insights on our respective markets.”