Belgium-based central securities depository Euroclear has developed a new service link with its Korean counterpart, Korea Securities Depository (KSD), in order to provide settlement, custody and related services for Korean treasury bonds (KTBs).
The Korean government is planning to issue KTBs totalling more than €45 billion before the year-end and Hae Il-Jang, managing director and head of Investment Services at KSD says that the link with Eurcoelar will encourage more foreign investment in the securities. "Hence it will promote liquidity as well as efficiency in the government bond market."
The link is the 10th such agreement struck by Euroclear in the Asia-Pacific region and, according to Philippe Dirckx, general manager and regional head of Euroclear Bank's Asia-Pacific branch, is a further demonstration of its commitment to the region.
Meanwhile Euroclear has also announced two management changes to its European operations with Val érie Urbain, currently managing director and head of human resources for the Euroclear group, swapping places with Pierre Slechten, currently chief executive of Euroclear Belgium, Euroclear France and Euroclear Nederland.
The changes, subject to all necessary approvals, will take effect on 6 October.