JAKARTA, Indonesia and NEW YORK, Oct. 19, 2014 (GLOBE NEWSWIRE) -- The PT Kustodian Sentral Efek Indonesia (KSEI), the central securities depository (CSD) of Indonesia, and Nasdaq (Nasdaq:NDAQ), have signed an agreement for Nasdaq to deliver X-stream CSD, to KSEI. The contract signed is for 10 years.
"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. 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.
About PT Kustodian Sentral Efek Indonesia
Indonesian Central Securities Depository (KSEI) was established in Jakarta on December 23rd, 1997, and obtained its license as the Central Securities Depository (CSD) on November 11th, 1998. In the Indonesia capital market, KSEI is one of the Self Regulatory Organizations (SRO), along with the Indonesia Stock Exchange (IDX) and the Indonesian Clearing and Guarantee Corporation (KPEI).
Since February 2012, KSEI along with other SROs have completed the implementation of the Single Investor Identification (SID), Client's Fund Account (Rekening Dana Nasabah or RDN) and AKSes (Acuan Kepemilikan Sekuritas) Facility. AKSes Facility embodies the information transparency in Indonesia capital market since its launching in 2009. Through the AKSes Facility, investors can directly monitor their investment assets in KSEI's depository. As an alternative to login, KSEI has also developed AKSes Mobile in 2012 as well AKSes Facility Co-Branding through the ATMs of one of RDN bank administrators which launched in July 2014.
Nasdaq (Nasdaq:NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 80 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,400 listed companies with a market value of over $8.5 trillion and more than 10,000 corporate clients. To learn more, visit www.nasdaqomx.com.
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CONTACT: Media Contact: PT Kustodian Sentral Efek Indonesia Zylvia Thirda firstname.lastname@example.org (021) 5299 1062 (phone) (021) 5299 1199 (fax) Nasdaq Ryan Wells email@example.com +1 (212) 231-5541 (office) +1 (646) 581-4286 (mobile)
Source:The NASDAQ OMX Group, Inc.