CSD Linkages

CMU has established various cross-border linkages with regional central securities depositories (CSDs) and international central securities depositories (ICSDs). These strategic partnerships enable CMU members to settle and hold a wide spectrum of debt instruments and gain access to a wider investor pool on a centralised platform, unifying global bond markets.

Cross-border Links with CSDs and ICSDs

By providing cross-border Delivery-versus-Payment (DvP) settlement services, settlement risk is reduced, fostering infinite financial opportunities for issuers and investors. These links offer investors a wider selection of instruments through the CMU platform, completing the global circle of investment options, and provide issuers access to various domestic and international markets.

Benefits

• Centralised Management: Use a centralised platform to manage local and international debt securities, enhancing operational efficiency.
• Global Investor Access: Access local, Mainland, and international investor bases, seamlessly connecting China with global bond markets.
• Diverse Securities: Offer a wide spectrum of debt securities, unlocking boundless potential.

Currently, connections exist with multiple CSDs and ICSDs, and expansion to new markets continues to be explored, demonstrating relentless dedication to excellence and innovation.

International CSDs

Through the CSD-CSD link and the nominee account structure, overseas investors can hold and settle debt securities lodged in CMU via ICSDs; while CMU participants can hold and settle international debt securities via their existing CMU accounts.

• Clearstream
• Euroclear

Eligible Securities

All international debt securities denominated in eligible settlement currencies (in general, all ISO currencies supported by ICSDs) and certain domestic debt securities acceptable to the Clearstream/Euroclear systems are eligible for settlement in the CMU system.

Beyond Settlement and Custody Services

In addition to holding and settlement service, CMU also relays information from ICSDs in respect of corporate events. General custody operations (e.g. certification) are also supported.

Regional CSDs

The linkages with the below regional CSDs help to facilitate cross-border holding and settlement of debt securities in mutual markets:

• Austraclear
• China Central Depository & Clearing Co., Ltd (CCDC)
• Korea Securities Depository (KSD)
• Shanghai Clearing House (SHCH)
• Taiwan Depository & Clearing Corporation (TDCC)

Related Information

Related Websites