Asia-Pacific Central Securities Depository Group

Member　Profiles2004－2005

Exchange of Information Task Force

AustraliaBangladeshHong KongIndiaIndonesiaJapanKoreaMalaysiaNew Zealand

PakistanP.R.ChinaPhilippinesSingaporeSri LankaTaiwanThailandUzbekistan

Contents

List of ACG Members …………………………

Foundation of ACG and Task Forces …………

ACG Member Profiles …………………………

Contact Us ………………………………………

Member Profiles

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Member Profiles

Australia: ASX Settlement & Transfer Corporation Pty Limited

Austraclear Limited

Bangladesh: Central Depository Bangladesh Limited

Hong Kong: Hong Kong Monetary Authority

Hong Kong Securities Clearing Co., Ltd.

India: Central Depository Services (India) Limited

National Securities Clearing Corporation Limited

National Securities Depository Limited

Indonesia: PT. Kustodian Sentral Efek Indonesia

Indonesian Clearing & Guarantee Corporation

Japan: Japan Securities Depository Center, Incorporated

Japan Securities Settlement & Custody, Inc.

Korea: Korea Securities Depository

Malaysia: Bursa Malaysia Depository SDN BHD

Bursa Malaysia Securities Clearing SDN BHD

New Zealand: New Zealand Central Securities Depository

Pakistan: Central Depository Company of Pakistan Limited

P. R. China: China Securities Depository & Clearing Corporation Limited

Philippines: Philippine Depository & Trust Corp.

Singapore: The Central Depository (Pte) Limited

Sri Lanka: Central Depository Systems (PVT) Limited

Taiwan: Taiwan Securities Central Depository Co., Ltd.

Thailand: Thailand Securities Depository Co., Ltd.

Uzbekistan: Uzbekistan State Central Securities Depository

List of ACG Members

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Foundation of ACG

The Asia-Pacific Central Securities Depository Group was formed in November 1997 as an informal

international organization with the objective to facilitate the exchange of information and to promote

mutual assistance among member securities depositories and clearing organizations in the Asia-Pacific

region.

The number of participants as of the end of 2003 is 24 institutions in 17 countries.

The ACG publishes News letters quarterly to distribute the updated information concerning the securities

depository and clearing systems in the Asia-Pacific region.

General Meeting of ACG is to be held once a year and its venue is to be decided by hosting members.

ACG also organizes a Cross-Training Seminar once a year to provide non-executive officers of members

with the opportunity to learn the business operations of members and to learn the various services

provided or to be implemented by members in the region.

Further information on ACG will be available from the web-sites of members.

Secretariat (Year 2004) : PT. Kustodian Sentral Efec Indonesia

Indonesian Clearing & Guarantee Corporation

Task Forces

Settlement Risk Management Task Force

Convenor: Thailand Securities Depository Co., Ltd.

Terms of Reference:

# Develop the understanding of risk management practices

# Examine the management of failed trades.

# Examine the activities of the derivatives market.

# Share experience among members

Member Profiles

Task Force Members:

Central Depository Company of Pakistan

Limited

Central Depository of Bangladesh Ltd.

Central Depository Systems (PVT) Limited

Hong Kong Monetary Authority

Hong Kong Securities Clearing Co., Ltd.

National Securities Clearing Corporation Limited

Korea Securities Depository

China Securities Depository & Clearing

Corporation Limited

Taiwan Securities Central Depository Co., Ltd.

Uzbekistan State Central Securities Depository

Exchange of Information Task ForceConvenor: Japan Securities Depository Center, Inc.

Terms of Reference:

# Activities to facilitate the exchange of information concerning the securities market of ACG members.

# Activities to facilitate and promote the mutual assistance and cooperation among members of ACG.

Task Force Members:

ASX Settlement & Transfer Corporation Pty Limited

Austraclear Limited

Central Depository Bangladesh Limited

Central Depository Services (India) Limited

National Securities Depository Limited

PT. Kustodian Sentral Efek Indonesia

Indonesian Clearing & Guarantee Corporation

Japan Securities Settlement & Custody, Inc.

Korea Securities Depository

Technical Task ForceConvenor: National Securities Depository Limited

Terms of Reference:

# Investigate business proposals in relation to technical issues such as e-sommerce and security of

system networks.

Task Force Members:

Austraclear Limited

Central Depository Bangladesh Limited

Hong Kong Securities Clearing Co., Ltd.

Bursa Malaysia Depository SDN BHD

New Zealand Central Securities Depository

New Service Initiative Task ForceConvenor: Korea Securities Depository

Terms of Reference:

# Sharing Information & Experience on New Service Initiatives

# Making Joint Efforts to Initiate New Services in the Areas of Common Interest

# Pursuing Development & Prosperity of Members

Task Force Members:

National Securities Depository Limited

The Central Depository (Pte) Limited

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Member Profiles

Bursa Malaysia Depository SDN BHD

Bursa Malaysia Securities Clearing SDN BHD

New Zealand Central Securities Depository

Central Depository Company of Pakistan Limited

Philippine Depository & Trust Corp.

The Central Depository (Pte) Limited

Taiwan Securities Central Depository Co., Ltd.

Uzbekistan State Central Securities Depository

Bursa Malaysia Securities Clearing SDN BHD

China Securities Depository & Clearing

Corporation Limited

Taiwan Securities Central Depository Co., Ltd.

Thailand Securities Depository Co., Ltd.

Taiwan Securities Central Depository Co., Ltd.

Thailand Securities Depository, Co., Ltd.

ASX Settlement and Transfer Corporation(ASTC)

General InformationASTC was established in 1992 as a wholly-owned subsidiary of the Australian Stock Exchange (ASX) with

responsibility for establishing and operating a book-entry clearing and settlement service for transactions

effected on the equities market operated by ASX. ASTC’s initial task was to establish the legal, regulatory,

systemic and procedural infrastructure comprising the environment of the Clearing House Electronic Subreg-

ister System (CHESS), for clearing and settlement of exchange transactions. Electronic transfer facilities

were first introduced in 1994, and delivery-versus-payment settlement (BIS model 3) was introduced in 1996.

Over a period of five years from 1994 all securities traded on the exchange evolved to fully dematerialised

holdings.

CHESS is an implementation of the name-on-register model for book-entry transfer and settlement. Under this

model transfers of securities constitute a transfer of legal title, in contrast to the more widely used depository

model in which transfers constitute a transfer of beneficial interests within a depository nominee.

Market transactions are novated and cleared through a central counterparty (CCP).

The market adopted a T+3 (trade date + three business days) settlement discipline in 1999.

Responding to major changes in the Australian Corporations Law, which among other things changed licensing

requirements for clearing and settlement facility providers, and empowered the Reserve Bank of Australia (the

central bank) to impose financial stability standards on clearing and settlement facilities, ASX implemented a

major restructuring of its clearing and settlement facilities in March 2004. Provision of clearing services for

equities market transactions was devolved from ASTC, and combined with clearing services for derivatives

markets operated by ASX, in a wholly-owned subsidiary known as Australian Clearing House Pty Ltd (ACH).

ACH now provides clearing and counterparty risk management services across all markets operated by ASX.

ASTC continues to function as a licensed settlement processing facility providing settlement and asset regis-

tration services.

Each listed entity maintains an electronic subregister within CHESS for each class of its quoted securities.

The CHESS subregister forms part of an entity’s principal register, and it is in this way that legal title may be

transferred electronically while maintaining maximum transparency of ownership. Securities holdings are

registered in the name of the legal owner and may be held either on the CHESS subregister or directly on the

principal register, which is known as the “issuer sponsored” subregister. Holdings in CHESS are either direct

holdings of settlement participants, or holdings of other parties (typically retail investors) who are sponsored

by settlement participants. As at March 2004, there were some 7.1 million holdings on CHESS subregisters,

with a value of about A$630 billion, representing some 79% of the total ASX domestic market capitalisation.

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Member Profiles

Ownership and governanceASX is a for-profit public listed company, and both ASTC and ACH are wholly-owned subsidiaries of ASX.

The board of ASX comprises a Managing Director/Chief Executive Officer, a non-executive Chairman, and

six non-executive directors. Both ACH and ASTC have the same set of directors, comprising three non-executive

directors and four directors who are executives of ASX. The Chairman in each case is a non-executive.

Regulatory environmentBoth ASTC and ACH are separately licensed under the Corporations Act 2001 as Australian clearing and

settlement facility licensees. Participants in ACH, and ACH itself, are contractually bound by the ACH

Clearing Rules, which include provisions covering responsibility for counterparty risk, access to clearing

facilities, and conduct of clearing participants. Similarly, participants in ASTC and ASTC itself are

contractually bound by the ASTC Settlement Rules, which among other things govern access to the settlement

infrastructure for the purpose of payment, delivery, asset registration, and conduct of settlement participants.

The Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia regulate

both ASTC and ACH, and are empowered to enforce laws relating to clearing and settlement licensees. Both

entities are subject to periodic examinations by ASIC, which has the power to inspect premises and records,

and assess each entity’s compliance with its obligations. ASIC is empowered to disallow proposed amendments

to the clearing rules and settlement rules. For breaches of applicable statutes or regulatory requirements, ASIC

may restrict, suspend or terminate the operations of a clearing and facility licensee.

Services providedServices provided by ASTC include the following:

Electronic transfer of securities held between holdings held on the CHESS subregister, and

inter-subregister transfers;

Pre-settlement matching trades between direct and indirect market participants;

DVP settlement of market transactions in accordance with the BIS Model 3;

DVP settlement of initial public offerings;

Maintaining records of sponsorship for holdings on the CHESS subregister;

Providing monthly activity statements for holdings on the CHESS subregister;

Updating holdings on the CHESS subregister to reflect allotments arising from corporate actions;

Maintaining the integrity of holdings pledged to ACH in accordance with its risk management

requirements.

Clearing participants, settlement participants, banks, and issuers share registries (transfer agents) interact

electronically with the central systems of ASTC/ACH via a proprietary messaging protocol.

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Member Profiles

General InformationIn December 2000, Austraclear Limited (SFE Austraclear), the operator of the central securities depository

for the Australian money market (commercial paper, government and non government registered securities)

became part of the SFE Group. SFE Austraclear was formed to develop and operate a Central Securities

Depository (CSD) for Australian markets, launching its first live electronic settlement system in September

1984.

SFE Austraclear operates a significant Central Securities Depository service in the Asia Pacific region and

on average holds over A$426 billion in securities on a daily basis.

Ownership and GovernanceSFE Corporation Limited and its subsidiary companies, Sydney Futures Exchange Limited, New Zealand

Futures and Options Exchange Limited (NZFOE), SFE Clearing Corporation Pty Ltd and Austraclear Ltd

provide exchange traded and over the counter (OTC) services throughout the Asia Pacific region and in other

major financial cities in the world.

SFE is a public company whose shareholders include many of Australia’s and the world’s leading banks and

brokerages as well as institutional and retail investors. Its shares were listed on the Australian Stock Exchange

(ASX) in April 2002, having previously been exempt market listed, and the stock is included in the ASX 200

index.

Regulatory EnvironmentSFE Austraclear is regulated by the following statutory authorities:

# Reserve Bank of Australia (RBA)

(focusing on financial stability standards and reduction of systemic risk)

# Australian Competition and Consumer Commission (ACCC)

(focusing on anti competitive behaviourand use of market power)

Regulatory approvals are publicised and the SFE Group (of which SFE Austraclear is a part) must produce

annual financial statements and publish an annual report. SFE Austraclear also maintains informal links with

ASIC and RBA to ensure transparency of SFE Austraclear’s operations with the regulators.

SFE Clearing has been added to the list of recognised clearing houses by the FSA of the UK for capital ade-

quacy purposes. The SFE, SFE Austraclear and SFE Clearing are parties to the International Information

Sharing Memorandum of Understanding and Agreement initiated on 15 March 1995. SFE is a member of the

Intermarket Surveillance Group (ISG).

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Member Profiles

Services ProvidedSFE Austraclear provides the following CSD services to the Asia Pacific Region:

# Instantaneous clearing and settlement of transactions for more than 700 Participants

# Operation of the CSD for owners of debt securities in Australian financial markets valued A$46 billion

# Enablement of ownership of the securities to be transferred on a DvP basis by connecting market

participants and their banks through its network to a central processing site, without buyers and sellers

having to exchange documents or cheques

# Provision of a feeder system into the RBA’s real-time gross settlement system (RTGS), enabling the

real-time irrevocable settlement of funds.

Main InitiativesIn order to better service the needs of Australian and New Zealand debt markets, replacement has commenced

of one of the three SFE core technology platforms, (FINTRACS), with the new SFE Austraclear system due

to be introduced in late 2004. This will culminate SFE Austraclear’s investment in the technology infrastructure

that underpins the group’s services. Importantly, it will extend SFE Austraclear’s franchise into multi-currency

clearing, settlement and depository services, in keeping with the trend towards greater issuance and holdings

of non-A$ based securities by Australian banks and non-financial corporations, as well as widening its franchise

into other asset classes and B2B clearing and settlement applications.

In 2004 SFE Austraclear continues to leverage its brand, technology platforms and business competencies to

new products and services and to new markets. SFE Austraclear was selected in late 2003 to be the preferred

supplier to partner with the Victorian State Government’s initiative to introduce electronic conveyancing into

property settlement processes across the state, with potential application to all states of Australia.

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Member Profiles

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Central Depository Bangladesh Limited (CDBL)

Business CommencementCDBL started its depository and book-entry transfer services on 20th October 2003, with Government Secu-

rities, namely Treasury Bills and Bangladesh Government Treasury Bonds issued by the Bangladesh Bank

(Central Bank). Weekly auctions of Treasury Bills are held by the Bangladesh Bank and successful bidders

are credited their allocation of Treasury Bills to their accounts in the depository. The same process is also

applicable for Government Treasury Bonds, auctions of which take place once every two months. Bidders

are commercial banks, and presently 39 of them are connected to the Central Depository System (CDS) of

CDBL. Banks can transfer ownership of Treasury Bills and Bonds on the CDS to borrow money from each

other or settle sale / purchase transactions.

As of 24th April 2004, around US$ 4.9 billion worth of Treasury Bills were held in custody in the depository

representing 100% of Treasury Bills market. All Government Treasury Bonds of 5 and 10 year maturities

issued since 28th December 2003, are held in custody in the depository.

Depository and book-entry transfer services of ordinary shares of companies listed on the Dhaka and

Chittagong Stock Exchanges commenced from 24th January 2004, with a pilot stock, namely, Square

Pharmaceuticals Limited, the largest manufacturer of pharmaceutical products in Bangladesh. As of 22nd

July 2004, depository services are being provided in 3 cities of Bangladesh (Dhaka, Chittagong, and Sylhet)

through 67 Depository Participants (DPs) i.e. 59 brokerage houses, 6 custodian banks, and the 2 Stock

Exchanges.

As of 22nd July 2004, settlement of Stock Exchange trades of 26 listed securities have started in the depository,

and thereafter, it is expected that 4 / 5 more listed securities will enter the depository every month.

Ownership and GovernanceThe stake holders of CDBL are 84 institutions covering a broad spectrum of the financial and industrial sec-

tors as follows:

% Institutions10 Asian Development Bank (ADB)

45 Local Banks

13 Foreign Banks

12 Listed Companies

7 Stock Exchanges

5 Insurance Companies

8 Other Financial Institutions

Apart from the Managing Director & CEO, as of date, there are 13 Directors on the Board of CDBL, who are

all either nominees of shareholder groups or institutions including a director nominated by the ADB.

Member Profiles

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Regulatory EnvironmentThe legal basis for CDBL’s operations is set out in:

The Depositories Act 1999;

Depositories Regulations 2000;

Depository (User) Regulations 2003; and

The CDBL Bye Laws.

CDBL is regulated by the Securities and Exchange Commission (SEC).

Services ProvidedCDBL provides the following services for equity market operations:

Investor Accounts

Dematerialization of securities

Dematerialization of New Issues (IPO)

Safekeeping of securities dematerialized

Book-entry transfer of securities traded on the Stock Exchanges

Book-entry transfer of securities for trades settled outside the Stock Exchanges

Transfers and Multiple Account Movements

Pledging, Unpledging and Confiscation

On Market Trade Affirmations (Payin / Payout from Clearing Accounts of Brokers)

Corporate Actions e.g. Bonus, Rights Issue, split, etc.

Freeze and suspension of securities / accounts

Statutory reporting and management information

Elimination of securities

Rematerialization of securities

CDBL provides the following services for Government Securities issued by Bangladesh Bank

Transmitting the auction allotments of Treasury Bills and Bonds to the buyers accounts

Repurchase and reverse repurchase transaction facilities

Account Statements and Management Reports

Main InitiativesAfter just 3 months of the introduction of the CDS in the capital market, the settlement cycle of T+5 of the

Stock Exchanges has already been reduced to T+4 by the Securities and Exchange Commission, with plans to

further reduce the cycle to T+3 in the near future. The transition to the demat market segment has been orderly,

and if this is maintained whilst more and more listed securities enter the demat market segment, investor

confidence will progressively rise leading to overall growth of the capital market as a whole.

In the cross border front, CDBL has had an enquiry for providing depository services to the Nepal Stock

Exchange (NEPSE) at Katmandu through VSAT linkup. CDBL is able and willing to assist NEPSE in every

possible way in the spirit of wholehearted cooperation that exists between the member depositories of the ACG.

Member Profiles

Hong Kong Monetary Authority香港金融管理局

Central Moneymarkets Unit

IntroductionThe Hong Kong Monetary Authority (HKMA) established the Central Moneymarkets Unit (CMU) in 1990

to provide computerised clearing and settlement facilities for Exchange Fund Bills and Notes. In December

1993, the HKMA extended the service to other Hong Kong dollar debt securities. It offers an efficient, safe

and convenient clearing and custodian system for Hong Kong dollar debt instruments. Since December 1994,

the CMU has been linked to such international clearing systems as Euroclear and Clearstream. This helps to

promote Hong Kong dollar debt securities to overseas investors who can make use of this link to participate

in the Hong Kong dollar debt market.

The CMU Service was further extended to non-Hong Kong dollar debt securities from January 1996. In

December 1996, a seamless interface between the CMU and the HKD Real Time Gross Settlement (RTGS)

interbank payment system was established. This enables the CMU system to provide for its members real-time

and end-of-day Delivery versus Payment (DvP) services. Beside, the CMU was further linked up to the USD

and EURO RTGS systems in December 2000 and April 2003 respectively to provide real time DvP capability

for US dollar and Euro denominated debt securities, as well as intraday and overnight repo facilities for the

US dollar and EURO payment systems in Hong Kong.

All debt instruments cleared through the CMU are either immobilised or dematerialised, and transfer of title

is effected in computer book entry form. As at end March 2004, there were 174 CMU Members for the trading

of private sector debt securities and 157 Recognized Dealers for the trading of Exchange fund Bills and Notes.

The total outstanding value of debt securities lodged with CMU was HKD338.8 bn, comprising the following:

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HK$ bn

Exchanges Fund Bills and Notes 120.6

(securities issued by HKMA)

Securities issued by public corporations 3.5

Securities issued by the private sector 214.7

338.8

Member Profiles

Main Scope of ServicesAlong with providing CMU Members with securities transfer services, the CMU also offers the following

services:

Collateral Management System

- Automatic Repo Facility (both intraday and overnight) in both Hong Kong dollar, US dollar and

Euro

Securities Lending Service

- Securities Lending Programme for debt securities issued by private sector

Market Making Arrangement for Exchange Fund Bills and Notes

Issuance Programme for Exchange Fund Bills and Notes

Arranger, custodian, agent and operator of notes issued by public corporations.

Real time and End-of-Day DvP for all CMU securities denominated in Hong Kong dollar, US dollar and

Euro

Cross-border DvP Settlement via regional CSDs

Other Custodial Services

- Paying Agent

- Securities Lodgement

- Allotment of tendering

Cross-border LinkagesWith a view to improving the efficiency of the regional debt market infrastructure, the HKMA has established

several linkages with regional central securities depositories (CSDs) and international central securities

depositories (ICSDs). Linkages from Euroclear and Clearstream, the two largest ICSDs in the world, to

CMU were set up in 1994 to facilitate international investors to hold and settle Hong Kong dollar debt

securities through these international networks. In addition to international linkages, the CMU also linked

with regional CSDs, including a link to Australia in December 1997, a two-way link with both New Zealand

and South Korea in April 1998 and September 1999 respectively. The linkages, apart from facilitating cross-

border holding and settlement of debt securities in HK and overseas, can also enlarge the investor base, broaden

the domestic debt markets, and reduce settlement risk by facilitating DvP settlement for cross-border securities

transactions.

In order to develop the international business of the CMU, the one-way inbound links from Euroclear to

CMU, and from Clearstream to CMU were extended to two-way links in November 2002 and January 2003

respectively. These real-time links enable investors in Hong Kong and other parts of Asia to hold and settle

Euroclear and Clearstream debt securities directly via their CMU Members in a secure, DvP environment.

Moreover, the HKMA and the China Government Securities Depository Trust and Clearing Company Limited

(CDC) have signed an agreement on 28 April 2004 to establish a link between the CMU and the Government

Securities Book-entry System (GSBS) operated by the CDC. This link will enable authorised investors in

Mainland China to hold and settle Hong Kong and foreign debt securities lodged in the CMU.

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Member Profiles

Hong Kong Securities Clearing Co., Ltd.(HKSCC)

Company Overview

Hong Kong Exchanges and Clearing Limited (HKEx) is the publicly listed holding company of Hong Kong sstock and derivatives exchanges and their associated clearing houses. HKEx listed on Hong Kong s stockexchange on 27 June 2000.

HKEx provides a comprehensive range of products and services for issuers and investors. All its securitiesand derivatives products are traded electronically, and its clearing and settlement systems were recentlyupgraded to meet future market development needs.

The mission of HKEx is to operate a world-class marketplace for Hong Kong and Mainland China securitiesand derivatives products. By offering issuers access to international capital markets and maintaining an open,secure, fair, orderly, efficient and transparent marketplace, HKEx contributes to Hong Kong's status as aninternational financial centre and the premier capital market for China.

HKEx’s subsidiaries

HKEx is the holding company of The Stock Exchange of Hong Kong Limited, Hong Kong Futures ExchangeLimited and Hong Kong Securities Clearing Company Limited.

The Stock Exchange of Hong Kong Limited (Stock Exchange)The Stock Exchange operates and maintains a securities market in Hong Kong and is the primary regulatorof Stock Exchange Participants with respect to trading matters and of companies listed on the Main Boardand Growth Enterprise Market (GEM) of the Stock Exchange.

Hong Kong Futures Exchange Limited (Futures Exchange)The Futures Exchange operates and maintains a futures and options market in Hong Kong and is the primaryregulator of Futures Exchange Participants with respect to trading matters.

Clearing HousesHong Kong Securities Clearing Company Limited (HKSCC) and SEHK Options Clearing House Limitedprovide services for the clearing and settlement of securities and stock option transactions respectively,including trades and transactions effected on, or subject to the rules of, the Stock Exchange. HKFE ClearingCorporation Limited provides services for the clearing and settlement of transactions on the Futures Exchange.All Stock Exchange trades are required to be settled on T+2.

HKSCC provides clearing and settlement services as well as depository and common nominee services.

CCASS/3, the latest generation of the Central Clearing and Settlement System for the securities market, wasintroduced in phases in 2002 and 2003. The system was built on an open, robust, secure and flexible

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Member Profiles

HKEx

modularised architecture. CCASS/3 has been designed to provide efficient and dynamic clearing andsettlement by adhering to international standards for securities messages and providing interactive communi-cation with market participants through a standard message-based application programming interface.

Regulation

HKEx s rules and regulations are transparent and fair, and will continue to evolve to respond positively tothe global development of financial markets. They are aimed at meeting the needs of both local andinternational investors, and at encouraging and accommodating innovative financial products and services,new types of business and changes in international practice.

HKEx is committed to performing its public duty to ensure its markets are orderly and fair, risks are managedprudently and its operations are consistent with the public interest.

China Dimension

HKEx s objectives include being the primary market for capital formation by Hong Kong and MainlandChina enterprises and the trading of their listed securities. Hong Kong’s stock exchange is a market whereMainland enterprises can raise funds effectively in a freely convertible currency. As of the end of April 2004,there were 274 Mainland enterprises listed in Hong Kong, comprising 98 H-share companies, 75 red-chipcompanies and 101 companies that have major operations on the Mainland.

Over the last decade, Mainland enterprises have accounted for over HK$800 billion (US$102.6 billion) orabout half of the total funds raised in Hong Kong s securities market. The market capitalisation of H-shareand red-chip companies as of the end of April 2004 totalled HK$1,399.18 billion (US$179.4 billion),representing 26 per cent of Hong Kong’s total market capitalisation. Hong Kong securities market turnoverwas HK$1,514.3 billion (US$ 194.1 billion) in the first four months of 2004, of which HK$660.6 billion(US$84.7 billion) or nearly 44 per cent was derived from trading in H shares and red chips.

HKEx’s Beijing Representative Office was opened on 17 November 2003 under the Mainland and HongKong Closer Economic Partnership Arrangement, or CEPA. State Councillor Tang Jiaxuan officiated at theopening ceremony. The principal task of the Beijing Office is to introduce the Hong Kong securities marketto Mainland enterprises and encourage Mainland enterprises to list in Hong Kong. The Beijing Office alsoserves a channel to strengthen HKEx s communication and cooperation with government departments andinstitutions on the Mainland.

Securities Market Highlights

Hong Kong s stock exchange was the world s 8th largest by market capitalisation at the end of March 2004(Source: World Federation of Exchanges).

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Member Profiles

As of the end of April 2004 Main Board Growth Enterprise Market

No. of listed companies 863 194

Market capitalisation (USD mil) 679,394 9,439

Total turnover for April (USD mil) 192,132 2,008

Average daily for April (USD mil) 2,372 25

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CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED (CDSL)

Central Depository Services (India) Limited (CDSL) is sponsored by a cross-section of leading foreign and

Indian banks and two stock exchanges. CDSL received its Certificate of Commencement of Business in

February, 1999 from The Securities & Exchange Board of India (SEBI), under whose regulatory purview it

falls. From the conception stage itself, CDSL has chosen to benchmark itself against the investor’s expec-

tations and concerns. Provision of convenient, dependable and secure services at an affordable cost hasbeen at the heart of CDSL’s unwritten contract with all classes of investors.

Today, CDSL has 211 Depository Participants, providing CDSL’s depository services from over 1,000 sitesacross the country. Of these, 466 sites have direct electronic connectivity with the CDSL system. CDSLservices an investor population that is dispersed over 16,000 Postal Index Number (PIN) locations.

CDSL s system has a centralised database architecture. As the term suggests, the architecture involves the

storage and updation of records at a single location ie. at CDSL s main site of operations. All transactions by

users, from anywhere in the country, are updated the moment they are committed, requiring no reconciliation

between CDSL s records and the records of users - since there is effectively, only a single database. Moreover,

credit of securities arising from confirmations of dematerialisation requests, corporate actions and transfers

are available instantaneously for further processing. A welcome consequence of CDSL s system architecture

is that it vastly reduces the computer hardware and data storage requirement at the users end. Consequently,

the set-up cost for Depository Participants is significantly reduced.

The centralised location of all transactions by users has obvious benefits. Compilation of reports is easy. Issuer

companies for example, can obtain a complete list of their shareholders every day. Depository Participantscan give their client investors an upto-the-moment status of their accounts. This becomes significant in the

T+2 rolling settlement regime commenced in India from April 1, 2003.

CDSL’s internet serviceThe future of CDSL, nay, of any business, is its ability to creatively and effectively build relationships with

its ultimate consumers. CDSL’s internet service “easi” (electronic access to securities information) does just

that. These will allow Beneficial Owners (investors holding securities in a demat account) and Clearing

Members (brokers) to access the CDSL system at any time, from anywhere.

Through easi, Beneficial Owners can :

1. View their securities holdings and the status of their transactions.

2. Obtain transaction details for the last 30 days.

3. Ascertain the value of their holdings as on the previous day s closing price on The Stock Exchange,

Mumbai (BSE).

4. Print or download the statement of holdings.

Member Profiles

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Member Profiles

In case of Clearing Members, easi allows them to :

1. View holdings in their settlement-related accounts, and their own Beneficial Owners accounts.

2. Obtain updated status of Pay-in and Pay-out details.

3. View the status of various transactions.

4. Ascertain the value of their holdings as of the previous day s closing price on The Stock Exchange,

Mumbai (BSE).

5. Print or download the statement of holdings.

To Clearing Members, easi is much more than an information source. It is an apparatus that reduces

uncertainty, a powerful instrument to efficiently manage the settlement process, and a device to service

clients better. Since easi can make a big difference to the efficient functioning of Clearing Members,they can avail of the service, either through the Depository Participants or by directly registering withCDSL.

easi now has a “big brother” called easiestCDSL has launched a platform for issuance of delivery instructions through its internet facility electronicaccess to securities information & execution of secure transactions - (easiest). The easiest facility

provides an anytime, anywhere kind of freedom to investors to issue delivery instructions. Besides enabling

them to meet the strict deadlines of delivery set under the shortened settlement cycle, it will also obviate the

need of their visiting Depository Participants’ offices to obtain instruction slips and to lodge them with the

Depository Participants.

Advantage CDSL in the shortening settlement cycle scenarioCDSL has made available to Clearing Members and investors, several convenient pay-in options like early

pay-in, auto pay-in and investor-level pay-in. Investors can also deliver the securities to the CC/CH directly

from their account i.e. without transferring them first to a Clearing Member account and then to CC/CH. This

enables the saving of valuable time - which is one of the objectives of the shorter settlement cycles.

The CDSL system also has a facility to pick up the balance available in the investor s account at the time of

pay-in, even if the balance is insufficient to meet the pay-in obligation in full. This reduces the amount of

loss, if any, which may arise on account of failure to deliver full quantity. Further, information on such shortfall

is made available to Clearing Members through reports and even through CDSL s internet facility – easi

on an almost real-time basis, continuously.

The endeavour of CDSL to be a user-friendly depository has been an enduring process. CDSL has addressed

the service aspect of user-friendliness through its widely acknowledged responsive attitude to user feedback-

leading to significant enhancement of CDSL s system capability. The launch of easiest, thrust on technology

upgradation and continued introduction of new features is aimed at satisfying the contemporary needs of

users and investors.

Nationai Secarities Clearing Corporation Ltd.(NSCCL)

Introduction:The National Securities Clearing Corporation Ltd. (NSCCL), was incorporated in August 1995. NSCCL is a

wholly owned subsidiary of National Stock Exchange of India Limited (NSE). NSE is the 3rd largest stock

Exchange in the world, in the equities segment in terms of number of transactions. It is the largest stock

exchange providing online trading facilities to its members across India having a market share of 65% in

equity segment and 99% in derivatives segment.

NSCCL was the first clearing corporation to be established in India and also the first clearing corporation in

the country to introduce settlement guarantee. NSCCL was set up with the following objectives:

to bring and sustain confidence in clearing and settlement of securities;

to promote and maintain, short and consistent settlement cycles;

to provide counter-party risk guarantee, and

to operate a tight risk containment system.

NSCCL commenced clearing operations in April 1996. NSCCL carries out the clearing and settlement of the

trades executed in the equities, retail debt market and derivatives segments of the NSE. It also undertakes

settlement of transactions on other stock exchanges like, the Over the Counter Exchange of India (OTCEI)

and National Commodities Derivatives Exchange of India (NCDEX).

There are 10 Clearing banks, 2 Depositories, 11 Custodians, 785 Trading cum Clearing members in equities

segment and 200 Clearing members in derivatives segment.

NSCCL operates a well-defined settlement cycle and there are no deviations or deferments from this cycle.

Currently, equity segment trades are settled on a T+2 basis. NSCCL has completed more than 1065 settlements

in equities segment till date, without delays or disruptions. NSCCL has carried out settlement for 378 million

transactions in the financial year 2003-04. The value of shares traded during the period in the Equities segment

was USD 242.44 billions and shares worth USD 49.19 billions were settled by delivery. The average value

of securities handled per settlement in the equities segment was USD 194.44 millions for the financial year

2003-04 and 99.54% of delivery was effected in dematerialized form.

The trading in derivatives segment at NSE has commenced from June 2000 and currently Index Futures,

Index Options, Futures on individual securities, Options on individual securities and Interest Rate Futures

are available for trading. The settlement in derivatives segment is on T+1 except for Options on individual

securities which is on T+2. In the F&O segment for the financial year 2003-04 the total turnover value was

USD 473.47 billions, the number of contracts traded were 56.89 million and the total settlement value for the

period was USD 2.73 billions.

Collateral ManagementNSCCL accepts collateral in the form of Cash, approved securities and Fixed Deposit Receipts & Guarantee

issued by approved banks. The approved securities are selected on the prudential norms of liquidity and

volatility. An appropriate hair-cut is applied for valuation of these securities on daily basis. NSCCL has a

facility of debiting the clearing accounts of the members on online basis. The members have a facility to

provide the collateral any number of times during the day.

－ 16－

Member Profiles

Risk Management NSCCL has put in place a comprehensive risk management system, which is constantly upgraded to pre-empt

market failures. The Clearing Corporation ensures that trading member obligations are commensurate with

their net worth.

Risk containment measures include capital adequacy requirements of members, monitoring of member per-

formance and track record, stringent margin requirements, position limits based on capital, online monitoring

of member positions and automatic disablement from trading when limits are breached, etc.

In the equity segment NSCCL monitors online exposure of the members and alerts are sent to them on crossing

70%, 85%, 95% and 100% of the permissible limit. The moment the member crosses 100% his trading facility

is withdrawn immediately. The end of day margins are calculated on the basis value-at-risk (VaR) and collected

on T+1 along-with mark to market margins.

In the derivatives segment NSCCL charges online real time and upfront initial margin for all the open positions

of a Clearing Member (CM). The position monitoring and margining is carried out through Parallel Risk

Management System (PRISM). PRISM is a real-time online Risk Management System. It calculates the

position and VaR of the portfolio for every client on a real time basis - at every trade or in the absence of a

trade, at every second. PRISM uses SPAN® (Standard Portfolio Analysis of Risk) for the purpose of

computation of initial margins. The risk parameter files required for margin computations in PRSIM are

generated six times during the day in order to take into account the intra day volatility changes. Apart from

initial margin PRISM also calculates mark to market value of the portfolio. PRISM generates alerts at various

intervals like 70% 80%, 90% and 100% of the limits reached by a CM. Once a member breaches the 100%

of the limits permitted for the member, the trading facilities shall be automatically withdrawn for that member

on an online basis.

Clearing & Settlement All the trades in Equity segment are settled on T+2 basis. NSCCL ascertain the net obligations of the members

through multilateral netting. The funds and securities obligations are computed at the member level is settled

through 10 Clearing banks and 2 Depositories as mentioned above. NSCCL has the facility of direct payout

of securities to client’s accounts of the members on both the depositories. Financial Institutions (FIs) and

Foreign Institutional Investors (FIIs) have a facility to clear and settle their trades through custodians.

All the derivatives contracts are settled on cash basis. The derivatives products except Options on individual

securities are settled on T+1 basis and Options on individual securities are settled on T+2 basis. Financial

Institutions (FIs) and Foreign Institutional Invetors (FIIs) have the facility to trade through multiple trading

members but can clear and settle through a single clearing member.

Settlement GuaranteeNSCCL assumes the counter-party risk of each member and guarantees settlement. As on March 31, 2004

the Settlement Guarantee Fund for Capital Market Segment stood at USD 344.64 million. A separate Settle-

ment Guarantee Fund is maintained for the Futures & Options segment. The corpus of the Fund as on March

31, 2004 stood at USD 968.2 millions.

SPAN○R is a registered trademark of the Chicago Mercantile Exchange, used herein under License.

The Chicago Mercantile Exchange assumes no liability in connection with the use of SPAN by any

person or entity.

－ 17－

Member Profiles

－ 18－

National Securities Depository Limited. (NSDL)

National Securities Depository Ltd. (NSDL) is the first depository established in India in November 1996.

The enactment of Depositories Act in August 1996 paved the way for establishment of NSDL. NSDL,

promoted by financial institutions of national stature, has since established a national infrastructure of

international standard that handles most of the trading and settlement in dematerialised form in Indian capital

market. Using innovative and flexible technology systems, NSDL works to support the investors and capital

market intermediaries in the country. NSDL aims at ensuring the safety and soundness of Indian marketplace

by developing settlement solutions that increase efficiency, minimise risk and reduce costs.

NSDL at a glance : (As on June 5, 2004)

No. of companies that have joined NSDL : 5321

Demat Custody Quantity (mn securities): 87,065

No of participants: 216

No. of client accounts: 5,361,832

Services provided:NSDL facilitates the following services:● Account maintenance ● Dematerialisation and Rematerialisation of securities● Settlement of trades through market transfers, off market transfers & inter-depository transfers● Distribution of non-cash corporate actions● Transmission / Nomination ● Pledge / Hypothecation of securities● Automatic delivery of securities to Clearing Corporations● Stock Lending & Borrowing● Distribution of cash corporate benefits

Internet- Based Services:Besides providing the basic services provided by a CSD, NSDL has always been in the forefront in providing

value added services by introducing internet based services and taking initiatives towards achieving STP.

The details of such services are as under:

SPEED (Securities Position Easy Electronic Dissemination), a facility which enables the clearing members to

view details of their clearing member accounts directly on the Internet. SPEED helps the clearing members

to ascertain the shortages and follow up with their clients for delivery. This facility has been well received by

the clearing members especially after the introduction of rolling settlements in India.

SPEED-e, a facility which enables the account holders (including clearing members) to submit delivery

instructions directly on the internet through SPEED-e website. NSDL set up this infrastructure on the internet

Member Profiles

in September 2001 with a view to eliminate the need for the users of the depository system to submit paper

instruction slips to the participants. This facility features smart card based access authentication and digital

signature based transaction authorisation for high end users such as clearing members, sub-brokers etc. and

password-based authentication for low-end users.

STEADY (Securities Trading-information Easy Access and DeliverY), an initiative for providing the fcaility

to deliver contract notes to custodians/ fund managers electronically. STEADY is a means of transmitting

digitally signed trade information with encryption across market participants electronically and efficiently,

through Internet.

IDEAS (Internet-based Demat Account Statement), a facility to view balances and transaction in demat accounts

which is updated on an online basis. In this facility, the clients can view the latest balances and transactions

that have taken place in the last five days in their depository accounts.

For further details, visit www.nsdl.co.in

－ 19－

Member Profiles

PT. Kustodian Sentral Efek Indonesia

General InformationPT Kustodian Sentral Efek Indonesia (KSEI) was founded on December 23, 1997 on the basis of The Capital

Market Law No. 8 of 1995. As a Self Regulatory Organization (SRO) of the Indonesian capital market,

KSEI serves as a Central Securities Depository and facilitates the settlement of securities transaction on

Indonesian exchanges. It received the mandate to act as the Central Securities Depository institution from

BAPEPAM (the Capital Market Supervisory Board) on November 11, 1998.

On July 17, 2000, along with the Jakarta Stock Exchange and PT Kliring Penjaminan Efek Indonesia

(KPEI), KSEI introduced a Central Depository and Book-Entry Settlement System, which came to be known

by its acronym, C-BEST, as the integrated electronic platform for the implementation of scripless trading in

Indonesia. The system has since evolved to include all securities listed on the Jakarta Stock Exchange (JSX)

and the Surabaya Stock Exchange (SSX). As of year-end 2003, a total of 368 counters of shares, 150

corporate bonds, 8 medium term notes, 58 warrants and 2 promissory notes were registered in C-BEST. The

total value of these securities amounted to more than IDR 282 trillion.

OwnershipKSEI is owned by key proponents of the market, and renders its services in close cooperation with its SRO,

namely the Clearing and Guarantee Institution and the Stock Exchanges. On December 31, 2003, KSEI was

held by the Indonesian Clearing and Guarantee Corporation (KPEI) with 7.5% shares; the Jakarta Stock

Exchange (6%), the Surabaya Stock Exchange (3%), 9 Custodian Banks (36%), 31 Securities Firms (33.5%),

and 4 Registrars (4%) and KSEI itself (10%).

Regulatory environment

e KSEI act on a not profit basis. Consequently, the service of fees of KSEI is set at a level to cover annual

operating cost and generate sufficient surplus to finance investment as may be needed and also KSEI will

not pay cash dividends to it shareholders.

e The central securities depository services provided by KSEI regulated under The Capital Market Law and

its implementing regulations, including Rules of KSEI.

e Any activities of KSEI s services are supervised by BAPEPAM.

Eligible Securities1. Equity

2. Debt Instrument

Services providede Securities Account Management Services

- Opening of securities account, including cash account at the payment banks

- Closing of securities account

－ 20－

Member Profiles

- Blocking/unblocking of securities account

- Safekeeping of electronic securities (dematerialized)

- Administration of pledged securities

e Central Depository Services

- Deposit of physical certificate into electronic securities and funds

- Withdrawal of electronic securities into physical certificate

- Reconciliation of securities/funds

e Transaction Settlement Services

- Book entry transfer of securities deposited for exchange transaction

- Book entry transfer of securities deposited for over the counter transaction

e Corporate Action services

- Mandatory corporate action (cash dividend, stock bonus, right issue, warrant, merger & acquisition,

stock split/reverse stock, interest and principal of debt payment, AGM)

- Voluntary corporate action (exercise of Right and Warrant, Initial Public Offering).

e Other Related Services

- Tender offer

- Report and inquiry

- Investor’s information to Issuing Companies

- The functioning as National Numbering Agency for Indonesian securities.

New initiativeAs a commitment to the service users, KSEI will continuously improve its performance to provide the best

services. It is expected that the service users of KSEI can get the benefit from new services which are expected

to be implemented by semester II and next year :

e Post Trade Processing (PTP)

The PTP system will provide a single communication platform for custodian banks, securities firms and

fund managers to communicate their post-transaction instruction and confirmation through KSEI’s sys-

tem (C-BEST).

e Fund Hub Services

In the mutual fund market in Indonesia, there is no consistency of standards and no consistency of pro-

cessing its activities, i.e. subscription, switching and redemption. The complexity of this market is also

compounded by the lack of industry standards in all aspects in the value chain of the transaction and set-

tlement process. KSEI has taken an initiative to develop a system for fund hub processing in order to

simplify the end-to end straight through processing and bring the market player to the efficiency and

standardize common practice by using KSEI’s system.

－ 21－

Member Profiles

Indonesia Clearing and Guarantee Corpora-tion

General InformationIndonesian Clearing and Guarantee Corporation (KPEI) were incorporated on September 24, 1996 in

accordance to the New Capital Market Law 1995. Its main function is to provide clearing and guarantee

services in the settlement of stock exchange transactions in an orderly, fair and efficient manner.

Two years later, on June 1, 1998, it received the license to operate as a Clearing and Guarantee Institution

based on the Decision Letter No. Kep.-26/PM/1998 of the Capital Market Supervisory Board (Bapepam)

taking over the clearing business from former clearing and central custody (KDEI). The main function of

this institution were split into Indonesia Central Securities (KSEI) that take care all book entry settlement

and clearing and guarantee business (KPEI). In accordance to the capital market law, KPEI acts as central

counter party between selling and buying member.

Ownership and GovernanceKPEI was formed as a limited liability company by the Jakarta Stock Exchange and the Surabaya Stock

Exchange, with respectively 90% and 10% of the founding share amounting to Rp 15 billion.

Participants of KPEI are securities firms who are qualified to be clearing members and currently there are

142 clearing members. Board of director who are selected by the shareholder heads KPEI. At present, KPEI

has seven divisions: Clearing and Settlement Division, Finance and Accounting Division, Information

Technology Division, HRD and General Affairs Division, Guarantee and Risk Management Division, Legal

and Corporate Communication Division and Internal Audit Division.

In addition KPEI has Credit Policy and Risk Monitoring Committees who support board of director in setting

up risk management policy, risk parameters and matters concerning policy on prudent and safe risk manage-

ment policy.

Service ProvidedKPEI provides following service:

■ Clearing and guarantee for Equity Instruments

KPEI clears and guarantees equity transaction for Regular, Spot and Cash market. The transaction is

novated and netted through our system called e-CLEARS, which stands for electronic Clearing &

Guarantee System. It is web based system, that consist of modules such as Clearing and settlement,

Collateral management, Lending Borrowing, Reporting and Invoice

Members can access through their workstation to obtain various reports for the purpose of clearing,

settlement and risk monitoring.

－ 22－

Member Profiles

－ 23－

Member Profiles

To have a safe and sound risk management system, KPEI imposes several requirements to clearing

members such as minimum Net Adjusted Working Capital, cash collateral, perfect etc. Through

collateral management KPEI limits the transaction of its members by calculating trading limit before

the opening of the stock exchange session. This calculation is based of the free collateral times the

multiplier factor of members. Multiplier factor represents the risk profile of members. KPEI super-

vising risks profile-clearing member through collateral management system. The collateral deposits

to KPEI are subjected to valuation by KPEI regularly.

In addition in order to handle risk in supporting the running of the clearing and settlement system as

well as to guard stock exchange members from the bankruptcy of certain members, KPEI collect and

administer guarantee fund. The formula of guarantee fund is 0.01% from transaction fee.

■ Clearing and settlement for Derivatives Instruments (Future Index, Foreign Index and Options)

Currently, derivative instruments cleared by KPEI are LQ45 Future Index and Foreign Indexes such

as Dow Jones Industrial Average Index (DJIA) and Dow Jones Japan Titan 100. These instruments

are traded in Surabaya Stock Exchange.

KPEI developed RMOL (Risk Monitoring On-Line) & Cash Management System to support the

clearing and settlement of LQ45Futures Index and Foreign Future Index. RMOL & Cash Management

system combines client server technology with web base technology to make possible to handle the

whole transaction cycles, include: clearing, settlement, administration and reporting, real time mark

to market collateral, risk calculation and collateral management and also risk monitoring during

trading sessions.

■ Securities Lending and Borrowing

KPEI provides Securities lending & borrowing (SLB) to facilitate Clearing Member as an alternative

in attempt to avoid fails in their settlement activities. Currently, there are 72 securities companies

registered as member of Securities lending & borrowing (SLB). The eligible securities for Securities

lending & borrowing transaction are 47.

■ Other services: M-CLEARS: provides data information notification through short message services

such as Trading Limit, unsettled securities transfer and other information related with Clearing

Member activities.

Main Initiatives

Today, In order to expand its business service, KPEI is currently undertaking three main projects; the three

main projects are clearing and settlement of Option, Single Stock Futures and Corporate Bonds. The

clearing and settlement of Corporate Bonds is the joint project among Surabaya Stock Exchange, KSEI and

KPEI whereas the clearing and settlement of Option is a joint project with Jakarta Stock Exchange.

－ 24－

General InformationJASDEC started to provide the depository and book-entry transfer services for stock centificates on June

17, 2002, by taking over all businesses of Japan Securities Depository Center (former JASDEC), which

commenced those services in October 1991.

In addition to the stock certificates, JASDEC provides now the depository and book-entry transter services

for corporate convertible bonds since November 2001 and commercial paper in dematerialized form since

March 2003.

The number of shares in custody exceeded 228 billion shares at the end of March 2004, more than 64% of

the whole market.

JASDEC’s Operations Offices are located in Tokyo, Osaka, Nagoya, Fukuoka and Sapporo.

Ownership and Governance

JASDEC was incorporated in January 2002 and amount of its capital is 4.25 billion yen. All of JASDEC

shareholders, 193 shareholders as of the end of March 2004, are its participants; securities companies, banks,

insurance companies, stock exchanges and other financial institutions, designated by the competent ministers.

A few of the large shareholders are the Tokyo Stock Exchange, Inc. (TSE) and the Japan Securities Dealers

Association (JSDA), who owns 22.0% and 12.0%, respectively.

As a user owned and governed organization, JASDEC s board is selected to reflect the diverse constituencies

of financial sectors. Among the JASDEC s board of 17 directors, 13 directors are from its participants

including TSE and JSDA. The remaining 4 directors are full time directors of JASDEC itself. The board

plays a key role in policy development, financial management and operational planning. Furthermore, business

operations committees and sub-committees, which discuss operational and/or IT matters and new projects of

JASDEC, are established to reflect user s voices according to the board request.

Regulatory Environment

JASDEC is:

# a for-profit corporation established under the Commercial Code,

# a central securities depository designated and regulated under the Law Concerning Book-Entry

Transfer of Stock Certificates and Other Securities,

# a book-entry transfer institution designated and regulated under the Law Concerning Book-Entry

Transfer of Corporate and Other Debt Securities,

# regulated by the Financial Service Agency and the Minister of Justice.

JASDEC’s SubsidiaryJASDEC established a wholly owned subsidiary, JASDEC DVP Clearing Corporation (JDCC), in June 2003,

who will play the role of a central counterparty, providing trade guarantee, netting and settlement services

for the trades of stocks and convertible bonds, other than the stock exchange trades in line with the

implementation of DVP settlement for those trades in May 2004.

(JASDEC)

Member Profiles

JDCC is a licensed clearing organization pursuant to the Securities Exchange Law.

Services ProvidedJASDEC provides following services.

● Safekeeping of securities deposited ● Book-entry transfers of securities ● Book-entry pledges of securities in its custody● Book-entry transfers of dematerialized commercial paper ● Acceptance of deposits of and return of securities ● Notification of beneficial shareholders information to

issuing companies● Income collection service and conversion agency service

for corporate convertibie bonds ● Pre-Settlement Matching for the trade and settlement

data between asset management companies, securities

companies, trust banks, custodian banks, life insurance

companies and other institutional investors● Data base for the information on lost stock certificates

JDCC provides following services.● Central counterparty services for DVP settlement for non-exchange trades at JASDEC

Main InitiativesJASDEC has been playing a key role in the reform of securities clearing and settlement system in Japan and

promoting STP and encouraging greater use of depository services for further immobilization of securities

amid progress in the dematerialization of securities certificates.

# Promotion of STP (Expansion of Pre-Settlement Matching Service)● Link of PSMS to DVP settlement system (May 2003)● For JGB Repo and Forward transactions (Feb. 2005)● For JGB non-resident transactions (Feb. 2005)● For Japanese Government Bond Clearing Corporation (Spring 2005)● For commerelal paper and corporate straight bonds transactions (Jan. 2006)

# Development of Book-Entry Transfer System for Various Types of Securities● For corporate and municipal straight bonds in dematerialized form (Jan. 2006)● For beneficiary rights of investment trust in dematerialized form (2006)● For stocks in dematerialized form (2009)

－ 25－

Member Profiles

Growth of Shares in Custody

“Exchange Trade”&“Non-Exchange Trade”Transfers

－ 26－

Japan Securities Settlement & Custody, Inc.

General informationJSSC was established as a wholly owned subsidiary of Tokyo Stock Exchange, Inc. (TSE) in December

1953, aiming to provide the Exchange with settlement and custody services. Since then, JSSC operated as

the central depository organization for the settlement of transactions in securities listed on TSE up until

October 1991, Japan Securities Depository Center, Inc. (JASDEC) launched its operations as the central

organization for book-entry transfer and depository services for those listed stocks in Japan.

Initially, JASDEC handled 50 of the listed stocks on TSE, and gradually increased the number and types

of securities it handled, along with the accumulation of the JASDEC s experience in book-entry services.

Meanwhile, JSSC managed to keep its traditional function of providing the deposit and delivery services for

domestic stocks, convertible bonds and others, under the condition that the likely rising of business

confrontation with JASDEC is to be avoided and harmonized in the form of placing all of JASDEC s newly

exploited businesses on custody and safekeeping services towards JSSC.

Thus, keeping in phase with the increase in the number and types of securities to be handled at JASDEC in

regard with book-entry settlement services, the way of business pursued at JSSC has been transformed from

first principle contractor on settlement and custody services into a subcontractor on these conventional

services. Currently, JSSC has become the sole organization that handles contracted-out businesses of

settlement and custody services from the side of JASDEC.

Apart from the above stated transformation of business nature, JSSC itself is currently providing the

settlement and custody services, independently, not only for a broad range of foreign listed stocks in Japan

but also for those domestic bonds that are publicly offered in Japan.

OwnershipJSSC, total capital of 300 million yen, is a wholly owned subsidiary of TSE.

IncorporationJSSC is incorporated under the Japanese Commercial Code.

Services provided- Agent service for JASDECAs a subcontractor of JASDEC, JSSC safe-keeps domestic shares, convertible bonds and ETFs, etc. in its

vaults and administers those securities for JASDEC. JSSC also provides delivery services of securities

certificates for deposit and withdrawal on behalf of JASDEC.

Member Profiles

－ 27－

Member Profiles

- Book-entry transfer service# Participants

General Trading Participant of TSE and Regular Transaction Participant of Osaka Securities

Exchange, Co., Ltd.

Agency for Clearing Participant of Japan Securities Clearing Corporation.

Securities Finance Company

# Eligible SecuritiesForeign securities (stocks, investment trust, DR, subscription rights)

Yen-denominated foreign bonds

Bonds issued through public offerings

Subscription rights

Services

Safekeeping

Deposit and withdrawal

Book-entry transfer

Custody services (corporate action processing, taxation, reporting to beneficial owners)

- Custody services on Japanese stocks for on overseas investorsJSSC offers custody services for overseas investors in Japanese stocks by means of business collaboration

with CSDs abroad. JSSC keeps Japanese shares of foreign investors in our accounts kept at JASDEC,

and offers standing proxy services for the Japanese listed stocks in foreign countries: including both

receiving dividends from the shares deposited at JSSC’s account and submitting applications for voting

rights on behalf of overseas investors. Additionally, JSSC provides overseas CSDs with information on

corporate actions of listed Japanese issues, such as the record date, the ex-dividend date and the amount

of dividend.

* * *

250

200

150

100

50

0

average balance（billion shs）

Average domestic share balance in trust of JASDEC

1. Structure1) Legal Status The sole central securities Depository Korea

2) Legal ground KSD was established under the Securities & Exchange Act (SEA)

3) Offices Head-office in Seoul and Ilsan-Center in Ilsan, with five branches in Pusan,

Jeonju, Daejon, Kwangju, and Taegu

4) Administrative Arms The general meeting of shareholders, chairman & CEO, senior managing

director, managing directors, and a standing auditor. Chairman & CEO is elected

by the general meeting and is subject to an approval from the Ministry of Finance

& Economy (MoFE)

5) Shareholders KSD is owned by 109 organizations, as of December 31, 2003, including the

KoreaStock Exchange (KSE), the Korea Securities Dealers Association (KSDA),

the Korea Securities Finance Corporation (KSFC), securities companies, banks,

insurance companies, investment & trust companies, and non-banking financial

institutions.

2. SupervisionThe services KSD provides have significant implications on the stability of the securities market, thus requir-

ing strict measures for supervision over KSD businesses.

1) MoFEAmendment to the Articles of Incorporation, approval of new businesses, appointment of chairman & CEO.

MoFE sets the general guidelines for the securities market by enacting, amending, and abolishing laws and

regulations.

2) FSCEnactment, amendment, or abolishment of KSD Business Regulations and budgetary matters.

3) FSSAudit and inspection on KSD businesses and management

3. Major Services1) Centralized CustodySecurities holdings of KSD participants are held in custody on a fungible basis. Entitlement processing for

the deposited securities is also included in this service. Centralized custody of securities is one of the

essential CSD services towards immobilization and dematerialization.

2) Book-Entry TransferKSD transfers the rights that are entitled to deposited securities across accounts resulting from transaction,

pledging, and so forth. Deliveries across accounts carry the same legal effect as physical deliveries

pursuant to the SEA.

－ 28－

Member Profiles

3) Cross-border Securities Deposit & SettlementKSD provides such services as centralized deposit, settlement, and entitlement processing through the

accounts it holds with foreign sub-custodians and CSDs.

4) Transfer Agent ServiceKSD provides transfer agent services to issuing companies on a contractual basis. These services cover

such areas as administration of shareholders book, securities issuance, delivery, and reporting. Being

smoothly linked with the CSD services of KSD, KSD s transfer agent services stand out in expertise,

contributing to shareholder rights protection and operational efficiency enhancement.

5) Bond RegistrationAs a registrar under the Public & Corporate Bond Registration Act, KSD records details of issued bonds

and the rights deriving therefrom for bondholders and parties involved.

6) Separate Safe CustodySeparate Safe Custody service differs from ordinary types of deposit because securities under Separate

Safe Custody are placed in envelopes separately from other securities for each applicant, not on a fungible

basis.

7) Tax Withholding / Lost or Stolen Securities ManagementKSD is mandated to collect taxes for securities transactions on the KSE and KOSDAQ, and for interest

incomes accrued to deposited bonds. Besides, KSD provides the centralized information provision service

to its participants and their customers in a bid to enhance the stability of securities distribution. Collected

information is distributed to participants and investors around the clock.

－ 29－

Member Profiles

－ 30－

BURSA MALAYSIA DEPOSITORY SDN BHD

General InformationThe Bursa Malaysia Depository Sdn Bhd ( Bursa Depository ) (formerly known as Malaysian Central

Depository Sdn Bhd ( MCD )), a subsidiary of Bursa Malaysia Berhad (formerly known as Kuala Lumpur

Stock Exchange Berhad ( KLSE”)), was established on 14 April 1990 to provide efficient central clearing

and settlement of securities. The principal activity of Bursa Depository is the operation and maintenance

of a Central Depository System ( CDS ) in respect of shares, stock bonds, debentures or other securities

of any corporation. The CDS, by effecting the immobilisation of certificates, has created a scripless trading

environment for Bursa Malaysia.

Investors use the CDS for safekeeping of shares, and also for custodian and pledging services. Participating

organisations, or stockbroking companies, are appointed as Authorised Depository Agents ( ADAs ) to

provide CDS facilities and services to the investing public. All investors, whether individual or corporate,

are required to open CDS accounts with an ADA if they wish to trade in prescribed securities.

Members of the banking community (i.e. commercial and merchant banks, finance companies), certain

government institutional investors, insurance companies, unit trusts and other institutional investors also

participate in the CDS as Authorised Direct Members ( ADMs ). The CDS further interacts with other users

such as issuers, registrars, issuing houses, Bursa Malaysia Securities Clearing Sdn Bhd (formerly known as

Securities Clearing Automated Network Services Sdn Bhd ( SCANS )), and Bursa Malaysia Securities

Berhad (formerly known as Malaysia Securities Exchange Berhad).

Ownership and GovernanceBursa Depository has an authorised capital of RM50 million with a paid-up capital of RM25 million. Bursa

Depository is 75% owned by Bursa Malaysia Berhad, while the Association of Banks in Malaysia ( ABM-

MCD Holdings ) holds the remaining 25% of Bursa Depository shares.

Regulatory EnvironmentThe Securities Industry (Central Depositories) Act 1991 authorised the establishment of a Central Depository

and provides the legal framework and safeguards for users and participants in CDS. Bursa Depository is

regulated by the Securities Commission and Ministry of Finance, Malaysia.

Services ProvidedBursa Depository provides following services:

CDS accounts

Safekeeping of securities

Electronic transfers of securities

Pledges of securities

Member Profiles

Acceptance of deposits

Provide record of depositors to share registrars

Bulk Transfer

Verification of allotment records for corporate action purposes

MCD Call-direct, a service that allows subscriber to make enquiries regarding their CDS Account(s)

through the telephone, request for a fax copy of CDS account balances, provided the call is placed

through a fax machine

Electronic Share Application ( ESA ), a facility that allows for application of Initial Public Offering

( IPO ) through Automated Teller Machines ( ATMs ) of participating financial institutions.

Bursa Depository Registered Address:6th Floor, Exchange Square

Bukit Kewangan

52000 Kuala Lumpur

Malaysia

Tel. No. : 6 03 2026 2099

Fax. No. : 6 03 2026 3726

e-mail : commscsd@bursamalaysia.com

Bursa Malaysia Depository Nominees Sdn Bhd Pursuant to Section 21 of the Securities Industry (Central Depositories Act) 1991, all shares deposited with

Bursa Depository are registered in the name of Bursa Malaysia Depository Nominees Sdn Bhd ( Bursa

Depository (N) ) (formerly known as Malaysian Central Depository Nominees Sdn Bhd) that acts as a bare

trustee in relation to the Deposited Securities. Bursa Depository (N) is a wholly owned subsidiary company

of Bursa Depository.

For further details, please visits www.bursamalaysia.com

－ 31－

Member Profiles

MILLONBILLON

－ 32－

BURSA MALAYSIA SECURITIES CLEARING SDN BHD

General Information

The Bursa Malaysia Securities Clearing Sdn Bhd ( Bursa Clearing (S)) (formerly known as Securities

Clearing Automated Network Services Sdn Bhd ( SCANS )), was incorporated on 12 November 1983 and

commenced operations in March 1984 as the Clearing House appointed by Bursa Malaysia Securities Berhad

(formerly known as Malaysia Securities Exchange Berhad). Bursa Clearing (S) provides clearing and

settlement facilities for contracts done between Clearing Participants.

The objective of Bursa Clearing (S) is to provide Clearing Participants with facilities for clearing contracts

done between them, and for delivering stocks and securities to and receiving stocks and securities from each

other, and for receiving or paying any amounts payable to or payable by such Clearing Participants in

connection with any of the stockbroking transactions.

Clearing Participantship of Bursa Clearing (S) is divided into two (2) categories:

a. Trading Clearing Participant (“TCP”)TCPs are stockbroking companies which are also a Participating Organisation of Bursa Malaysia

Securities Berhad.

b. Non-Trading Clearing Participant (“NTCP”) NTCPs are resident banks and financial institutions which have been admitted as participants of Bursa

Clearing (S) after having met criteria as set out in the Rules of Bursa Clearing (S).

Ownership and Governance

Bursa Clearing (S) is a wholly owned subsidiary of Bursa Malaysia with a paid-up capital of RM 300 million.

Regulatory Environment

In 1996, Bursa Clearing (S) was awarded the status of a recognised Clearing House under Section 8A of the

Securities Industry Act 1983 and, thus, falls under the regulatory oversight of the Securities Commission of

Malaysia.

Member Profiles

－ 33－

Member Profiles

Services Provided

Bursa Clearing (S) provides following services:

＊ Clearing and Settlement of Contracts Executed on Bursa Malaysia Securities BerhadThe clearing and settlement of contracts executed on the Exchange are based on the Fixed Delivery

and Settlement System ( FDSS ), whereby the settlement is on T+3. The financial settlement of

securities is done on a net basis .

＊ Institutional Settlement Services (“ISS”)ISS is an optional service whereby NTCPs are able to clear and settle directly with Bursa Clearing (S).

Settlement of ISS transaction is on T+3, and on a Delivery versus Payment ( DvP ) basis. The main

objective of ISS is to reduce the settlement risk exposure of institutional investors. Both On-Market

Transactions and Direct Business Transactions are eligible for ISS settlement.

Bursa Clearing (S) Tariffs

i. On-Market : 0.04% of transaction online, subject to a maximum of RM200.00 per contract.

ii. Direct Business : 0.04% of transaction online, subject to a maximum of RM200.00 and minimum of

RM10.00 per contract.

iii. ISS : RM25.00 per ISS confirmation / affirmation.

Bursa Clearing (S) Registered Address

8th Floor, Exchange Square

Bukit Kewangan

52000 Kuala Lumpur

Malaysia

Tel. No. : 6 03 2026 8099

Fax. No. : 6 03 2026 3715

e-mail : commscsd@bursamalaysia.com

For further details, please visit www.bursamalaysia.com

－ 34－

New Zealand Central Securities Depository

1. OwnershipNew Zealand Central Securities Depository Limited (NZCSD) is a custodian, fully owned by the RBNZ.

NZCSD becomes the legal owner of the securities on the respective registers and holds securities on

behalf of members of the Austraclear system in that which is operated by the Reserve Bank. [The

Austraclear system is a real time clearing and settlement system that provides a secure paperless settlement

environment through the electronic transfer of funds and securities]. NZCSD and the Austraclear System

have been in operation in New Zealand since June 1990.

The rights and obligations of members to each other and the rights and obligations of the Reserve Bank

of New Zealand as operator of the Austraclear System are governed by a mutual contract entered into by

all members. This contract is known as the Austraclear Rules. Copies are available on request from our

Home page www.rbnz.govt.nz

The inventory of securities held in the depository currently stands at around NZ$76 billion of which

NZ$15 billion is NZ equities and NZ$61 billion is fixed interest securities. These holdings have been

relatively static over the last three years. Austraclear processes around 1,100 transactions per day which

equates to around eight billion dollars in daily transaction value.

2. Services ProvidedServices Provided by the Reserve Bank of New Zealand through its NZCSD subsidiary and Austraclear

Operations are:

● Delivery versus Payment (DVP), Real Time Gross Settlement for the following registered security

types:● Certificates of Deposit● Bonds and Treasury Bills● Notes● Equities

● Irrevocable Security transfer between members.

●� ●� ●�●�

●�●�

■� ■� ■� ■� ■�

■�

▲�

▲�

▲� ▲� ▲�

▲�

CASH

EQUITIES

FIXED INTEREST

AUSTRACLEAR SYSTEMAVERAGE DAILY VALUE

4.00

3.00

2.00

1.00

0.002000 2001 2002 2003 2004

YEAR (ended 31 March)

Value ($Billions)

Member Profiles

－ 35－

Member Profiles

● Irrevocable Cash Transfers - between members.● FX Confirmations - electronic matching/confirmation of FX trades.

● For any currency pairs● Settlement of any NZD leg

● Electronic Tender Facility

● Host to Host Lite Interface allowing the direct transfer of transactions from member’s internal

systems to the Austraclear system.

● FTP Transaction Status file – provides the member with a regular site update of the status of all

external transactions. The file is transferred using FTP protocol. HTH Lite combined with the

FTP transaction status file provide a near real time batched STP solution for members.

● Electronic creation and registration of discount securities (provided they are held solely in NZCSD).

3. Fee structureThe fee structure is made up of three parts. A joining fee, an annual subscription and transaction fees.

The level of joining fees and annual subscription depend on the extent of functions required and the means

of access to the System. This usually requires some discussion to establish the needs of the member.

Transaction fees are the same for each membership class. See website page for a copy of current fee

schedule.

4. MembershipThe Reserve Bank will favourably consider an application for Austraclear membership from any institu-

tion (domestic or foreign) which, in the opinion of the Reserve Bank, is of good standing and has the

necessary resources to meet its obligations as a member.

The Austraclear System has 232 members in New Zealand and Australia. Membership members: banks,

brokers, corporates, fund managers and Nominated Trust Members .

5. System resilienceBack-up and recovery arrangements are such that even in the most extreme disaster scenario, the maxi-

mum system outage would be two hours.

6. EnquiriesThese may be directed to:

Mike Wolyncewicz, Chief Financial Officer

Financial Services Group (0064 4) 471 3826

Email - wolyncewiczm@rbnz.govt.nz

or

Peter Katz, Manager Payment and Settlement Services

Financial Services Group (0064 4) 471 3711

Email - katzp@rbnz.govt.nz

or

Fax for the attention of the above (0064 4) 471 3860

－ 36－

Central Depository Company of Pakistan Limited (CDC)

General InformationCDC is the only depository in Pakistan having branches in Karachi, Lahore and Islamabad and is incorporated

as a public limited company (un-listed) on January 23, 1993. It started operations in September 1997. The

market allows both physical and scripless settlement, but a very high proportion of traded securities have

been immobilized in the Central Depository System. Approximately 98% of the market settlement is in book

entry form. Conversion onto the CDS is stipulated to take five days. Investors have the option to withdraw

the securities in physical form. Physical settlement is not allowed for securities live on CDS.

Regulatory EnvironmentRegulated by the Securities & Exchange Commission of Pakistan

A for profit organization established under the Companies Ordinance, 1984 and licensed under the

Central Depository Companies (Establishment and Regulations) Rules 1996.

Book entry settlement is governed under the Central Depositories Act 1997 and the Central Depository

Company of Pakistan Limited Regulations.

Ownership structure of the CDC

CDC board comprises of 12 directors of which ten representing the share holders, one SECP nominee and the

Chief Executive Officer of the Company.

Core services provided1. Deposit of securities

2. Custody of securities

3. Transfer of securities

4. Pledging of securities

S. # Shareholders % of Shareholding

1. The Karachi Stock Exchange (Guarantee) Limited 39.80 %

2. Lahore Stock Exchange (Guarantee) Limited 10.00 %

3. Citibank Overseas Investment Corporation 10.00 %

4. Muslim Commercial Bank Limited 10.00 %

5. Habib Bank Limited 6.35 %

6. National Investment Trust Limited 6.35 %

7. Investment Corporation of Pakistan 5.00 %

8. International Finance Corporation 5.00 %

9. Pakistan Industrial Credit & Investment Corporation Ltd. 5.00 %

10. Islamabad Stock Exchange (Guarantee) Limited 2.50 %

100.00 %

Member Profiles

5. Withdrawal of securities

6. Corporate Actions

a. Bonus

b. Merger / De-Merger

c. Split / Consolidation

d. Credit of Paid Rights

7. Initial Public Offerings

Diversification in Service PortfolioTrustee and Custodial Services

CDC started trustee business operations for open end mutual funds in 2002. Today, CDC is one of the largest

providers of trustee and custodial services in Pakistan. The quality of services provided and the benefits to the

fund managers have not only generated goodwill for CDC, but have also attracted new funds.

On the Custodial side, CDC is providing custodial services to various closed end mutual funds. CDC’s custodial

venture is rapidly gaining recognition as, within a short span of time, CDC has succeeded in enlisting major

mutual funds to the helm of its custodial business.

Investor Account Services

Investor Account Services (IAS) offered by CDC allows investors to directly open and maintain accounts in

CDS. IAS operations started in 1999 and have flourished as an important service in the portfolio of services

being offered by CDC.

By providing secure custody of securities, which was the prime concern of investors in the Pakistani capital

market, Investor Account Services has enabled individual and corporate investors to open direct accounts

with CDC and to avail the variety of services which includes book entry transfers, Pledging of securities and

withdrawal of securities.

Clearing and Settlement Services

Subsequent to the successful implementation of the Central Depository System and the Electronic Trading

Systems of the three stock exchanges, another step towards automation of the Pakistani capital market is the

implementation of National Clearing and Settlement System (NCSS). NCSS, with its technologically

advanced features, introduced extraordinary transparency and expediency in the clearing process. CDC was

assigned to deliver this project and after its successful implementation clearing and settlement operations and

NCSS system maintenance are also managed by CDC on behalf of National Clearing Company of Pakistan

Limited.

Statistics

－ 37－

Member Profiles

Since the inception of China’s securities market over ten years ago, the securities depository and clearing

system has been constantly evolving. From the initial physical, manual clearing to the present day

dematerialized, centralized electronic depository and clearing, the technology has been constantly advancing

(see the following diagram of the depository and clearing procedures for A shares (common shares

denominated in RMB)).

In March 2001, China Securities Depository and Clearing Corporation Limited (CSDCC) was established

according to the Securities Law and Company Law, to take charge of the depository and clearing of listed

securities. It is under the China Securities Regulatory Commission s supervision. The General Manager, who

reports to the Board of Directors, is responsible for the operation of the company. Headquartered in Beijing,

CSDCC has two subsidiaries: one in Shanghai and the other in Shenzhen. Its business scope covers the

opening and management of securities accounts and settlement accounts, securities registration and

transfer, securities depository, securities/payment clearing and delivery, acting as agent for securities

interests distribution as entrusted by the issues, and any other businesses as authorized by China Securities

Regulatory Commission. At present, the settlement is T+1 for A shares, and T+3 for B shares (domestically

listed common shares quoted in US dollars or HK dollars).

Main Services of SD&C1. Securities Account OpeningSD&C undertakes the duties for opening securities accounts in accordance with article 148 of the Securities

Law. At present, SD&C has published the Management Rules of Securities Accounts of SD&C to regulate

the opening of securities accounts. The participants of the securities account opening business include

SD&C, account-opening agent and eligible account applicants. SD&C is the only administer of securities

account opening in charge of the assignment of account codes and maintenance of securities account

information.

2. Securities RegistrationSecurities issuers shall enter into Securities Registration and Service Agreement with SD&C after public

issurance of securities. SD&C shall handle the registration of issues, variation, entitlement, buy-back

write-off in accordance with the agreement and the business rules. Upon the application of the securities

issuers, SD&C also allows the withdrawal of the registration. The securities registration business falls into

share registration, bond registration and fund registration as securities categories regarded. This report is

mainly dedicated to the share registration, which is comprised of share category registration, issuing

registration, variation registration and entitlement registration.

3. Securities CustodySD&C and the securities companies jointly provide securities custody services to the investors. The

state-owned shares and legal-person shares are under the custody of SD&C. The securities of investors not

－ 38－

Member Profiles

designated are under the custody of SD&C Shanghai Branch, while the relevant dividends, share interest,

bond interest and bond principal will be paid upon the completion of the designated trading.

4. Clearing and Settlement of Securities Trading(1) Clearing and settlement of A-share (including fund and bond) transactions

(2) Clearing and settlement of treasury-bond repo transaction

(3) B-share clearing and settlement

5. Issuer ServiceSD&C provides securities holder list, dividends distribution service and so on for issuers. Scope of issuer

service: holder list service; cash dividend distribution of shares and funds; cash-in of bond principal and

interest; cash-in of principal and interest of enterprise bonds. The procedure is similar to that of treasury

bonds.

6. Pledge Registration ServiceAccording to the Guarantee Law, the pledgee or pledger of public securities shall undergo pledge registration

procedure in SD&C.

(1) Non-tradable-share pledge registration (2) Tradable share pledge registration

－ 39－

Member Profiles

Diagram of the Depository and Clearing Procedures for A Shares

Order Placing

Trade report

Trading data

Securities�account data

SD&C

SD&C

Clearing�participants

Clearing�participants

RemittanceRemittance

Bank

ReconciliationReconciliation

Clearing� data

Remittance order

（Exchange）�

－ 40－

MAIN ADDRESS6767 Ayala Avenue

Makati City

Philippines

Tel: 63 (0) 2 893 5636

Fax: 63 (0) 2 893 5591

Email: pcd_helpdesk@pcd.com.ph

Web: www.pcd.com.ph

KEY PERSONNELVicente B. Castillo

Chairman

Roy B. Lacsamana

President & COO

Theresa S. Reyes

Vice-President

OWNERSHIPA share swap was recently undertaken under which the shareholders of the former Philippine Central Depos-

itory, Inc. exchanged their shares in PDTC with shares in Philippine Dealing System Holdings Corp. (PDS).

Tax clearance of the said share swap is currently being secured and as soon as said clearance is issued and

other documentation are completed, Philippine Depository & Trust Corp. (PDTC) shall be a wholly-owned

subsidiary. The PDS is structured as the holding company that will manage the Fixed Income Exchange

Infrastructure, a key significant project of the financial market reforms program. The PDS is owned by the

Bankers Association of the Philippines and its member banks (38%), Philippine Stock Exchange (12.22%),

other insurance companies, issuers and other investors (26.43%), technology provider (10%), Philippine

American Life Insurance Company (5%), Financial Executives of the Philippines (3.8%), Investment House

Association of the Philippines (2.5%) and Social Security System (2%).

GENERAL INFORMATIONPDTC started as the Philippine Central Depository, Inc. in 31 March 1995 as the first and only central securi-

ties depository in the country. Its operation made possible the building of an automated infrastructure that

facilitated and reduced risks in debt and equities securities settlement. Since its establishment, it pioneered

scripless, or paperless, trading for equities and debt instruments in the local financial market. Eight years

later, PCD has undergone a reorganization intended to make it more attuned to the changing financial market

environment. Under a reorganized PDTC, custodianship and registry services for scripless securities shall be

offered. For this purpose, PDTC applied for and obtained an approval in principle from the Bangko Sentral

Member Profiles

ng Pilipinas (BSP) to operate as a trust bank and a quasi-bank.

REGULATORY OBJECTIVESPDTC aims to be the premier provider of registry, depository and custody services for the Philippine fixed

income and equity securities. PDTC also commits to promote public trust by ensuring the effective delivery,

safekeeping and administration of securities holdings of client investors and to enhance the stability of the

Philippine financial system by being part of the integrated securities settlement system.

ACTIVITIES AND IMPLEMENTATIONPDTC provides the following services:

1. Depository services;

2. Nominee services;

3. Custody services of fixed income securities and equity securities; and

4. Registry services of private scripless fixed income securities and equity securities.

ACCOUNTABILITYThe primary regulator of PDTC is the Bangko Sentral ng Pilipinas. The Securities and Exchange Commission

shall also regulate PDTC’s depository and registry functions.

－ 41－

Member Profiles

－ 42－

The Central Depository (Pte) Limited(CDP)

OverviewCDP is a wholly-owned subsidiary of the Singapore Exchange with a capital of SGD 100 million. It provides

integrated clearing, settlement and depository services to investors in the Singapore market.

SGX, one of the Asia-Pacific’s leading integrated Exchange in securities and derivatives, was inaugurated on

1 December 1999, following the merger of former Stock Exchange of Singapore and Singapore Monetary

Exchange. On 23 November 2000, SGX became the first exchange in Asia-Pacific to be listed via a public

offer and a private placement. Listed on our bourse, our stock is a component of benchmark indices such as

the MSCI Singapore Free Index and the Straits Times Index.

Our Legal FrameworkCDP is registered under the Companies (Central Depository System) Regulations 1993 as pertaining to the

Companies (Amendments) Act No. 22 of 1993. As an approved Clearing House, we are regulated by the

Monetary Authority of Singapore, under the Securities and Futures Act, which came into effect on 1 October

2002.

As a Clearing HouseCDP acts as the central counterparty (CCP) to all our clearing members. ie. Trades are novated to CDP which

guarantees the settlement of the trades. The CCP system has brought significant benefits to our marketplace

in terms of reduced costs and risks. To realise further benefits from the CCP system, we extended multilateral

netting to institutional trade settlement between our clearing members and their institutional clients. We could

do so as clearing and depository services are integrated within CDP.

To secure the guarantee which we give as the central counterparty, we have a Clearing Fund which comprises

contributions from our clearing members, insurance coverage, CDP contributions and a CDP Standby line of

credit. CDP’s guarantee for DVP is supported by various undertakings and bank guarantees given by our

settlement banks and CDP’s appointed clearing bank.

As a DepositoryAs the central securities depository in Singapore, CDP acts as a central nominee for its account holders. All

immobilised certificates are registered in the name of CDP.

Investors can opt to maintain accounts directly with CDP or with clearing members and other financial

institutions, which in turn maintain accounts with the depository. Settlement of trades is conducted by CDP

via book-entry.

The depository has two categories of participants, namely direct account holders and depository agents (DAs).

Member Profiles

Investors can either custodise their securities in a direct account with CDP or in sub-accounts with the DAs,

which include clearing members and approved financial institutions such as bank nominees.

DAs are given access to CDP’s sub-accounting system, which enables them to maintain separate securities

accounts for their private or institutional clients. The identities of these sub-account holders are known only

to the respective DAs, ensuring the confidentiality and anonymity of their clients.

Depository services provided by CDP include:

Periodic statements to investors on securities account balances

Deposit of securities

Transfer of securities

Withdrawal of securities

Statements to account holders following entries made to their securities accounts.

New issue and distribution service

Distribution of entitlements

Rights Applications

Takeover Offers

Redemption of debt securities

Provision of shareholdings’ information to issuers

Despatch of annual reports/circulars

Other value-added services provided by CDP include:

Securities Borrowing and Lending

Allows investors to earn a fee on the securities kept with CDP

Direct Crediting Service

Allows investors to receive direct credit of cash distribution to bank account on payment

date

CDP Automated Phone Service

Allows investors to check shareholdings and IPO results over the phone

CDP Internet Service

Allows investors to access shareholdings, assess personal securities portfolio and update

personal particulars electronically

CDP is committed to providing highly efficient and reliable services, and continually strives to meet the evolving

needs of investors and market participants.

－ 43－

Member Profiles

Central Depository Systems (Pvt.) Limited(CDS)

The Organization

The Central Depository Systems (Pvt.) Limited (CDS) is a wholly owned subsidiary of the Colombo Stock

Exchange (CSE) and is responsible for the clearing & settlement of secondary market transactions concluded

on the CSE. Incorporated on 30th August 1991, the CDS commenced operations on 2nd September 1991 and

became fully operational by 30th June 1992. CDS is registered as a“Market Intermediary”under the

Securities & Exchange Commission of Sri Lanka Act No. 36 of 1987, as amended. The CDS is a member of

the Asia-Pacific Central Securities Depository Group (ACG). The Board of Directors of the CSE is

appointed to the Board of the CDS.

Prior to trading their Securities through the Automated Trading System (ATS) of the CSE, a holder of the

Securities is required to open a securities account with the CDS and deposit (lodge) such securities in that

account. On depositing the Securities the account holder in effect transfers ownership of the securities to the

CDS, while retaining the beneficial interest.

CDS thereupon gives notice of the said transfer of securities to the Secretary/Registrar of the Listed Company

to which such Securities relate and the company is required to register the transfer in the books of the

company, subject to the provisions in the CDS Rules.

Upon the due registration of the transfer of securities the said transfer is entered in the register of members

of the Listed Company. The respective CDS account holder, for whose benefit such Securities are held by

CDS, is entitled to enjoy all rights and privileges and is subject to all such duties and obligations as a

registered holder of those Securities, as also specified in the Companies Act No. 17 of 1982, as amended.

All listed securities are not fully de-materialized but it is mandatory to use the CDS for purposes of secondary

market trading. The CDS acts as a depository for all listed securities and approx. 50% of equity shares and

38% of Debt Securities are currently held through the CDS.

Main Services offered by CDS

The main services of CDS include;● maintaining securities in a scripless form to facilitate their trading in the CSE● clearing of securities on account of trades carried out through CSE● co-ordinating the settlement of funds between Participants through the settlement bank of the CDS● the opening and maintenance of securities accounts for investors, deposit of securities in such accounts,

withdrawal of securities and facilitating the transfer of securities between securities accounts in CDS● facilitating Securities Borrowing & Lending (SBL) by the account holders through participants● the provision of entitlement schedules and other reports to listed companies in respect of CDS account

holders● co-ordinating the transfer of securities in CDS pertaining to the take over of listed companies and/or

－ 44－

Member Profiles

de-listing of listed securities● the provision of CDS account statements to account holders on a periodic basis

Participant Status

Member firms of the CSE and Custodian Banks are eligible to obtain participant status of the CDS.

Fifteen Stock Broking firms (members of the CSE), Three Trading Members (members of the CSE), and

sixteen custodian banks (registered under the Banking Act and who provide custodial services for investors)

have been granted participatory status in the CDS, enabling them to directly utilize the facilities and services

offered by the CDS.

Settlement of Transactions

The settlement process for transactions on equities is in the form of a two tiered rolling system. A buyer of

equities is required to settle the buying broker the value of a purchase within trade day plus five market days

(T+5). On account of a sale, the client will receive his sale proceeds from his participant on trade day plus

six market days (T+6). The inter-participant settlement of all equity transactions falls on trade day plus six

market days (T+6) through the nominated Settlement Bank of the CDS.

The settlement process for transactions on Corporate Debt Securities is in the form of a single tiered rolling

system and falls on trade day plus one market day (T+1). This means that buyers shall pay the buying Broker

on trade day plus one market day (T+1) and the Selling Participant will settle the sellers on trade day plus

one market day (T+1). The inter-participant settlement on Corporate Debt Securities falls on trade day plus

one market day (T+1) through the nominated settlement bank of the CDS.

OPERATIONAL STATISTICS FOR LAST FIVE YEARS (1999 – 2003)

YEAR ACCOUNTS DEPOSITS WITHDRAWALS TRANSFERS TRADESOPENED

1999 12,239 60,021 574 12,189 206,745

2000 10,574 42,967 494 9,802 160,838

2001 5,067 24,718 404 11,201 160,094

2002 11,016 62,010 447 14,110 283,926

2003 21,440 95,878 471 15,349 484,091

－ 45－

Member Profiles

Apr-04 Apr-03

Domestic 2,995,139,799 2,263,955,726

Foreign 675,325,753 671,560,808

Total 3,670,465,552 2,935,516,534

NUMBER OF SECURITIES HELD IN CUSTODY

Taiwan Securities Central Depository Co., Ltd.

General InformationIn October 1989, The Ministry of Economic Affairs approved the establishment of Taiwan Securities Central

Depository Co., Ltd. (TSCD). In December 1989, the SFC enacted the Rules Governing the Book-entry

Operation of Securities in Centralized Custody and approved the Rules of Business Operation of TSCD.

On January 4,1990, TSCD started its operation officially. At the beginning, TSCD took over the custody

business from Fuh-Hwa Securities Finance Company as well as the settlement operations commissioned by

Taiwan Stock Exchange Corporation. At the same time, TSCD embarked on the computer linkage with secu-

rities firms. By August 1990, all securities firms in Taiwan were linked with TSCD. In coordination with the

enforcement of the book-entry system for all transactions in the centralized trading market, TSCD modified

its procedures and computer system in February 1995 to ensure that transactions and settlement in the centralized

market could be done in a safe and convenient method.

Ownership and GovernanceAs of end of 2003, TSCD had paid-in capital in the amount of NT$2,476,689,090; Taiwan Stock Exchange

Corporation (TSEC) owns 55% of TSCD shares; Fuh-Hwa Securities Finance Company owns 15%; over

100 securities firms and financial institutions own the remaining 30%.

The highest decision making body of TSCD is the shareholders' meeting. The highest executive unit is the

board of directors. Seven directors and three supervisors are elected at the shareholders' meeting. The chairman

is elected among directors. All directors and supervisors have a term of three years and may be re-elected. Under

the shareholders' meeting and the board, there is one president. The president is appointed by the chairman,

subject to the consent of the board, and executes the resolutions of the board and oversees company business

as directed by the chairman. There are two senior executive vice presidents who assist the president. There is

also one secretary general, who is in charge of general affairs, coordination and communication among

departments and assists the president and executive vice presidents.

To meet the business needs, there are eleven departments: operations, depository, shareholders' affairs, system

development, computer operation, planning, administration, auditing, legal, finance, and internal auditing

department.

Regulatory EnvironmentTSCD is:

(1) a corporation established under the Regulations Governing Securities Centralized Depository

Enterprises

(2) regulated under the Regulations Governing Book-Entry Operations for Centrally Deposited Securities

(3) regulated under the Rules of Business Operation of the Taiwan Securities Central Depository

Company

－ 46－

Member Profiles

－ 47－

Member Profiles

Services ProvidedAccording to the Regulations Governing Securities Centralized

Depository Enterprises, TSCD may engage in the following

businesses:

(1) Custody of Securities

(2) Book-entry for securities settlement

(3) Book-entry for securities pledging

(4) Book-entry distribution of securities

(5) Computerized processing of securities book-entry

(6) Registration of securities issued in dematerialized form

(7) Other businesses approved by SFC

Future Development(1) Strengthen the clearing and settlement operations for the Emerging Stock market

(2) Establishment of passbook registration system for margin trading

(3) Study the inclusion of specific institutions as TSCD participants

(4) Plan the book-entry operation for split bonds

(5) Strengthen Book-entry Operations for Securities Trust

(6) Promotion of book registration and management services for securities dematerialized issuance

(7) Develop the computerized clearing system of new products for the futures market

－ 48－

Vision (2006)To offer a complete range of post-security-trading services for the Thai capital market applying both interna-

tional best practices and cutting-edge technology.

OperationsThe Thailand Securities Depository Company Limited (TSD) is a subsidiary of The Stock Exchange of

Thailand (SET) and under the supervision of the Securities and Exchange Commissions (SEC). The TSD

was established on 16 November 1994 with a registered capital of THB 200 million, and commenced

operations on 1 January 1995. The TSD provides securities post-trading services that can be divided into five

categories as follows:● Securities Depository : acts as the central securities depository using an efficient scripless system.

Members: 1. Brokerage firms 2. Custodian Banks; 3. Issuing Companies

4. Any juristic person who is allowed to trade as stipulated by the SET

System: Dematerialized System

Types of Securities in SDC Common Share, Preferred Share, Debentures, Warrant, Derivative

Warrant, Transferable Subscription, Unit Trusts, Options, and Depository Receipts● Securities Clearing and Settlement: acts as the sole clearing house for securities trading in Thailand by

utilizing an internationally accepted multilateral netting mode of settlement.

Members: 1. Brokerage firms; 2. Custodian Banks

System:● Netting with Delivery versus Payment● Model 3 Multilateral Net Settlement ● Settlement: Book entry● Payment: Electronic Fund Transfer through Bahtnet system (Bank of Thailand Automated

High value Transfer Network) and Settlement Bank

Settlement Date: T+3

Risk Management : Clearing Fund, Credit line, SBL, Buy-in System, Settlement Cap, Early

Warning System, etc.● Securities Registration: acts as the securities registrar for all listed companies and other issuing

companies.● Fund Registration: acts as the registrar of Mutual Funds, Retirement Mutual Funds (RMFs), and

Provident Funds for asset management companies.

Main Services: 1. Front Office Program; 2. Back Office Program; 3. Registration Program● Back Office Service Bureau: provides broker services on securities after-trade operations and acts as

the center for operation system development. Presently the services cover various kinds of financial

instruments; for example, debentures, government bonds and short-term instrument. The service helps

reduce cost of brokers on its operation and system development.

Main Services: 1. Full Service; 2. Software Provider; 3. Backup site

Thailand Securities Depository Co., Ltd.(TSD)

Member Profiles

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Member Profiles

Statistical Highlights

2002 2003Number of Mutual Funds in the Fund Registration System (Funds) N/A4/ 44/

Number of Retirement Mutual Funds (RMFs) in the Fund Registration System (Funds) 8 9Number of Provident Funds in the Fund Registration System (Funds) N/A5/ 29 5/

2002 2003Number of Brokers Using Full Service of BSB (Companies) 8 147/

Number of Brokers Using BSB as a Back-up Site (Companies) 1 1Number of Brokers Using Application Service of BSB (Companies) - 1

2002 2003Number of Companies in the Securities Registration System (Companies) 446 467Number of Securities in the Securities Registration System (Securities) 558 601

Common Shares 443 463Preferred Shares 21 21

Bonds and Debentures 23 24Convertible Debentures 2 2Unit Trusts - 4

Warrants 68 86Derivative Warrants 1 1

2002 2003Number of Depository Participants (Participants) 149 200

Brokers 37 37Custodians 31 30Issuers 69 124Others 12 9

Number of Securities Deposited in the Securities Depository System (Securities) 672 718Common Shares 1/ 421 446Preferred Shares 13 13Bonds and Debentures 139 150Convertible Debentures 11 11 Unit Trusts 23 23Warrants 64 74Derivative Warrants 1 1

Value of Securities Deposited in the Securities Depository System (Million Baht) The Stock Exchange of Thailand (SET) (At Market Price) 1,054,033 2,833,882Percentage of Deposit Compared to Total Market Capitalization (At Market Price) 53 59Bond Market Exchange (BMX) (At Market Price) 2/ N/A 32,190Percentage of Deposit Compared to Total Market Capitalization (At Market Price) N/A 21The Market for Alternatives Investment (MAI) (At Market Price) 1,409 8,982Percentage of Deposit Compared to Total Market Capitalization (At Market Price) 81 66The Thai Bond Dealing Center (TBDC) (At Par Value) 7,975 7,198Percentage of Deposit Compared to Total Market Capitalization (At Par Value) 3 2

Number of Accounts in the Securities Depository System (Accounts)Local 8,126 8,832Foreign 1,598 1,654

2002 2003Number of Participants in the Clearing House (Participants) 57 57Total Value of Securities Clearing and Settlement (Million Baht) 237,090 437,601Total Volume of Securities Clearing and Settlement (Million Shares) 82,530 171,250Total Transactions of Securities Clearing and Settlement (Thousand Transactions) 1,328 1,903

1. Securities Depository As of December 31, 2003

2. Securities Clearing and Settlement 3/

3. Securities Registration

4. Fund Registration

5. Back Office Services Bureau - BSB6/

Note: 1/ Including property fund 2/ The BMX started trading on November 26, 2003. 3/ The figures shows the clearing and settlement of securities traded on The Stock Exchange of Thailand only. 4/ Fund registration for Mutual Fund started in June 2003. 5/ Fund registration for Provident Fund started in January 2003. 6/ Back Office Service Bureau (BSB), formerly rendered by The Stock Exchange of Thailand, has run by the TSD since July 2003. 7/ In 2003, 7 out of 14 brokers use back office service only for corporate debentures trading on The Stock Exchange of Thailand.

Uzbekistan State Central Securities Depository (UzSCSD)

General Information

The State Central Securities Depository (UzSCSD) is the sole central depository in Uzbekistan. SCSD

provides depository, registry and settlement services for equities and corporate bonds in Uzbekistan. SCSD

is a state entity that was created by Resolution 263 of the Cabinet Ministers according to the Law about

Depositories Activity in the Securities Market on 21 May 1999 and commenced operations on 19 October

1999. It is an independent institution, functioning on self-financing principle.

The number of shares in custody exceeded 1 479.189 million shares in the April 2004, where there are 95%

shares dematerialized (non-cash securities).

Ownership and Governance

UzSCSD was established under Supreme Parliament of Uzbekistan with the capital of US$ 152 500.

Uzbekistan was the first among the CIS countries tovelaborate andvapprove Performance standards for

depository and register institutions, that included securities expertise procedures, securities quotation

provisions together with a number of other important documents.

UzSCSD is observed by the Center of Control and Coordination of securities market. Nevertheless, UzSCSD

is an economically independent legal entity. The main functions of UzSCSD are to provide depository of

securities, to exercise rights of securities owners and provide execution of securities operations throughout

the territory of the Republic of Uzbekistan.

Regulatory Environment

UzSCSD is:

- a central securities depository designated and regulated under the Law of Republic of Uzbekistan On

activity of depositories in the securities market ,

- regulated by the Center of Control and Coordination of securities market.

Services Provided

● Storage of all non-physical issues of corporate securities issued in the country;● Storage and accounting of rights to corporate securities - State-owned assets;● Conducting correspondent accounts of depositories;● Confirmation of availability and authenticity of securities of exchange and off-exchange trades participants

before offering them for trades;● Maintenance of delivery of securities to exchange and off-exchange trades participants by concluded

transactions;● Accounting of the securities issued by non-residents and the securities issued by residents of the country,

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Member Profiles

circulating in foreign stock markets, on the territory of Republic of Uzbekistan;● Gathering and systematization of the information on movement of securities in depository system

The depositors of the UzSCSD are: the State Property Management Committee and its territorial branches,

the Ministry of Finance; joint-stock companies, associations, holdingsvwith state share, trust management

companies representing the state shares.

By January 1, 2002 there are 1,11 billion equities of 4654 joint stock companies on the total sum – 1,62

trillion sum deposited in the UzSCSD. By April 1, 2004 there are 1,48 billion equities of 3554 joint-stock

companies deposited

Main Initiatives

● UzSCSD was in a number of the key initiators of implementation of dematerialization process. It was

taking part in developing numerous regulations, standards and rules for adoption of dematerialization

mechanisms. The results of dematerialized securities shown at the graph indicate essential prosper of

the process.

● In order to ensure an exercising investor s rights UzSCSD undertakes specific measures on transition

to unified base of depositors. This will allow UzSCSD to organize the structure of interaction with

second level depositories centrally, so that UzSCSD becomes sole unified registrant. The system

operates as follows – since every depositor in UzSCSD has a unified code, the process of trades will

be facilitated and, therefore, overall turnover of capital in the securities market will grow.

Another feature of the process is that it reduces the possibility of double account in the second level

depositories. And the information about all depositors would be accumulated at one organization.

Thus would be reached the transparency of transactions in the securities market.

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Member Profiles

Non-cash securities

Cash securities

Year

1999 2000 2001 2002 2003 2004

1400

1200

1000

800

600

400

200

0

Volume

Graph on Dematerilized Securities(million shares)�

National Securities Clearing Corporation Ltd.Exchange Plaza, Bandra-Kurla Complex, Bandra(E), Mumbai-400051 IndiaTel: +91-22-2659-8200 Fax: +91-22-2659-8121E-mail: rnarain@nse.co.inWeb site: http://www.nseindia.comNational Securities Depository LimitedTrade World, 5th Floor Kamala Mills Compound, Senapati Bapat Marg, Lower Parel,Mumbai – 400013 IndiaTel: +91-22-2497-2980 Fax: +91-22-2497-2979E-mail: info@nsdl.co.inWeb site: http://www.nsdl.co.in

INDONESIA: PT. KustodianSentral Efek IndonesiaThe Jakarta Stock Exchange Building Tower 1,5th Fl., Jin. Jendral Sudirman Kav. 52-53Jakarta 12190 IndonesiaTel: +62-21-5299-1099 Fax: +62-21-5299-1199E-mail: josef@ksei.co.idWeb site: http://www.ksei.co.idIndonesian Clearing & Guarantee CorporationThe Jakarta Stock Exchange Building Tower 1,5th Fl., Jin. Jendral Sudirman Kav. 52-53Jakarta 12190 IndonesiaTel: +62-21-515-5604 Fax: +62-21-515-5106E-mail: hoesen@kpei.co.idWeb site: http://www.kpei.co.id

JAPAN: Japan Securities Depository Center, Incorporated5th Floor, Daini-Shoken Kaikan Building, 1-1,Nihombashi Kayaba-cho 2-Chome, Chuo-ku,Tokyo 103-0025 JapanTel: +81-3-3661-0161 Fax: +81-3-3661-2810E-mail: international@jasdec.comWeb site: http://www.jasdec.comJapan Securities Settlement & Custody, Inc.1-1, Nihombashi Kayabacho 2-Chome, Chuo-ku, Tokyo 103-0025 JapanTel: +81-3-3665-1463 Fax: +81-3-3669-0348E-mail: gaikabu@jssc.co.jpWebsite: http://www.tse.or.jp/english/cash/clearing/index.html # jssc

AUSTRALIA: ASX Settlement & Transfer Corporation Pty Limited20 Bridge Street, Sydney NSW 2000 AustraliaTel: +612-9227-0804 Fax: +612-9251-7639E-mail: angus.richards@asx.com.auWeb site: http://www.asx.com.auAustraclear LimitedLevel 1, 30 Grosvenor Street, Sydney NSW2000 AustraliaTel: +612-9256-0555 Fax: +612-9256-0426E-mail: webmaster@sfe.com.auWeb site: http://www.sfe.com.au

BANGLADESH: Central Depository Bangladesh LimitedBSRS Bhaban (18th Floor), 12 Kawran Bazar,Dhaka-1215 BangladeshTel: +880-2-812-5402 Fax: +880-2-812-4630E-mail: cdbl@bol-online.com

HONG KONG: Hong Kong Monetary Authority30/F, 3 Garden Road, Central, Hong Kong55/F, Two International Firance Center, 8Finance Street, Central, Hong KongTel: +852-2878-8196 Fax: +852-2878-8197E-mail: Eric-TK-Wong@hkma.gov.hkWeb site: http://www.info.gov.hk/hkmaHong Kong Securities Clearing Co., Ltd.12/F, One International Finance Centre, 1 Harbour View Street, Central, Hong KongTel: +852-2211-6288 Fax: +852-2541-3234E-mail: bryanchan@hkex.com.hkWe bsite: http://www.hkex.com.hk

INDIA: Central Depository Services (India) Limited28th Floor, P J Towers, Dalal Street, Fort,Mumbai-400023 Maharashtra, IndiaTel: +91-22-2272-3333 Fax: +91-22-2272-3199E-mail: hitendrap@cdslindia.comWeb site: http://www.cdslindia.com

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Contact Us

Member Profiles

KOREA:Korea Securities Depository34-6 Yoido-Dong, Youngdeungpo-Gu, Seoul,150-884 KoreaTel: +82-2-3774-3445 Fax: +82-2-3774-3433E-mail: jhlee@ksd.or.krWeb site: http://www.ksd.or.kr

MALAYSIA: Malaysian Central Depository Sdn Bhd6th Floor, Exchange Square, Bukit Kewangan,50200 Kuala Lumpur, MalaysiaTel: +60-3-2026-2099 Fax: +60-3-2026-3726E-mail: commsmcd@bursamalaysia.comWeb site: http://www.bursamalaysia.comSecurities Clearing Automated Network Services Sdn Bhd8th Floor, Exchange Square, Bukit Kewangan,50200 Kuala Lumpur, MalaysiaTel: +60-3-206-8099 Fax: +60-3-206-3714E-mail: limlb@bursamalaysia.comWeb site: http://www.bursamalaysia.com

NEW ZEALAND: New Zealand Central Securities DepositoryC/-Reserve Bank of New Zealand, No2. TheTerrace Wellington, New ZealandTel: +644-472-2029 Fax: +644-471-3860E-mail: katzp@rbnz.govt.nzWeb site: http://www.rbnz.govt.nz

PAKISTAN: Central Depository Company of Pakistan Limited8th Floor, Karachi Stock Exchange Building,Stock Exchange Road, Karachi-74000 PakistanTel: +92-21-111-111-500 Fax: +92-21-2426271E-mail: diwan@cyber.net.pkWeb site: http://www.cdcpakistan.com

P. R. CHINA: China Securities Depository & Clearing Corporation Limited23/F, Investment Plaza, 27# Jin Rong Street,Xicheng District, Beijin 100032 P. R. ChinaTel: +86-10-5859-8897 Fax: +86-10-6621-0938E-mail: nwang@chinaclear.com.cnWeb site: http://www.chinaclear.com.cn

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Member Profiles

PHILIPPINES: Philippine Depository & Trust Corp.G/F Makati Stock Exchange Bldg., 6767 AyalaAvenue, Makati City, Philippines Tel: +632-840-3312 Fax: +632-840-3310E-mail: pcd_helpdesk@pcd.com.phWeb site: http://www.pcd.com.ph

SINGAPORE: The Central Depository (Pte) Limited2 Shenton Way #19-00, SGX Centre 1 Singa-pore 068804Tel: +65-6236-8888 Fax: +65-6535-9434E-mail: cdpspore@sgx.comWeb site: http://www.cdp.com.sg

SRI LANKA: Central Depository Systems (PVT) Limited#04-01, West Block, World Trade Center,Echelon Square, Colombo 01 Sri LankaTel: +94-1-440539 Fax: +94-1-445279E-mail: cse@cse.lkWeb site: http://www.cse.lk

TAIWAN: Taiwan Securities Central Depository Co., Ltd.11F 363 Fushin North Road, Taipei 105 TaiwanTel: +886-2-2719-5805Fax: +886-2-2713-3736E-mail: e855110@tscd.com.twWeb site: http://www.tscd.com.tw

THAILAND: Thailand Securities Depository Co., Ltd.62, 7th Floor, The Stock Exchange of ThailandBuilding, Rachadapisek Road, Klongtoey,Bangkok 10110 ThailandTel: +662-229-2800Fax: +662-359-1256E-mail: contact.tsd@set.or.thWeb site: http://www.tsd.co.th

UZBEKISTAN:Uzbekistan State Central Securities Depository10 Bukhoro Street, Tashkent 700000 UzbekistanTel: +998-71-136-1434 Fax: +998-71-133-1357E-mail: umid@deponet.uzWeb site: http://www.deponet.uz

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The 1st General Meeting of ACG was held in Hong Kong, hosted by the Hong Kong

Securities Clearing Co. Ltd., attended by 17 CSDs and clearing organizations in 14 coun-

tries in the Asia-Pacific region.

(Since then, the General Meeting of ACG has been held once a year, hosted by one of ACG

members.)

The Central Depository Systems (PVT) Ltd., Sri Lanka, joined ACG.

The 1st Cross Training Seminar of ACG was organized by the Exchange of Information

Task Force, held in Taipei, Taiwan, hosted by the Taiwan Securities Central Depository.

(Since then, the Cross-Training Seminar of ACG has been organized once a year, hosted by

one of ACG members.)

The Central Depository Bangladesh Limited, Bangladesh, joined ACG.

The Securities Clearing Automated Network Services, Malaysia, joined ACG.

The Central Depository Services (India) Limited, India and the National Securities Clearing

Corporation, India, joined ACG.

The Hong Kong Monetary Authority joined ACG.

The Indonesian Clearing & Guarantee Corporation and the Uzbekistan State Central Securi-

ties Depository joined ACG.

The 7th General Meeting of ACG was held in Bali, Indonesia, jointly hosted by the PT.

Kustodian Sentral Efek Indonesia and Indonesian Clearing & Guarantee Corp.

The 6th Cross Training Seminar of ACG was organized by the Exchange of Information

Task Force, held in Hong Kong, jointly hosted by the Hong Kong Monetary Authority and

the Hong Kong Securities Clearing Co., Ltd.

Nov. 1997

Nov. 1998May. 1999

Feb. 2000Mar. 2000Nov. 2000

Mar. 2001Sep. 2001

Nov. 2003

Mar. 2004

Cross-Training Seminar in Hong Kong in May 2004

History of ACG

Member Profiles

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Member Profiles

ACG General Meetings and Cross-Training Seminars

General Meeting in Bali, Indonesia in October 2003

. General Meetings

. Cross-Training Seminars

GM Schedule Venue Hosting Members

1st Nov. 27-28, 1997 Hong Kong HKSCC

2nd Nov 9-10, 1998 Mumbai, India NSDL

3rd Nov. 4-5, 1999 Wellington, New Zealand NZCSD

4th Nov. 1-3, 2000 Seoul, Korea KSD

5th Sep. 24-25, 2001 Kuala Lumpur, Malaysia MCD & SCANS

6th Nov. 18-19, 2002 Bangkok, Thailand TSD

7th Oct. 2-3, 2003 Bali, Indonesia KSEI & KPEI

Seminar Schedule Venue Hosting Members

1st May 10-13, 1999 Taipei, Taiwan TSCD

2nd Jun. 26-28, 2000 Jakarta, Indonesia KSEI

3rd Jun. 19-21, 2001 Tokyo, Japan JASDEC & JSSC

4th Nov. 18-19, 2002 Mumbai, India NSDL

5th Sep. 3-5, 2003 Seoul, Korea KSD

6th May 11-14, 2004 Hong Kong HKMA & HKEx