On 7 April 2014, the Singapore Exchange Limited (the "SGX") issued a press release announcing that the 20th ASEAN Exchanges CEOs meeting concluded on 4 April 2014 with an agreement regarding custody and settlement services on the ASEAN Trading Link. ASEAN Exchanges have appointed Deutsche Bank for custody and settlement services.
By way of background, ASEAN Exchanges is a collaboration of exchanges from Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The collaboration aims to promote the growth of the ASEAN capital market by driving cross-border collaboration, streamlining access to ASEAN, creating ASEAN centric products and implementing targeted promotional initiatives.
ASEAN Trading Link, one of the key initiatives rolled out by the ASEAN Exchanges, was launched on 18 September 2012 to provide brokers of participating ASEAN exchanges with the infrastructure to input orders directly on another participating ASEAN exchange. The appointment of a custody and settlement services provider facilitates streamlined and cost-effective post-trade procedures for cross-border transactions conducted via the ASEAN Trading Link. The connected exchanges of the ASEAN Trading Link are the Stock Exchange of Thailand, the SGX and Bursa Malaysia.