DTCC and Jasdec to handle US stocks on Japanese exchange
The Depository Trust and Clearing Corporation (DTCC) has signed a deal with the Japan Securities Depository Centre (Jasdec) to streamline trading in US securities on Japanese stock exchanges.
Now, however, Jasdec will take over foreign securities as well as domestic issues, via a link with DTCC's depository subsidiary. US and Japanese firms will be able to move US securities traded in Japan through the depository to other US or Japanese brokers.
Trades on Japanese exchanges will continue to be settled in Japan. The move will help the exchanges transfer to paperless trading by 2009, Japanese regulators said.
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