International central securities depository (ICSD) Clearstream has announced that it has moved a step further towards enabling direct settlement in Taiwan, by opening an account with the country's CSD.
Clearstream has become the first foreign participant to hold an account with the Taiwan Depository and Clearing Corporation (TDCC), which will allow foreign investors access to the Taiwanese bond market, including the renminbi-denominated "Formosa bond".
"There is an ever-growing appetite among international investors for investments in Asia, and the Taiwanese market can play an important role in this," says Berthold Kracke, head of business management and member of the executive Board at Clearstream. "Today, we are delighted to celebrate our first step in developing a direct settlement link to this important market ─ namely, a Clearstream account opening at the TDCC. This paves the way to deliver global access to the Taiwanese market as an important contribution to connecting Asian issuers with global investors."
The settlement link, which will be operated by Deutsche Bank, is expected to be complete within the year.
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