OREANDA-NEWS. May 2, 2012.  Korea Securities Depository (KSD) and National Settlement Depository (NSD) signed a Memorandum of Understanding (MOU) on May 2, 2012.

KSD and NSD will establish, under the terms of the MOU, a basis of cooperation in securities depository and settlement related matters to help foster the prosperity of their financial markets, promote cross border investment, and explore opportunities of cooperation in both depository and settlement operations and establishment of an operation linkage.

The parties also agreed to lay the groundwork for the exchange the information and provision of training and technical support with regard to services or business-related matters on the development of the fund industry of both countries.

The companies anticipate developing a closer working relationship in the future, and wish to maintain channels of communication for exchange of information, and to promote visits for reasons of friendship and other business purposes by personnel of the companies.

Speaking on this occasion, Mr. Kyung Dong Kim, Chairman and CEO of KSD, said: "This is the first step towards a partnership for mutual cooperation on the development of depository and settlement infrastructures and advancement of the asset management industry. With signing of this MOU, I hope we can develop a new future together."

Mr. Eddie Astanin, Chairman of the Executive Board of NSD, commented: "NSD’s integration into the world market and in the global infrastructure, through cooperation with key national infrastructure institutions such as the Korea Securities Depository, is in line with our company’s development strategy. We are very happy to begin our cooperation and we hope it will be long-lasting and mutually rewarding."
 Prior to the signing ceremony the representatives of NSD and KSD have visited the orphan home #53 supported by NSD for a long time. In the framework of "Expanding Borders of Social Responsibility" charity event the representatives of KSD have granted computers and office equipment to the orphan home, and NSD’s executives have provided graduation suits and dresses to the children.