"This is a major step for KSEI in increasing the capacity and modernizing our C-BEST CSD platform to boost our productivity, while delivering a functionally rich performance, including functionality and information technology, to cater to the anticipated rapid growth of Indonesian investors," said Heri Sunaryadi, President Director, KSEI. "We strictly conducted the vendor selection process based on the specifications and requirements needed. The development of C-BEST Next-G is expected to accommodate the SWIFT message format of ISO 20022, which can be implemented globally. This will facilitate KSEI to conduct Cross Border Settlement with other countries in the future."

"For Nasdaq, partnering with KSEI is a very important milestone for our post-trade business," said Lars Ottersgård, Executive Vice President, Market Technology, Nasdaq. "As we look to expand this offering across all the world's major markets, Indonesia will fully adopt this new X-stream technology to bolster their role as the country's CSD, as well as positioning KSEI as a potential regional player of the future. We are honored to share this journey with KSEI and look forward to supporting their anticipated significant growth in Indonesia's capital market in the years to come."

The X-stream CSD solution offers KSEI key functionalities such as asset and custody management, trade and instruction capture, corporate action management REPO's, settlement as well as SLB, in addition to multi-asset, multi-currency, CSD linkages and multi-lingual services.

"Indonesia is Southeast Asia's largest economy with significant growth prospects, including strong retail investor growth in numbers over the years to come," said Robert Fröjd, Managing Director and Regional Manager, South Asia, Southeast Asia and Pacific, Nasdaq. "This growth requires significant capacity and scalability across the capital markets infrastructure, where KSEI plays a key role as the only CSD in Indonesia.ole as the only CSD in Indonesia. As Nasdaq sees strong demand for post-trade technology, including CSD, across the Asia Pacific region, the KSEI partnership is even more important to us."

Nasdaq's exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 100 marketplaces across USA, Europe, Asia, Australia, New Zealand, Africa and Middle East.