Strate, the central securities depository (CSD) of South Africa has signed a letter of intent with the National Settlement Depository (NSD) of Russia to collaborate on initiatives using distributed ledger technology.
Signed at the Sibos event in Geneva, the partnership is designed to allow both parties to explore opportunities for mutual cooperation in the post-trade settlement arena. This includes sharing information on standards, regulations and blockchain technologies and potential cost savings through the sharing of technology and development costs.
A number of other CSDs have expressed interest in joining the partnership, with both Strate and NSD welcoming these discussions.
Monica Singer, CEO of Strate, commented: “It is an important time for CSDs to be working together to define the future landscape in the distributed ledger technology environment. Strate looks forward to developing this long-standing and valuable relationship with NSD to develop solutions for emerging market CSDs.”
Eddie Astanin, chairman of the executive board at NSD, added: “Only the united efforts of the largest players in our industry will enable them to respond to new challenges and integrate new technologies.”
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