Member Profiles 2004－2005

Asia-Pacific Central Securities Depository Group

Australia Bangladesh Hong Kong India Indonesia Japan Korea Malaysia New Zealand

Pakistan P.R.China Philippines Singapore Sri Lanka Taiwan Thailand Uzbekistan

Exchange of Information Task Force Contents

List of ACG Members …………………………

Foundation of ACG and Task Forces …………

ACG Member Profiles …………………………

Member Profiles List of ACG Members

Australia: ASX Settlement & Transfer Corporation Pty Limited Austraclear Limited

Bangladesh: Central Depository Bangladesh Limited

Hong Kong: Hong Kong Monetary Authority Hong Kong Securities Clearing Co., Ltd.

India: Central Depository Services (India) Limited National Securities Clearing Corporation Limited National Securities Depository Limited

Indonesia: PT. Kustodian Sentral Efek Indonesia Indonesian Clearing & Guarantee Corporation

Japan: Japan Securities Depository Center, Incorporated Japan Securities Settlement & Custody, Inc.

Korea: Korea Securities Depository

Malaysia: Bursa Malaysia Depository SDN BHD Bursa Malaysia Securities Clearing SDN BHD

New Zealand: New Zealand Central Securities Depository

Pakistan: Central Depository Company of Pakistan Limited

P. R. China: China Securities Depository & Clearing Corporation Limited

Philippines: Philippine Depository & Trust Corp.

Singapore: The Central Depository (Pte) Limited

Sri Lanka: Central Depository Systems (PVT) Limited

Taiwan: Taiwan Securities Central Depository Co., Ltd.

Thailand: Thailand Securities Depository Co., Ltd.

Uzbekistan: Uzbekistan State Central Securities Depository

Member Profiles － 1 － Foundation of ACG

The Asia-Pacific Central Securities Depository Group was formed in November 1997 as an informal international organization with the objective to facilitate the exchange of information and to promote mutual assistance among member securities depositories and clearing organizations in the Asia-Pacific region. The number of participants as of the end of 2003 is 24 institutions in 17 countries. The ACG publishes News letters quarterly to distribute the updated information concerning the securities depository and clearing systems in the Asia-Pacific region. General Meeting of ACG is to be held once a year and its venue is to be decided by hosting members. ACG also organizes a Cross-Training Seminar once a year to provide non-executive officers of members with the opportunity to learn the business operations of members and to learn the various services provided or to be implemented by members in the region. Further information on ACG will be available from the web-sites of members.

Secretariat (Year 2004) : PT. Kustodian Sentral Efec Indonesia Indonesian Clearing & Guarantee Corporation

Task Forces

Settlement Risk Management Task Force Convenor: Thailand Securities Depository Co., Ltd. Terms of Reference: # Develop the understanding of risk management practices # Examine the management of failed trades. # Examine the activities of the derivatives market. # Share experience among members

Task Force Members: Central Depository Company of Pakistan Korea Securities Depository Limited China Securities Depository & Clearing Central Depository of Bangladesh Ltd. Corporation Limited Central Depository Systems (PVT) Limited Taiwan Securities Central Depository Co., Ltd. Hong Kong Monetary Authority Uzbekistan State Central Securities Depository Hong Kong Securities Clearing Co., Ltd. National Securities Clearing Corporation Limited

Member Profiles － 2 － Exchange of Information Task Force Convenor: Japan Securities Depository Center, Inc.

Terms of Reference: # Activities to facilitate the exchange of information concerning the securities market of ACG members. # Activities to facilitate and promote the mutual assistance and cooperation among members of ACG.

Task Force Members: ASX Settlement & Transfer Corporation Pty Limited Bursa Malaysia Depository SDN BHD Austraclear Limited Bursa Malaysia Securities Clearing SDN BHD Central Depository Bangladesh Limited New Zealand Central Securities Depository Central Depository Services (India) Limited Central Depository Company of Pakistan Limited National Securities Depository Limited Philippine Depository & Trust Corp. PT. Kustodian Sentral Efek Indonesia The Central Depository (Pte) Limited Indonesian Clearing & Guarantee Corporation Taiwan Securities Central Depository Co., Ltd. Japan Securities Settlement & Custody, Inc. Uzbekistan State Central Securities Depository Korea Securities Depository

Technical Task Force Convenor: National Securities Depository Limited Terms of Reference: # Investigate business proposals in relation to technical issues such as e-sommerce and security of system networks. Task Force Members: Austraclear Limited Bursa Malaysia Securities Clearing SDN BHD Central Depository Bangladesh Limited China Securities Depository & Clearing Hong Kong Securities Clearing Co., Ltd. Corporation Limited Bursa Malaysia Depository SDN BHD Taiwan Securities Central Depository Co., Ltd. New Zealand Central Securities Depository Thailand Securities Depository Co., Ltd.

New Service Initiative Task Force Convenor: Korea Securities Depository

Terms of Reference: # Sharing Information & Experience on New Service Initiatives # Making Joint Efforts to Initiate New Services in the Areas of Common Interest # Pursuing Development & Prosperity of Members

Task Force Members: National Securities Depository Limited Taiwan Securities Central Depository Co., Ltd. The Central Depository (Pte) Limited Thailand Securities Depository, Co., Ltd.

Member Profiles － 3 － ASX Settlement and Transfer Corporation (ASTC)

General Information ASTC was established in 1992 as a wholly-owned subsidiary of the Australian Stock Exchange (ASX) with responsibility for establishing and operating a book-entry clearing and settlement service for transactions effected on the equities market operated by ASX. ASTC’s initial task was to establish the legal, regulatory, systemic and procedural infrastructure comprising the environment of the Clearing House Electronic Subreg- ister System (CHESS), for clearing and settlement of exchange transactions. Electronic transfer facilities were first introduced in 1994, and delivery-versus-payment settlement (BIS model 3) was introduced in 1996. Over a period of five years from 1994 all securities traded on the exchange evolved to fully dematerialised holdings.

CHESS is an implementation of the name-on-register model for book-entry transfer and settlement. Under this model transfers of securities constitute a transfer of legal title, in contrast to the more widely used depository model in which transfers constitute a transfer of beneficial interests within a depository nominee.

Market transactions are novated and cleared through a central counterparty (CCP).

The market adopted a T+3 (trade date + three business days) settlement discipline in 1999.

Responding to major changes in the Australian Corporations Law, which among other things changed licensing requirements for clearing and settlement facility providers, and empowered the Reserve Bank of Australia (the central bank) to impose financial stability standards on clearing and settlement facilities, ASX implemented a major restructuring of its clearing and settlement facilities in March 2004. Provision of clearing services for equities market transactions was devolved from ASTC, and combined with clearing services for derivatives markets operated by ASX, in a wholly-owned subsidiary known as Australian Clearing House Pty Ltd (ACH). ACH now provides clearing and counterparty risk management services across all markets operated by ASX.

ASTC continues to function as a licensed settlement processing facility providing settlement and asset registration services.

Each listed entity maintains an electronic subregister within CHESS for each class of its quoted securities. The CHESS subregister forms part of an entity’s principal register, and it is in this way that legal title may be transferred electronically while maintaining maximum transparency of ownership. Securities holdings are registered in the name of the legal owner and may be held either on the CHESS subregister or directly on the principal register, which is known as the “issuer sponsored” subregister. Holdings in CHESS are either direct holdings of settlement participants, or holdings of other parties (typically retail investors) who are sponsored by settlement participants. As at March 2004, there were some 7.1 million holdings on CHESS subregisters, with a value of about A$630 billion, representing some 79% of the total ASX domestic market capitalisation.

Member Profiles － 4 － Ownership and governance ASX is a for-profit public listed company, and both ASTC and ACH are wholly-owned subsidiaries of ASX. The board of ASX comprises a Managing Director/Chief Executive Officer, a non-executive Chairman, and six non-executive directors. Both ACH and ASTC have the same set of directors, comprising three non-executive directors and four directors who are executives of ASX. The Chairman in each case is a non-executive.

Regulatory environment Both ASTC and ACH are separately licensed under the Corporations Act 2001 as Australian clearing and settlement facility licensees. Participants in ACH, and ACH itself, are contractually bound by the ACH Clearing Rules, which include provisions covering responsibility for counterparty risk, access to clearing facilities, and conduct of clearing participants. Similarly, participants in ASTC and ASTC itself are contractually bound by the ASTC Settlement Rules, which among other things govern access to the settlement infrastructure for the purpose of payment, delivery, asset registration, and conduct of settlement participants.

The Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia regulate both ASTC and ACH, and are empowered to enforce laws relating to clearing and settlement licensees. Both entities are subject to periodic examinations by ASIC, which has the power to inspect premises and records, and assess each entity’s compliance with its obligations. ASIC is empowered to disallow proposed amendments to the clearing rules and settlement rules. For breaches of applicable statutes or regulatory requirements, ASIC may restrict, suspend or terminate the operations of a clearing and facility licensee.

Services provided Services provided by ASTC include the following:

Electronic transfer of securities held between holdings held on the CHESS subregister, and inter-subregister transfers; Pre-settlement matching trades between direct and indirect market participants; DVP settlement of market transactions in accordance with the BIS Model 3; DVP settlement of initial public offerings; Maintaining records of sponsorship for holdings on the CHESS subregister; Providing monthly activity statements for holdings on the CHESS subregister; Updating holdings on the CHESS subregister to reflect allotments arising from corporate actions; Maintaining the integrity of holdings pledged to ACH in accordance with its risk management requirements.

Clearing participants, settlement participants, banks, and issuers share registries (transfer agents) interact electronically with the central systems of ASTC/ACH via a proprietary messaging protocol.

Member Profiles － 5 － General Information In December 2000, Austraclear Limited (SFE Austraclear), the operator of the central securities depository for the Australian money market (commercial paper, government and non government registered securities) became part of the SFE Group. SFE Austraclear was formed to develop and operate a Central Securities Depository (CSD) for Australian markets, launching its first live electronic settlement system in September 1984.

SFE Austraclear operates a significant Central Securities Depository service in the Asia Pacific region and on average holds over A$426 billion in securities on a daily basis.

Ownership and Governance SFE Corporation Limited and its subsidiary companies, Sydney Futures Exchange Limited, New Zealand Futures and Options Exchange Limited (NZFOE), SFE Clearing Corporation Pty Ltd and Austraclear Ltd provide exchange traded and over the counter (OTC) services throughout the Asia Pacific region and in other major financial cities in the world.

SFE is a public company whose shareholders include many of Australia’s and the world’s leading banks and brokerages as well as institutional and retail investors. Its shares were listed on the Australian Stock Exchange (ASX) in April 2002, having previously been exempt market listed, and the stock is included in the ASX 200 index.

Regulatory Environment SFE Austraclear is regulated by the following statutory authorities:

# Reserve Bank of Australia (RBA) (focusing on financial stability standards and reduction of systemic risk) # Australian Competition and Consumer Commission (ACCC) (focusing on anti competitive behaviourand use of market power)

Regulatory approvals are publicised and the SFE Group (of which SFE Austraclear is a part) must produce annual financial statements and publish an annual report. SFE Austraclear also maintains informal links with ASIC and RBA to ensure transparency of SFE Austraclear’s operations with the regulators.

SFE Clearing has been added to the list of recognised clearing houses by the FSA of the UK for capital adequacy purposes. The SFE, SFE Austraclear and SFE Clearing are parties to the International Information Sharing Memorandum of Understanding and Agreement initiated on 15 March 1995. SFE is a member of the Intermarket Surveillance Group (ISG).

Member Profiles － 6 － Services Provided SFE Austraclear provides the following CSD services to the Asia Pacific Region:

# Instantaneous clearing and settlement of transactions for more than 700 Participants # Operation of the CSD for owners of debt securities in Australian financial markets valued A$46 billion # Enablement of ownership of the securities to be transferred on a DvP basis by connecting market participants and their banks through its network to a central processing site, without buyers and sellers having to exchange documents or cheques # Provision of a feeder system into the RBA’s real-time gross settlement system (RTGS), enabling the real-time irrevocable settlement of funds.

Main Initiatives In order to better service the needs of Australian and New Zealand debt markets, replacement has commenced of one of the three SFE core technology platforms, (FINTRACS), with the new SFE Austraclear system due to be introduced in late 2004. This will culminate SFE Austraclear’s investment in the technology infrastructure that underpins the group’s services. Importantly, it will extend SFE Austraclear’s franchise into multi-currency clearing, settlement and depository services, in keeping with the trend towards greater issuance and holdings of non-A$ based securities by Australian banks and non-financial corporations, as well as widening its franchise into other asset classes and B2B clearing and settlement applications.

In 2004 SFE Austraclear continues to leverage its brand, technology platforms and business competencies to new products and services and to new markets. SFE Austraclear was selected in late 2003 to be the preferred supplier to partner with the Victorian State Government’s initiative to introduce electronic conveyancing into property settlement processes across the state, with potential application to all states of Australia.

Member Profiles － 7 － Central Depository Bangladesh Limited (CDBL)

Business Commencement CDBL started its depository and book-entry transfer services on 20th October 2003, with Government Secu- rities, namely Treasury Bills and Bangladesh Government Treasury Bonds issued by the Bangladesh Bank (Central Bank). Weekly auctions of Treasury Bills are held by the Bangladesh Bank and successful bidders are credited their allocation of Treasury Bills to their accounts in the depository. The same process is also applicable for Government Treasury Bonds, auctions of which take place once every two months. Bidders are commercial banks, and presently 39 of them are connected to the Central Depository System (CDS) of CDBL. Banks can transfer ownership of Treasury Bills and Bonds on the CDS to borrow money from each other or settle sale / purchase transactions.

As of 24th April 2004, around US$ 4.9 billion worth of Treasury Bills were held in custody in the depository representing 100% of Treasury Bills market. All Government Treasury Bonds of 5 and 10 year maturities issued since 28th December 2003, are held in custody in the depository.

Depository and book-entry transfer services of ordinary shares of companies listed on the Dhaka and Chittagong Stock Exchanges commenced from 24th January 2004, with a pilot stock, namely, Square Pharmaceuticals Limited, the largest manufacturer of pharmaceutical products in Bangladesh. As of 22nd July 2004, depository services are being provided in 3 cities of Bangladesh (Dhaka, Chittagong, and Sylhet) through 67 Depository Participants (DPs) i.e. 59 brokerage houses, 6 custodian banks, and the 2 Stock Exchanges.

As of 22nd July 2004, settlement of Stock Exchange trades of 26 listed securities have started in the depository, and thereafter, it is expected that 4 / 5 more listed securities will enter the depository every month.

Ownership and Governance The stake holders of CDBL are 84 institutions covering a broad spectrum of the financial and industrial sectors as follows: % Institutions 10 Asian Development Bank (ADB) 45 Local Banks 13 Foreign Banks 12 Listed Companies 7 Stock Exchanges 5 Insurance Companies 8 Other Financial Institutions Apart from the Managing Director & CEO, as of date, there are 13 Directors on the Board of CDBL, who are all either nominees of shareholder groups or institutions including a director nominated by the ADB.

Member Profiles － 8 － Regulatory Environment The legal basis for CDBL’s operations is set out in: The Depositories Act 1999; Depositories Regulations 2000; Depository (User) Regulations 2003; and The CDBL Bye Laws. CDBL is regulated by the Securities and Exchange Commission (SEC).

Services Provided CDBL provides the following services for equity market operations: Investor Accounts Dematerialization of securities Dematerialization of New Issues (IPO) Safekeeping of securities dematerialized Book-entry transfer of securities traded on the Stock Exchanges Book-entry transfer of securities for trades settled outside the Stock Exchanges Transfers and Multiple Account Movements Pledging, Unpledging and Confiscation On Market Trade Affirmations (Payin / Payout from Clearing Accounts of Brokers) Corporate Actions e.g. Bonus, Rights Issue, split, etc. Freeze and suspension of securities / accounts Statutory reporting and management information Elimination of securities Rematerialization of securities CDBL provides the following services for Government Securities issued by Bangladesh Bank Transmitting the auction allotments of Treasury Bills and Bonds to the buyers accounts Repurchase and reverse repurchase transaction facilities Account Statements and Management Reports

Main Initiatives After just 3 months of the introduction of the CDS in the capital market, the settlement cycle of T+5 of the Stock Exchanges has already been reduced to T+4 by the Securities and Exchange Commission, with plans to further reduce the cycle to T+3 in the near future. The transition to the demat market segment has been orderly, and if this is maintained whilst more and more listed securities enter the demat market segment, investor confidence will progressively rise leading to overall growth of the capital market as a whole.

In the cross border front, CDBL has had an enquiry for providing depository services to the Nepal Stock Exchange (NEPSE) at Katmandu through VSAT linkup. CDBL is able and willing to assist NEPSE in every possible way in the spirit of wholehearted cooperation that exists between the member depositories of the ACG.

Member Profiles － 9 － Hong Kong Monetary Authority 香港金融管理局

Central Moneymarkets Unit

Introduction The Hong Kong Monetary Authority (HKMA) established the Central Moneymarkets Unit (CMU) in 1990 to provide computerised clearing and settlement facilities for Exchange Fund Bills and Notes. In December 1993, the HKMA extended the service to other Hong Kong dollar debt securities. It offers an efficient, safe and convenient clearing and custodian system for Hong Kong dollar debt instruments. Since December 1994, the CMU has been linked to such international clearing systems as Euroclear and Clearstream. This helps to promote Hong Kong dollar debt securities to overseas investors who can make use of this link to participate in the Hong Kong dollar debt market.

The CMU Service was further extended to non-Hong Kong dollar debt securities from January 1996. In December 1996, a seamless interface between the CMU and the HKD Real Time Gross Settlement (RTGS) interbank payment system was established. This enables the CMU system to provide for its members real-time and end-of-day Delivery versus Payment (DvP) services. Beside, the CMU was further linked up to the USD and EURO RTGS systems in December 2000 and April 2003 respectively to provide real time DvP capability for US dollar and Euro denominated debt securities, as well as intraday and overnight repo facilities for the US dollar and EURO payment systems in Hong Kong.

All debt instruments cleared through the CMU are either immobilised or dematerialised, and transfer of title is effected in computer book entry form. As at end March 2004, there were 174 CMU Members for the trading of private sector debt securities and 157 Recognized Dealers for the trading of Exchange fund Bills and Notes. The total outstanding value of debt securities lodged with CMU was HKD338.8 bn, comprising the following:

HK$ bn Exchanges Fund Bills and Notes 120.6 (securities issued by HKMA) Securities issued by public corporations 3.5 Securities issued by the private sector 214.7 338.8

Member Profiles － 10 － Main Scope of Services Along with providing CMU Members with securities transfer services, the CMU also offers the following services: Collateral Management System - Automatic Repo Facility (both intraday and overnight) in both Hong Kong dollar, US dollar and Euro Securities Lending Service - Securities Lending Programme for debt securities issued by private sector Market Making Arrangement for Exchange Fund Bills and Notes Issuance Programme for Exchange Fund Bills and Notes Arranger, custodian, agent and operator of notes issued by public corporations. Real time and End-of-Day DvP for all CMU securities denominated in Hong Kong dollar, US dollar and Euro Cross-border DvP Settlement via regional CSDs Other Custodial Services - Paying Agent - Securities Lodgement - Allotment of tendering

Cross-border Linkages With a view to improving the efficiency of the regional debt market infrastructure, the HKMA has established several linkages with regional central securities depositories (CSDs) and international central securities depositories (ICSDs). Linkages from Euroclear and Clearstream, the two largest ICSDs in the world, to CMU were set up in 1994 to facilitate international investors to hold and settle Hong Kong dollar debt securities through these international networks. In addition to international linkages, the CMU also linked with regional CSDs, including a link to Australia in December 1997, a two-way link with both New Zealand and South Korea in April 1998 and September 1999 respectively. The linkages, apart from facilitating cross- border holding and settlement of debt securities in HK and overseas, can also enlarge the investor base, broaden the domestic debt markets, and reduce settlement risk by facilitating DvP settlement for cross-border securities transactions.

In order to develop the international business of the CMU, the one-way inbound links from Euroclear to CMU, and from Clearstream to CMU were extended to two-way links in November 2002 and January 2003 respectively. These real-time links enable investors in Hong Kong and other parts of Asia to hold and settle Euroclear and Clearstream debt securities directly via their CMU Members in a secure, DvP environment.

Moreover, the HKMA and the China Government Securities Depository Trust and Clearing Company Limited (CDC) have signed an agreement on 28 April 2004 to establish a link between the CMU and the Government Securities Book-entry System (GSBS) operated by the CDC. This link will enable authorised investors in Mainland China to hold and settle Hong Kong and foreign debt securities lodged in the CMU.

Member Profiles － 11 － HKEx Hong Kong Securities Clearing Co., Ltd. (HKSCC)

Company Overview

Hong Kong Exchanges and Clearing Limited (HKEx) is the publicly listed holding company of Hong Kong s stock and derivatives exchanges and their associated clearing houses. HKEx listed on Hong Kong s stock exchange on 27 June 2000.

HKEx provides a comprehensive range of products and services for issuers and investors. All its securities and derivatives products are traded electronically, and its clearing and settlement systems were recently upgraded to meet future market development needs.

The mission of HKEx is to operate a world-class marketplace for Hong Kong and Mainland China securities and derivatives products. By offering issuers access to international capital markets and maintaining an open, secure, fair, orderly, efficient and transparent marketplace, HKEx contributes to Hong Kong's status as an international financial centre and the premier capital market for China.

HKEx’s subsidiaries

HKEx is the holding company of The Stock Exchange of Hong Kong Limited, Hong Kong Futures Exchange Limited and Hong Kong Securities Clearing Company Limited.

The Stock Exchange of Hong Kong Limited (Stock Exchange) The Stock Exchange operates and maintains a securities market in Hong Kong and is the primary regulator of Stock Exchange Participants with respect to trading matters and of companies listed on the Main Board and Growth Enterprise Market (GEM) of the Stock Exchange.

Hong Kong Futures Exchange Limited (Futures Exchange) The Futures Exchange operates and maintains a futures and options market in Hong Kong and is the primary regulator of Futures Exchange Participants with respect to trading matters.

Clearing Houses Hong Kong Securities Clearing Company Limited (HKSCC) and SEHK Options Clearing House Limited provide services for the clearing and settlement of securities and stock option transactions respectively, including trades and transactions effected on, or subject to the rules of, the Stock Exchange. HKFE Clearing Corporation Limited provides services for the clearing and settlement of transactions on the Futures Exchange. All Stock Exchange trades are required to be settled on T+2.

HKSCC provides clearing and settlement services as well as depository and common nominee services.

CCASS/3, the latest generation of the Central Clearing and Settlement System for the securities market, was introduced in phases in 2002 and 2003. The system was built on an open, robust, secure and flexible

Member Profiles － 12 － modularised architecture. CCASS/3 has been designed to provide efficient and dynamic clearing and settlement by adhering to international standards for securities messages and providing interactive communication with market participants through a standard message-based application programming interface.

Regulation

HKEx s rules and regulations are transparent and fair, and will continue to evolve to respond positively to the global development of financial markets. They are aimed at meeting the needs of both local and international investors, and at encouraging and accommodating innovative financial products and services, new types of business and changes in international practice.

HKEx is committed to performing its public duty to ensure its markets are orderly and fair, risks are managed prudently and its operations are consistent with the public interest.

China Dimension

HKEx s objectives include being the primary market for capital formation by Hong Kong and Mainland China enterprises and the trading of their listed securities. Hong Kong’s stock exchange is a market where Mainland enterprises can raise funds effectively in a freely convertible currency. As of the end of April 2004, there were 274 Mainland enterprises listed in Hong Kong, comprising 98 H-share companies, 75 red-chip companies and 101 companies that have major operations on the Mainland.

Over the last decade, Mainland enterprises have accounted for over HK$800 billion (US$102.6 billion) or about half of the total funds raised in Hong Kong s securities market. The market capitalisation of H-share and red-chip companies as of the end of April 2004 totalled HK$1,399.18 billion (US$179.4 billion), representing 26 per cent of Hong Kong’s total market capitalisation. Hong Kong securities market turnover was HK$1,514.3 billion (US$ 194.1 billion) in the first four months of 2004, of which HK$660.6 billion (US$84.7 billion) or nearly 44 per cent was derived from trading in H shares and red chips.

HKEx’s Beijing Representative Office was opened on 17 November 2003 under the Mainland and Hong Kong Closer Economic Partnership Arrangement, or CEPA. State Councillor Tang Jiaxuan officiated at the opening ceremony. The principal task of the Beijing Office is to introduce the Hong Kong securities market to Mainland enterprises and encourage Mainland enterprises to list in Hong Kong. The Beijing Office also serves a channel to strengthen HKEx s communication and cooperation with government departments and institutions on the Mainland.

Securities Market Highlights

Hong Kong s stock exchange was the world s 8th largest by market capitalisation at the end of March 2004 (Source: World Federation of Exchanges).

As of the end of April 2004 Main Board Growth Enterprise Market No. of listed companies 863 194 Market capitalisation (USD mil) 679,394 9,439 Total turnover for April (USD mil) 192,132 2,008 Average daily for April (USD mil) 2,372 25

Member Profiles － 13 － CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED (CDSL)

Central Depository Services (India) Limited (CDSL) is sponsored by a cross-section of leading foreign and Indian banks and two stock exchanges. CDSL received its Certificate of Commencement of Business in February, 1999 from The Securities & Exchange Board of India (SEBI), under whose regulatory purview it falls. From the conception stage itself, CDSL has chosen to benchmark itself against the investor’s expec- tations and concerns. Provision of convenient, dependable and secure services at an affordable cost has been at the heart of CDSL’s unwritten contract with all classes of investors.

Today, CDSL has 211 Depository Participants, providing CDSL’s depository services from over 1,000 sites across the country. Of these, 466 sites have direct electronic connectivity with the CDSL system. CDSL services an investor population that is dispersed over 16,000 Postal Index Number (PIN) locations.

CDSL s system has a centralised database architecture. As the term suggests, the architecture involves the storage and updation of records at a single location ie. at CDSL s main site of operations. All transactions by users, from anywhere in the country, are updated the moment they are committed, requiring no reconciliation between CDSL s records and the records of users - since there is effectively, only a single database. Moreover, credit of securities arising from confirmations of dematerialisation requests, corporate actions and transfers are available instantaneously for further processing. A welcome consequence of CDSL s system architecture is that it vastly reduces the computer hardware and data storage requirement at the users end. Consequently, the set-up cost for Depository Participants is significantly reduced.

The centralised location of all transactions by users has obvious benefits. Compilation of reports is easy. Issuer companies for example, can obtain a complete list of their shareholders every day. Depository Participants can give their client investors an upto-the-moment status of their accounts. This becomes significant in the T+2 rolling settlement regime commenced in India from April 1, 2003.

CDSL’s internet service The future of CDSL, nay, of any business, is its ability to creatively and effectively build relationships with its ultimate consumers. CDSL’s internet service “easi” (electronic access to securities information) does just that. These will allow Beneficial Owners (investors holding securities in a demat account) and Clearing Members (brokers) to access the CDSL system at any time, from anywhere.

Through easi, Beneficial Owners can : 1. View their securities holdings and the status of their transactions. 2. Obtain transaction details for the last 30 days. 3. Ascertain the value of their holdings as on the previous day s closing price on The Stock Exchange, Mumbai (BSE). 4. Print or download the statement of holdings.

Member Profiles － 14 － In case of Clearing Members, easi allows them to : 1. View holdings in their settlement-related accounts, and their own Beneficial Owners accounts. 2. Obtain updated status of Pay-in and Pay-out details. 3. View the status of various transactions. 4. Ascertain the value of their holdings as of the previous day s closing price on The Stock Exchange, Mumbai (BSE). 5. Print or download the statement of holdings. To Clearing Members, easi is much more than an information source. It is an apparatus that reduces uncertainty, a powerful instrument to efficiently manage the settlement process, and a device to service clients better. Since easi can make a big difference to the efficient functioning of Clearing Members, they can avail of the service, either through the Depository Participants or by directly registering with CDSL. easi now has a “big brother” called easiest CDSL has launched a platform for issuance of delivery instructions through its internet facility electronic access to securities information & execution of secure transactions - (easiest).The easiest facility provides an anytime, anywhere kind of freedom to investors to issue delivery instructions. Besides enabling them to meet the strict deadlines of delivery set under the shortened settlement cycle, it will also obviate the need of their visiting Depository Participants’ offices to obtain instruction slips and to lodge them with the Depository Participants.

Advantage CDSL in the shortening settlement cycle scenario CDSL has made available to Clearing Members and investors, several convenient pay-in options like early pay-in, auto pay-in and investor-level pay-in. Investors can also deliver the securities to the CC/CH directly from their account i.e. without transferring them first to a Clearing Member account and then to CC/CH. This enables the saving of valuable time - which is one of the objectives of the shorter settlement cycles.

The CDSL system also has a facility to pick up the balance available in the investor s account at the time of pay-in, even if the balance is insufficient to meet the pay-in obligation in full. This reduces the amount of loss, if any, which may arise on account of failure to deliver full quantity. Further, information on such shortfall is made available to Clearing Members through reports and even through CDSL s internet facility – easi on an almost real-time basis, continuously.

The endeavour of CDSL to be a user-friendly depository has been an enduring process. CDSL has addressed the service aspect of user-friendliness through its widely acknowledged responsive attitude to user feedback- leading to significant enhancement of CDSL s system capability. The launch of easiest, thrust on technology upgradation and continued introduction of new features is aimed at satisfying the contemporary needs of users and investors.

Member Profiles － 15 － Nationai Secarities Clearing Corporation Ltd. (NSCCL)

Introduction: The National Securities Clearing Corporation Ltd. (NSCCL), was incorporated in August 1995. NSCCL is a wholly owned subsidiary of National Stock Exchange of India Limited (NSE). NSE is the 3rd largest stock Exchange in the world, in the equities segment in terms of number of transactions. It is the largest stock exchange providing online trading facilities to its members across India having a market share of 65% in equity segment and 99% in derivatives segment. NSCCL was the first clearing corporation to be established in India and also the first clearing corporation in the country to introduce settlement guarantee. NSCCL was set up with the following objectives: to bring and sustain confidence in clearing and settlement of securities; to promote and maintain, short and consistent settlement cycles; to provide counter-party risk guarantee, and to operate a tight risk containment system. NSCCL commenced clearing operations in April 1996. NSCCL carries out the clearing and settlement of the trades executed in the equities, retail debt market and derivatives segments of the NSE. It also undertakes settlement of transactions on other stock exchanges like, the Over the Counter Exchange of India (OTCEI) and National Commodities Derivatives Exchange of India (NCDEX). There are 10 Clearing banks, 2 Depositories, 11 Custodians, 785 Trading cum Clearing members in equities segment and 200 Clearing members in derivatives segment. NSCCL operates a well-defined settlement cycle and there are no deviations or deferments from this cycle. Currently, equity segment trades are settled on a T+2 basis. NSCCL has completed more than 1065 settlements in equities segment till date, without delays or disruptions. NSCCL has carried out settlement for 378 million transactions in the financial year 2003-04. The value of shares traded during the period in the Equities segment was USD 242.44 billions and shares worth USD 49.19 billions were settled by delivery. The average value of securities handled per settlement in the equities segment was USD 194.44 millions for the financial year 2003-04 and 99.54% of delivery was effected in dematerialized form. The trading in derivatives segment at NSE has commenced from June 2000 and currently Index Futures, Index Options, Futures on individual securities, Options on individual securities and Interest Rate Futures are available for trading. The settlement in derivatives segment is on T+1 except for Options on individual securities which is on T+2. In the F&O segment for the financial year 2003-04 the total turnover value was USD 473.47 billions, the number of contracts traded were 56.89 million and the total settlement value for the period was USD 2.73 billions.

Collateral Management NSCCL accepts collateral in the form of Cash, approved securities and Fixed Deposit Receipts & Guarantee issued by approved banks. The approved securities are selected on the prudential norms of liquidity and volatility. An appropriate hair-cut is applied for valuation of these securities on daily basis. NSCCL has a facility of debiting the clearing accounts of the members on online basis. The members have a facility to provide the collateral any number of times during the day.

Member Profiles － 16 － Risk Management NSCCL has put in place a comprehensive risk management system, which is constantly upgraded to pre-empt market failures. The Clearing Corporation ensures that trading member obligations are commensurate with their net worth. Risk containment measures include capital adequacy requirements of members, monitoring of member performance and track record, stringent margin requirements, position limits based on capital, online monitoring of member positions and automatic disablement from trading when limits are breached, etc. In the equity segment NSCCL monitors online exposure of the members and alerts are sent to them on crossing 70%, 85%, 95% and 100% of the permissible limit. The moment the member crosses 100% his trading facility is withdrawn immediately. The end of day margins are calculated on the basis value-at-risk (VaR) and collected on T+1 along-with mark to market margins. In the derivatives segment NSCCL charges online real time and upfront initial margin for all the open positions of a Clearing Member (CM). The position monitoring and margining is carried out through Parallel Risk Management System (PRISM). PRISM is a real-time online Risk ManagementSystem. It calculates the position and VaR of the portfolio for every client on a real time basis - at every trade or in the absence of a trade, at every second. PRISM uses SPAN® (Standard Portfolio Analysis of Risk) for the purpose of computation of initial margins. The risk parameter files required for margin computations in PRSIM are generated six times during the day in order to take into account the intra day volatility changes. Apart from initial margin PRISM also calculates mark to market value of the portfolio. PRISM generates alerts at various intervals like 70% 80%, 90% and 100% of the limits reached by a CM. Once a member breaches the 100% of the limits permitted for the member, the trading facilities shall be automatically withdrawn for that member on an online basis.

Clearing & Settlement All the trades in Equity segment are settled on T+2 basis. NSCCL ascertain the net obligations of the members through multilateral netting. The funds and securities obligations are computed at the member level is settled through 10 Clearing banks and 2 Depositories as mentioned above. NSCCL has the facility of direct payout of securities to client’s accounts of the members on both the depositories. Financial Institutions (FIs) and Foreign Institutional Investors (FIIs) have a facility to clear and settle their trades through custodians. All the derivatives contracts are settled on cash basis. The derivatives products except Options on individual securities are settled on T+1 basis and Options on individual securities are settled on T+2 basis. Financial Institutions (FIs) and Foreign Institutional Invetors (FIIs) have the facility to trade through multiple trading members but can clear and settle through a single clearing member.

Settlement Guarantee NSCCL assumes the counter-party risk of each member and guarantees settlement. As on March 31, 2004 the Settlement Guarantee Fund for Capital Market Segment stood at USD 344.64 million. A separate Settle- ment Guarantee Fund is maintained for the Futures & Options segment. The corpus of the Fund as on March 31, 2004 stood at USD 968.2 millions.

SPAN ○R is a registered trademark of the Chicago Mercantile Exchange, used herein under License. The Chicago Mercantile Exchange assumes no liability in connection with the use of SPAN by any person or entity.

Member Profiles － 17 － National Securities Depository Limited. (NSDL)

National Securities Depository Ltd. (NSDL) is the first depository established in India in November 1996. The enactment of Depositories Act in August 1996 paved the way for establishment of NSDL. NSDL, promoted by financial institutions of national stature, has since established a national infrastructure of international standard that handles most of the trading and settlement in dematerialised form in Indian capital market. Using innovative and flexible technology systems, NSDL works to support the investors and capital market intermediaries in the country. NSDL aims at ensuring the safety and soundness of Indian marketplace by developing settlement solutions that increase efficiency, minimise risk and reduce costs.

NSDL at a glance : (As on June 5, 2004) No. of companies that have joined NSDL : 5321 Demat Custody Quantity (mn securities): 87,065 No of participants: 216 No. of client accounts: 5,361,832

Services provided: NSDL facilitates the following services: ● Account maintenance ● Dematerialisation and Rematerialisation of securities ● Settlement of trades through market transfers, off market transfers & inter-depository transfers ● Distribution of non-cash corporate actions ● Transmission / Nomination ● Pledge / Hypothecation of securities ● Automatic delivery of securities to Clearing Corporations ● Stock Lending & Borrowing ● Distribution of cash corporate benefits

Internet- Based Services: Besides providing the basic services provided by a CSD, NSDL has always been in the forefront in providing value added services by introducing internet based services and taking initiatives towards achieving STP. The details of such services are as under:

SPEED (Securities Position Easy Electronic Dissemination), a facility which enables the clearing members to view details of their clearing member accounts directly on the Internet. SPEED helps the clearing members to ascertain the shortages and follow up with their clients for delivery. This facility has been well received by the clearing members especially after the introduction of rolling settlements in India.

SPEED-e, a facility which enables the account holders (including clearing members) to submit delivery instructions directly on the internet through SPEED-e website. NSDL set up this infrastructure on the internet

Member Profiles － 18 － in September 2001 with a view to eliminate the need for the users of the depository system to submit paper instruction slips to the participants. This facility features smart card based access authentication and digital signature based transaction authorisation for high end users such as clearing members, sub-brokers etc. and password-based authentication for low-end users.

STEADY (Securities Trading-information Easy Access and DeliverY), an initiative for providing the fcaility to deliver contract notes to custodians/ fund managers electronically. STEADY is a means of transmitting digitally signed trade information with encryption across market participants electronically and efficiently, through Internet.

IDEAS (Internet-based Demat Account Statement), a facility to view balances and transaction in demat accounts which is updated on an online basis. In this facility, the clients can view the latest balances and transactions that have taken place in the last five days in their depository accounts.

For further details, visit www.nsdl.co.in

Member Profiles － 19 － PT. Kustodian Sentral Efek Indonesia

General Information PT Kustodian Sentral Efek Indonesia (KSEI) was founded on December 23, 1997 on the basis of The Capital Market Law No. 8 of 1995. As a Self Regulatory Organization (SRO) of the Indonesian capital market, KSEI serves as a Central Securities Depository and facilitates the settlement of securities transaction on Indonesian exchanges. It received the mandate to act as the Central Securities Depository institution from BAPEPAM (the Capital Market Supervisory Board) on November 11, 1998.

On July 17, 2000, along with the Jakarta Stock Exchange and PT Kliring Penjaminan Efek Indonesia (KPEI), KSEI introduced a Central Depository and Book-Entry Settlement System, which came to be known by its acronym, C-BEST, as the integrated electronic platform for the implementation of scripless trading in Indonesia. The system has since evolved to include all securities listed on the Jakarta Stock Exchange (JSX) and the Surabaya Stock Exchange (SSX). As of year-end 2003, a total of 368 counters of shares, 150 corporate bonds, 8 medium term notes, 58 warrants and 2 promissory notes were registered in C-BEST. The total value of these securities amounted to more than IDR 282 trillion.

Ownership KSEI is owned by key proponents of the market, and renders its services in close cooperation with its SRO, namely the Clearing and Guarantee Institution and the Stock Exchanges. On December 31, 2003, KSEI was held by the Indonesian Clearing and Guarantee Corporation (KPEI) with 7.5% shares; the Jakarta Stock Exchange (6%), the Surabaya Stock Exchange (3%), 9 Custodian Banks (36%), 31 Securities Firms (33.5%), and 4 Registrars (4%) and KSEI itself (10%).

Regulatory environment e KSEI act on a not profit basis. Consequently, the service of fees of KSEI is set at a level to cover annual operating cost and generate sufficient surplus to finance investment as may be needed and also KSEI will not pay cash dividends to it shareholders. e The central securities depository services provided by KSEI regulated under The Capital Market Law and its implementing regulations, including Rules of KSEI. e Any activities of KSEI s services are supervised by BAPEPAM.

Eligible Securities 1. Equity 2. Debt Instrument

Services provided e Securities Account Management Services - Opening of securities account, including cash account at the payment banks - Closing of securities account

Member Profiles － 20 － - Blocking/unblocking of securities account - Safekeeping of electronic securities (dematerialized) - Administration of pledged securities e Central Depository Services - Deposit of physical certificate into electronic securities and funds - Withdrawal of electronic securities into physical certificate - Reconciliation of securities/funds e Transaction Settlement Services - Book entry transfer of securities deposited for exchange transaction - Book entry transfer of securities deposited for over the counter transaction e Corporate Action services - Mandatory corporate action (cash dividend, stock bonus, right issue, warrant, merger & acquisition, stock split/reverse stock, interest and principal of debt payment, AGM) - Voluntary corporate action (exercise of Right and Warrant, Initial Public Offering). e Other Related Services - Tender offer - Report and inquiry - Investor’s information to Issuing Companies - The functioning as National Numbering Agency for Indonesian securities.

New initiative As a commitment to the service users, KSEI will continuously improve its performance to provide the best services. It is expected that the service users of KSEI can get the benefit from new services which are expected to be implemented by semester II and next year : e Post Trade Processing (PTP) The PTP system will provide a single communication platform for custodian banks, securities firms and fund managers to communicate their post-transaction instruction and confirmation through KSEI’s system (C-BEST). e Fund Hub Services In the mutual fund market in Indonesia, there is no consistency of standards and no consistency of processing its activities, i.e. subscription, switching and redemption. The complexity of this market is also compounded by the lack of industry standards in all aspects in the value chain of the transaction and settlement process. KSEI has taken an initiative to develop a system for fund hub processing in order to simplify the end-to end straight through processing and bring the market player to the efficiency and standardize common practice by using KSEI’s system.

Member Profiles － 21 － Indonesia Clearing and Guarantee Corpora- tion

General Information Indonesian Clearing and Guarantee Corporation (KPEI) were incorporated on September 24, 1996 in accordance to the New Capital Market Law 1995. Its main function is to provide clearing and guarantee services in the settlement of stock exchange transactions in an orderly, fair and efficient manner.

Two years later, on June 1, 1998, it received the license to operate as a Clearing and Guarantee Institution based on the Decision Letter No. Kep.-26/PM/1998 of the Capital Market Supervisory Board (Bapepam) taking over the clearing business from former clearing and central custody (KDEI). The main function of this institution were split into Indonesia Central Securities (KSEI) that take care all book entry settlement and clearing and guarantee business (KPEI). In accordance to the capital market law, KPEI acts as central counter party between selling and buying member.

Ownership and Governance KPEI was formed as a limited liability company by the Jakarta Stock Exchange and the Surabaya Stock Exchange, with respectively 90% and 10% of the founding share amounting to Rp 15 billion.

Participants of KPEI are securities firms who are qualified to be clearing members and currently there are 142 clearing members. Board of director who are selected by the shareholder heads KPEI. At present, KPEI has seven divisions: Clearing and Settlement Division, Finance and Accounting Division, Information Technology Division, HRD and General Affairs Division, Guarantee and Risk Management Division, Legal and Corporate Communication Division and Internal Audit Division.

In addition KPEI has Credit Policy and Risk Monitoring Committees who support board of director in setting up risk management policy, risk parameters and matters concerning policy on prudent and safe risk management policy.

Service Provided KPEI provides following service: ■ Clearing and guarantee for Equity Instruments

KPEI clears and guarantees equity transaction for Regular, Spot and Cash market. The transaction is novated and netted through our system called e-CLEARS, which stands for electronic Clearing & Guarantee System. It is web based system, that consist of modules such as Clearing and settlement, Collateral management, Lending Borrowing, Reporting and Invoice Members can access through their workstation to obtain various reports for the purpose of clearing, settlement and risk monitoring.

Member Profiles － 22 － To have a safe and sound risk management system, KPEI imposes several requirements to clearing members such as minimum Net Adjusted Working Capital, cash collateral, perfect etc. Through collateral management KPEI limits the transaction of its members by calculating trading limit before the opening of the stock exchange session. This calculation is based of the free collateral times the multiplier factor of members. Multiplier factor represents the risk profile of members. KPEI super- vising risks profile-clearing member through collateral management system. The collateral deposits to KPEI are subjected to valuation by KPEI regularly.

In addition in order to handle risk in supporting the running of the clearing and settlement system as well as to guard stock exchange members from the bankruptcy of certain members, KPEI collect and administer guarantee fund. The formula of guarantee fund is 0.01% from transaction fee.

■ Clearing and settlement for Derivatives Instruments (Future Index, Foreign Index and Options)

Currently, derivative instruments cleared by KPEI are LQ45 Future Index and Foreign Indexes such as Dow Jones Industrial Average Index (DJIA) and Dow Jones Japan Titan 100. These instruments are traded in Surabaya Stock Exchange. KPEI developed RMOL (Risk Monitoring On-Line) & Cash Management System to support the clearing and settlement of LQ45Futures Index and Foreign Future Index. RMOL & Cash Management system combines client server technology with web base technology to make possible to handle the whole transaction cycles, include: clearing, settlement, administration and reporting, real time mark to market collateral, risk calculation and collateral management and also risk monitoring during trading sessions.

■ Securities Lending and Borrowing

KPEI provides Securities lending & borrowing (SLB) to facilitate Clearing Member as an alternative in attempt to avoid fails in their settlement activities. Currently, there are 72 securities companies registered as member of Securities lending & borrowing (SLB). The eligible securities for Securities lending & borrowing transaction are 47.

■ Other services: M-CLEARS: provides data information notification through short message services such as Trading Limit, unsettled securities transfer and other information related with Clearing Member activities.

Main Initiatives

Today, In order to expand its business service, KPEI is currently undertaking three main projects; the three main projects are clearing and settlement of Option, Single Stock Futures and Corporate Bonds. The clearing and settlement of Corporate Bonds is the joint project among Surabaya Stock Exchange, KSEI and KPEI whereas the clearing and settlement of Option is a joint project with Jakarta Stock Exchange.

Member Profiles － 23 － (JASDEC)

General Information JASDEC started to provide the depository and book-entry transfer services for stock centificates on June 17, 2002, by taking over all businesses of Japan Securities Depository Center (former JASDEC), which commenced those services in October 1991. In addition to the stock certificates, JASDEC provides now the depository and book-entry transter services for corporate convertible bonds since November 2001 and commercial paper in dematerialized form since March 2003. The number of shares in custody exceeded 228 billion shares at the end of March 2004, more than 64% of the whole market. JASDEC’s Operations Offices are located in Tokyo, Osaka, Nagoya, Fukuoka and Sapporo.

Ownership and Governance JASDEC was incorporated in January 2002 and amount of its capital is 4.25 billion yen. All of JASDEC shareholders, 193 shareholders as of the end of March 2004, are its participants; securities companies, banks, insurance companies, stock exchanges and other financial institutions, designated by the competent ministers. A few of the large shareholders are the Tokyo Stock Exchange, Inc. (TSE) and the Japan Securities Dealers Association (JSDA), who owns 22.0% and 12.0%, respectively. As a user owned and governed organization, JASDEC s board is selected to reflect the diverse constituencies of financial sectors. Among the JASDEC s board of 17 directors, 13 directors are from its participants including TSE and JSDA. The remaining 4 directors are full time directors of JASDEC itself. The board plays a key role in policy development, financial management and operational planning. Furthermore, business operations committees and sub-committees, which discuss operational and/or IT matters and new projects of JASDEC, are established to reflect user s voices according to the board request.

Regulatory Environment JASDEC is: # a for-profit corporation established under the Commercial Code, # a central securities depository designated and regulated under the Law Concerning Book-Entry Transfer of Stock Certificates and Other Securities, # a book-entry transfer institution designated and regulated under the Law Concerning Book-Entry Transfer of Corporate and Other Debt Securities, # regulated by the Financial Service Agency and the Minister of Justice.

JASDEC’s Subsidiary JASDEC established a wholly owned subsidiary, JASDEC DVP Clearing Corporation (JDCC), in June 2003, who will play the role of a central counterparty, providing trade guarantee, netting and settlement services for the trades of stocks and convertible bonds, other than the stock exchange trades in line with the implementation of DVP settlement for those trades in May 2004.

Member Profiles － 24 － JDCC is a licensed clearing organization pursuant to the Securities Exchange Law.

Services Provided Growth of Shares in Custody JASDEC provides following services. ● Safekeeping of securities deposited ● Book-entry transfers of securities ● Book-entry pledges of securities in its custody ● Book-entry transfers of dematerialized commercial paper ● Acceptance of deposits of and return of securities ● Notification of beneficial shareholders information to issuing companies ● Income collection service and conversion agency service “Exchange Trade” for corporate convertibie bonds &“Non-Exchange Trade”Transfers ● Pre-Settlement Matching for the trade and settlement data between asset management companies, securities companies, trust banks, custodian banks, life insurance companies and other institutional investors ● Data base for the information on lost stock certificates

JDCC provides following services. ● Central counterparty services for DVP settlement for non-exchange trades at JASDEC

Main Initiatives JASDEC has been playing a key role in the reform of securities clearing and settlement system in Japan and promoting STP and encouraging greater use of depository services for further immobilization of securities amid progress in the dematerialization of securities certificates.

# Promotion of STP (Expansion of Pre-Settlement Matching Service) ● Link of PSMS to DVP settlement system (May 2003) ● For JGB Repo and Forward transactions (Feb. 2005) ● For JGB non-resident transactions (Feb. 2005) ● For Japanese Government Bond Clearing Corporation (Spring 2005) ● For commerelal paper and corporate straight bonds transactions (Jan. 2006)

# Development of Book-Entry Transfer System for Various Types of Securities ● For corporate and municipal straight bonds in dematerialized form (Jan. 2006) ● For beneficiary rights of investment trust in dematerialized form (2006) ● For stocks in dematerialized form (2009)

Member Profiles － 25 － Japan Securities Settlement & Custody, Inc.

General information JSSC was established as a wholly owned subsidiary of Tokyo Stock Exchange, Inc. (TSE) in December 1953, aiming to provide the Exchange with settlement and custody services. Since then, JSSC operated as the central depository organization for the settlement of transactions in securities listed on TSE up until October 1991, Japan Securities Depository Center, Inc. (JASDEC) launched its operations as the central organization for book-entry transfer and depository services for those listed stocks in Japan.

Initially, JASDEC handled 50 of the listed stocks on TSE, and gradually increased the number and types of securities it handled, along with the accumulation of the JASDEC s experience in book-entry services. Meanwhile, JSSC managed to keep its traditional function of providing the deposit and delivery services for domestic stocks, convertible bonds and others, under the condition that the likely rising of business confrontation with JASDEC is to be avoided and harmonized in the form of placing all of JASDEC s newly exploited businesses on custody and safekeeping services towards JSSC.

Thus, keeping in phase with the increase in the number and types of securities to be handled at JASDEC in regard with book-entry settlement services, the way of business pursued at JSSC has been transformed from first principle contractor on settlement and custody services into a subcontractor on these conventional services. Currently, JSSC has become the sole organization that handles contracted-out businesses of settlement and custody services from the side of JASDEC.

Apart from the above stated transformation of business nature, JSSC itself is currently providing the settlement and custody services, independently, not only for a broad range of foreign listed stocks in Japan but also for those domestic bonds that are publicly offered in Japan.

Ownership JSSC, total capital of 300 million yen, is a wholly owned subsidiary of TSE.

Incorporation JSSC is incorporated under the Japanese Commercial Code.

Services provided - Agent service for JASDEC As a subcontractor of JASDEC, JSSC safe-keeps domestic shares, convertible bonds and ETFs, etc. in its vaults and administers those securities for JASDEC. JSSC also provides delivery services of securities certificates for deposit and withdrawal on behalf of JASDEC.

Member Profiles － 26 － Average domestic share balance in trust of JASDEC

250 200 150 100 50 0

average balance（billion shs）

- Book-entry transfer service # Participants General Trading Participant of TSE and Regular Transaction Participant of Osaka Securities Exchange, Co., Ltd. Agency for Clearing Participant of Japan Securities Clearing Corporation. Securities Finance Company # Eligible Securities Foreign securities (stocks, investment trust, DR, subscription rights) Yen-denominated foreign bonds Bonds issued through public offerings Subscription rights Services Safekeeping Deposit and withdrawal Book-entry transfer Custody services (corporate action processing, taxation, reporting to beneficial owners)

- Custody services on Japanese stocks for on overseas investors JSSC offers custody services for overseas investors in Japanese stocks by means of business collaboration with CSDs abroad. JSSC keeps Japanese shares of foreign investors in our accounts kept at JASDEC, and offers standing proxy services for the Japanese listed stocks in foreign countries: including both receiving dividends from the shares deposited at JSSC’s account and submitting applications for voting rights on behalf of overseas investors. Additionally, JSSC provides overseas CSDs with information on corporate actions of listed Japanese issues, such as the record date, the ex-dividend date and the amount of dividend. ***

Member Profiles － 27 － 1. Structure 1) Legal Status The sole central securities Depository Korea 2) Legal ground KSD was established under the Securities & Exchange Act (SEA) 3) Offices Head-office in Seoul and Ilsan-Center in Ilsan, with five branches in Pusan, Jeonju, Daejon, Kwangju, and Taegu 4) Administrative Arms The general meeting of shareholders, chairman & CEO, senior managing director, managing directors, and a standing auditor. Chairman & CEO is elected by the general meeting and is subject to an approval from the Ministry of Finance & Economy (MoFE) 5) Shareholders KSD is owned by 109 organizations, as of December 31, 2003, including the KoreaStock Exchange (KSE), the Korea Securities Dealers Association (KSDA), the Korea Securities Finance Corporation (KSFC), securities companies, banks, insurance companies, investment & trust companies, and non-banking financial institutions.

2. Supervision The services KSD provides have significant implications on the stability of the securities market, thus requiring strict measures for supervision over KSD businesses. 1) MoFE Amendment to the Articles of Incorporation, approval of new businesses, appointment of chairman & CEO. MoFE sets the general guidelines for the securities market by enacting, amending, and abolishing laws and regulations. 2) FSC Enactment, amendment, or abolishment of KSD Business Regulations and budgetary matters. 3) FSS Audit and inspection on KSD businesses and management

3. Major Services 1) Centralized Custody Securities holdings of KSD participants are held in custody on a fungible basis. Entitlement processing for the deposited securities is also included in this service. Centralized custody of securities is one of the essential CSD services towards immobilization and dematerialization. 2) Book-Entry Transfer KSD transfers the rights that are entitled to deposited securities across accounts resulting from transaction, pledging, and so forth. Deliveries across accounts carry the same legal effect as physical deliveries pursuant to the SEA.

Member Profiles － 28 － 3) Cross-border Securities Deposit & Settlement KSD provides such services as centralized deposit, settlement, and entitlement processing through the accounts it holds with foreign sub-custodians and CSDs.

4) Transfer Agent Service KSD provides transfer agent services to issuing companies on a contractual basis. These services cover such areas as administration of shareholders book, securities issuance, delivery, and reporting. Being smoothly linked with the CSD services of KSD, KSD s transfer agent services stand out in expertise, contributing to shareholder rights protection and operational efficiency enhancement.

5) Bond Registration As a registrar under the Public & Corporate Bond Registration Act, KSD records details of issued bonds and the rights deriving therefrom for bondholders and parties involved.

6) Separate Safe Custody Separate Safe Custody service differs from ordinary types of deposit because securities under Separate Safe Custody are placed in envelopes separately from other securities for each applicant, not on a fungible basis.

7) Tax Withholding / Lost or Stolen Securities Management KSD is mandated to collect taxes for securities transactions on the KSE and KOSDAQ, and for interest incomes accrued to deposited bonds. Besides, KSD provides the centralized information provision service to its participants and their customers in a bid to enhance the stability of securities distribution. Collected information is distributed to participants and investors around the clock.

Member Profiles － 29 － BURSA MALAYSIA DEPOSITORY SDN BHD

General Information The Bursa Malaysia Depository Sdn Bhd ( Bursa Depository ) (formerly known as Malaysian Central Depository Sdn Bhd ( MCD )), a subsidiary of Bursa Malaysia Berhad (formerly known as Kuala Lumpur Stock Exchange Berhad ( KLSE”)), was established on 14 April 1990 to provide efficient central clearing and settlement of securities. The principal activity of Bursa Depository is the operation and maintenance of a Central Depository System ( CDS ) in respect of shares, stock bonds, debentures or other securities of any corporation. The CDS, by effecting the immobilisation of certificates, has created a scripless trading environment for Bursa Malaysia.

Investors use the CDS for safekeeping of shares, and also for custodian and pledging services. Participating organisations, or stockbroking companies, are appointed as Authorised Depository Agents ( ADAs ) to provide CDS facilities and services to the investing public. All investors, whether individual or corporate, are required to open CDS accounts with an ADA if they wish to trade in prescribed securities.

Members of the banking community (i.e. commercial and merchant banks, finance companies), certain government institutional investors, insurance companies, unit trusts and other institutional investors also participate in the CDS as Authorised Direct Members ( ADMs ). The CDS further interacts with other users such as issuers, registrars, issuing houses, Bursa Malaysia Securities Clearing Sdn Bhd (formerly known as Securities Clearing Automated Network Services Sdn Bhd ( SCANS )), and Bursa Malaysia Securities Berhad (formerly known as Malaysia Securities Exchange Berhad).

Ownership and Governance Bursa Depository has an authorised capital of RM50 million with a paid-up capital of RM25 million. Bursa Depository is 75% owned by Bursa Malaysia Berhad, while the Association of Banks in Malaysia ( ABM- MCD Holdings ) holds the remaining 25% of Bursa Depository shares.

Regulatory Environment The Securities Industry (Central Depositories) Act 1991 authorised the establishment of a Central Depository and provides the legal framework and safeguards for users and participants in CDS. Bursa Depository is regulated by the Securities Commission and Ministry of Finance, Malaysia.

Services Provided Bursa Depository provides following services: CDS accounts Safekeeping of securities Electronic transfers of securities Pledges of securities

Member Profiles － 30 － Acceptance of deposits Provide record of depositors to share registrars Bulk Transfer Verification of allotment records for corporate action purposes MCD Call-direct, a service that allows subscriber to make enquiries regarding their CDS Account(s) through the telephone, request for a fax copy of CDS account balances, provided the call is placed through a fax machine Electronic Share Application ( ESA ), a facility that allows for application of Initial Public Offering ( IPO ) through Automated Teller Machines ( ATMs ) of participating financial institutions.

Bursa Depository Registered Address: 6th Floor, Exchange Square Bukit Kewangan 52000 Kuala Lumpur Malaysia Tel. No. : 6 03 2026 2099 Fax. No. : 6 03 2026 3726 e-mail : [email protected]

Bursa Malaysia Depository Nominees Sdn Bhd Pursuant to Section 21 of the Securities Industry (Central Depositories Act) 1991, all shares deposited with Bursa Depository are registered in the name of Bursa Malaysia Depository Nominees Sdn Bhd ( Bursa Depository (N) ) (formerly known as Malaysian Central Depository Nominees Sdn Bhd) that acts as a bare trustee in relation to the Deposited Securities. Bursa Depository (N) is a wholly owned subsidiary company of Bursa Depository.

BILLON MILLON

For further details, please visits www.bursamalaysia.com

Member Profiles － 31 － BURSA MALAYSIA SECURITIES CLEARING SDN BHD

General Information

The Bursa Malaysia Securities Clearing Sdn Bhd ( Bursa Clearing (S)) (formerly known as Securities Clearing Automated Network Services Sdn Bhd ( SCANS )), was incorporated on 12 November 1983 and commenced operations in March 1984 as the Clearing House appointed by Bursa Malaysia Securities Berhad (formerly known as Malaysia Securities Exchange Berhad). Bursa Clearing (S) provides clearing and settlement facilities for contracts done between Clearing Participants.

The objective of Bursa Clearing (S) is to provide Clearing Participants with facilities for clearing contracts done between them, and for delivering stocks and securities to and receiving stocks and securities from each other, and for receiving or paying any amounts payable to or payable by such Clearing Participants in connection with any of the stockbroking transactions.

Clearing Participantship of Bursa Clearing (S) is divided into two (2) categories: a. Trading Clearing Participant (“TCP”) TCPs are stockbroking companies which are also a Participating Organisation of Bursa Malaysia Securities Berhad. b. Non-Trading Clearing Participant (“NTCP”) NTCPs are resident banks and financial institutions which have been admitted as participants of Bursa Clearing (S) after having met criteria as set out in the Rules of Bursa Clearing (S).

Ownership and Governance

Bursa Clearing (S) is a wholly owned subsidiary of Bursa Malaysia with a paid-up capital of RM 300 million.

Regulatory Environment

In 1996, Bursa Clearing (S) was awarded the status of a recognised Clearing House under Section 8A of the Securities Industry Act 1983 and, thus, falls under the regulatory oversight of the Securities Commission of Malaysia.

Member Profiles － 32 － Services Provided

Bursa Clearing (S) provides following services:

＊ Clearing and Settlement of Contracts Executed on Bursa Malaysia Securities Berhad The clearing and settlement of contracts executed on the Exchange are based on the Fixed Delivery and Settlement System ( FDSS ), whereby the settlement is on T+3. The financial settlement of securities is done on a net basis .

＊ Institutional Settlement Services (“ISS”) ISS is an optional service whereby NTCPs are able to clear and settle directly with Bursa Clearing (S). Settlement of ISS transaction is on T+3, and on a Delivery versus Payment ( DvP ) basis. The main objective of ISS is to reduce the settlement risk exposure of institutional investors. Both On-Market Transactions and Direct Business Transactions are eligible for ISS settlement.

Bursa Clearing (S) Tariffs

i. On-Market : 0.04% of transaction online, subject to a maximum of RM200.00 per contract.

ii. Direct Business : 0.04% of transaction online, subject to a maximum of RM200.00 and minimum of RM10.00 per contract. iii. ISS : RM25.00 per ISS confirmation / affirmation.

Bursa Clearing (S) Registered Address

8th Floor, Exchange Square Bukit Kewangan 52000 Kuala Lumpur Malaysia Tel. No. : 6 03 2026 8099 Fax. No. : 6 03 2026 3715 e-mail : [email protected]

For further details, please visit www.bursamalaysia.com

Member Profiles － 33 － New Zealand Central Securities Depository

1. Ownership New Zealand Central Securities Depository Limited (NZCSD) is a custodian, fully owned by the RBNZ. NZCSD becomes the legal owner of the securities on the respective registers and holds securities on behalf of members of the Austraclear system in that which is operated by the Reserve Bank. [The Austraclear system is a real time clearing and settlement system that provides a secure paperless settlement environment through the electronic transfer of funds and securities]. NZCSD and the Austraclear System have been in operation in New Zealand since June 1990.

The rights and obligations of members to each other and the rights and obligations of the Reserve Bank of New Zealand as operator of the Austraclear System are governed by a mutual contract entered into by all members. This contract is known as the Austraclear Rules. Copies are available on request from our Home page www.rbnz.govt.nz

The inventory of securities held in the depository currently stands at around NZ$76 billion of which NZ$15 billion is NZ equities and NZ$61 billion is fixed interest securities. These holdings have been relatively static over the last three years. Austraclear processes around 1,100 transactions per day which equates to around eight billion dollars in daily transaction value.

AUSTRACLEAR SYSTEM AVERAGE DAILY VALUE

4.00 ▲�●� ●� ▲� ▲�●� ▲� ●� 3.00 ●� ▲� ●�CASH 2.00 ■� EQUITIES ▲�FIXED INTEREST 1.00 Value ($Billions) 0.00 ■� ■� ■� ■� ■� 2000 2001 2002 2003 2004 YEAR (ended 31 March)

2. Services Provided Services Provided by the Reserve Bank of New Zealand through its NZCSD subsidiary and Austraclear Operations are:

● Delivery versus Payment (DVP), Real Time Gross Settlement for the following registered security types: ● Certificates of Deposit ● Bonds and Treasury Bills ● Notes ● Equities ● Irrevocable Security transfer between members.

Member Profiles － 34 － ● Irrevocable Cash Transfers - between members. ● FX Confirmations - electronic matching/confirmation of FX trades. ● For any currency pairs ● Settlement of any NZD leg

● Electronic Tender Facility

● Host to Host Lite Interface allowing the direct transfer of transactions from member’s internal systems to the Austraclear system.

● FTP Transaction Status file – provides the member with a regular site update of the status of all external transactions. The file is transferred using FTP protocol. HTH Lite combined with the FTP transaction status file provide a near real time batched STP solution for members.

● Electronic creation and registration of discount securities (provided they are held solely in NZCSD).

3. Fee structure The fee structure is made up of three parts. A joining fee, an annual subscription and transaction fees. The level of joining fees and annual subscription depend on the extent of functions required and the means of access to the System. This usually requires some discussion to establish the needs of the member. Transaction fees are the same for each membership class. See website page for a copy of current fee schedule.

4. Membership The Reserve Bank will favourably consider an application for Austraclear membership from any institution (domestic or foreign) which, in the opinion of the Reserve Bank, is of good standing and has the necessary resources to meet its obligations as a member.

The Austraclear System has 232 members in New Zealand and Australia. Membership members: banks, brokers, corporates, fund managers and Nominated Trust Members .

5. System resilience Back-up and recovery arrangements are such that even in the most extreme disaster scenario, the maximum system outage would be two hours.

6. Enquiries These may be directed to: Mike Wolyncewicz, Chief Financial Officer Financial Services Group (0064 4) 471 3826 Email - [email protected] or Peter Katz, Manager Payment and Settlement Services Financial Services Group (0064 4) 471 3711 Email - [email protected] or Fax for the attention of the above (0064 4) 471 3860

Member Profiles － 35 － Central Depository Company of Pakistan Limited (CDC)

General Information CDC is the only depository in Pakistan having branches in Karachi, Lahore and Islamabad and is incorporated as a public limited company (un-listed) on January 23, 1993. It started operations in September 1997. The market allows both physical and scripless settlement, but a very high proportion of traded securities have been immobilized in the Central Depository System. Approximately 98% of the market settlement is in book entry form. Conversion onto the CDS is stipulated to take five days. Investors have the option to withdraw the securities in physical form. Physical settlement is not allowed for securities live on CDS.

Regulatory Environment Regulated by the Securities & Exchange Commission of Pakistan A for profit organization established under the Companies Ordinance, 1984 and licensed under the Central Depository Companies (Establishment and Regulations) Rules 1996. Book entry settlement is governed under the Central Depositories Act 1997 and the Central Depository Company of Pakistan Limited Regulations.

Ownership structure of the CDC

S. # Shareholders % of Shareholding 1. The Karachi Stock Exchange (Guarantee) Limited 39.80 % 2. Lahore Stock Exchange (Guarantee) Limited 10.00 % 3. Citibank Overseas Investment Corporation 10.00 % 4. Muslim Commercial Bank Limited 10.00 % 5. Habib Bank Limited 6.35 % 6. National Investment Trust Limited 6.35 % 7. Investment Corporation of Pakistan 5.00 % 8. International Finance Corporation 5.00 % 9. Pakistan Industrial Credit & Investment Corporation Ltd. 5.00 % 10. Islamabad Stock Exchange (Guarantee) Limited 2.50 % 100.00 %

CDC board comprises of 12 directors of which ten representing the share holders, one SECP nominee and the Chief Executive Officer of the Company.

Core services provided 1. Deposit of securities 2. Custody of securities 3. Transfer of securities 4. Pledging of securities

Member Profiles － 36 － 5. Withdrawal of securities 6. Corporate Actions a. Bonus b. Merger / De-Merger c. Split / Consolidation d. Credit of Paid Rights 7. Initial Public Offerings

Diversification in Service Portfolio Trustee and Custodial Services CDC started trustee business operations for open end mutual funds in 2002. Today, CDC is one of the largest providers of trustee and custodial services in Pakistan. The quality of services provided and the benefits to the fund managers have not only generated goodwill for CDC, but have also attracted new funds. On the Custodial side, CDC is providing custodial services to various closed end mutual funds. CDC’s custodial venture is rapidly gaining recognition as, within a short span of time, CDC has succeeded in enlisting major mutual funds to the helm of its custodial business. Investor Account Services Investor Account Services (IAS) offered by CDC allows investors to directly open and maintain accounts in CDS. IAS operations started in 1999 and have flourished as an important service in the portfolio of services being offered by CDC. By providing secure custody of securities, which was the prime concern of investors in the Pakistani capital market, Investor Account Services has enabled individual and corporate investors to open direct accounts with CDC and to avail the variety of services which includes book entry transfers, Pledging of securities and withdrawal of securities. Clearing and Settlement Services Subsequent to the successful implementation of the Central Depository System and the Electronic Trading Systems of the three stock exchanges, another step towards automation of the Pakistani capital market is the implementation of National Clearing and Settlement System (NCSS). NCSS, with its technologically advanced features, introduced extraordinary transparency and expediency in the clearing process. CDC was assigned to deliver this project and after its successful implementation clearing and settlement operations and NCSS system maintenance are also managed by CDC on behalf of National Clearing Company of Pakistan Limited.

Statistics

Member Profiles － 37 － Since the inception of China’s securities market over ten years ago, the securities depository and clearing system has been constantly evolving. From the initial physical, manual clearing to the present day dematerialized, centralized electronic depository and clearing, the technology has been constantly advancing (see the following diagram of the depository and clearing procedures for A shares (common shares denominated in RMB)).

In March 2001, China Securities Depository and Clearing Corporation Limited (CSDCC) was established according to the Securities Law and Company Law, to take charge of the depository and clearing of listed securities. It is under the China Securities Regulatory Commission s supervision. The General Manager, who reports to the Board of Directors, is responsible for the operation of the company. Headquartered in Beijing, CSDCC has two subsidiaries: one in Shanghai and the other in Shenzhen. Its business scope covers the opening and management of securities accounts and settlement accounts, securities registration and transfer, securities depository, securities/payment clearing and delivery, acting as agent for securities interests distribution as entrusted by the issues, and any other businesses as authorized by China Securities Regulatory Commission. At present, the settlement is T+1 for A shares, and T+3 for B shares (domestically listed common shares quoted in US dollars or HK dollars).

Main Services of SD&C 1. Securities Account Opening SD&C undertakes the duties for opening securities accounts in accordance with article 148 of the Securities Law. At present, SD&C has published the Management Rules of Securities Accounts of SD&C to regulate the opening of securities accounts. The participants of the securities account opening business include SD&C, account-opening agent and eligible account applicants. SD&C is the only administer of securities account opening in charge of the assignment of account codes and maintenance of securities account information.

2. Securities Registration Securities issuers shall enter into Securities Registration and Service Agreement with SD&C after public issurance of securities. SD&C shall handle the registration of issues, variation, entitlement, buy-back write-off in accordance with the agreement and the business rules. Upon the application of the securities issuers, SD&C also allows the withdrawal of the registration. The securities registration business falls into share registration, bond registration and fund registration as securities categories regarded. This report is mainly dedicated to the share registration, which is comprised of share category registration, issuing registration, variation registration and entitlement registration.

3. Securities Custody SD&C and the securities companies jointly provide securities custody services to the investors. The state-owned shares and legal-person shares are under the custody of SD&C. The securities of investors not

Member Profiles － 38 － designated are under the custody of SD&C Shanghai Branch, while the relevant dividends, share interest, bond interest and bond principal will be paid upon the completion of the designated trading.

4. Clearing and Settlement of Securities Trading (1) Clearing and settlement of A-share (including fund and bond) transactions (2) Clearing and settlement of treasury-bond repo transaction (3) B-share clearing and settlement

5. Issuer Service SD&C provides securities holder list, dividends distribution service and so on for issuers. Scope of issuer service: holder list service; cash dividend distribution of shares and funds; cash-in of bond principal and interest; cash-in of principal and interest of enterprise bonds. The procedure is similar to that of treasury bonds.

6. Pledge Registration Service According to the Guarantee Law, the pledgee or pledger of public securities shall undergo pledge registration procedure in SD&C. (1) Non-tradable-share pledge registration (2) Tradable share pledge registration

Diagram of the Depository and Clearing Procedures for A Shares

Trading data Order Placing

Securities� Trade report account data （Exchange）�

Clearing� data Clearing� SD&C participants Remittance order

Remittance SD&C Remittance Reconciliation Clearing� Reconciliation Bank participants

Member Profiles － 39 － MAIN ADDRESS 6767 Ayala Avenue Makati City Philippines Tel: 63 (0) 2 893 5636 Fax: 63 (0) 2 893 5591 Email: [email protected] Web: www.pcd.com.ph

KEY PERSONNEL Vicente B. Castillo Chairman Roy B. Lacsamana President & COO Theresa S. Reyes Vice-President

OWNERSHIP A share swap was recently undertaken under which the shareholders of the former Philippine Central Depos- itory, Inc. exchanged their shares in PDTC with shares in Philippine Dealing System Holdings Corp. (PDS). Tax clearance of the said share swap is currently being secured and as soon as said clearance is issued and other documentation are completed, Philippine Depository & Trust Corp. (PDTC) shall be a wholly-owned subsidiary. The PDS is structured as the holding company that will manage the Fixed Income Exchange Infrastructure, a key significant project of the financial market reforms program. The PDS is owned by the Bankers Association of the Philippines and its member banks (38%), Philippine Stock Exchange (12.22%), other insurance companies, issuers and other investors (26.43%), technology provider (10%), Philippine American Life Insurance Company (5%), Financial Executives of the Philippines (3.8%), Investment House Association of the Philippines (2.5%) and Social Security System (2%).

GENERAL INFORMATION PDTC started as the Philippine Central Depository, Inc. in 31 March 1995 as the first and only central securities depository in the country. Its operation made possible the building of an automated infrastructure that facilitated and reduced risks in debt and equities securities settlement. Since its establishment, it pioneered scripless, or paperless, trading for equities and debt instruments in the local financial market. Eight years later, PCD has undergone a reorganization intended to make it more attuned to the changing financial market environment. Under a reorganized PDTC, custodianship and registry services for scripless securities shall be offered. For this purpose, PDTC applied for and obtained an approval in principle from the Bangko Sentral

Member Profiles － 40 － ng Pilipinas (BSP) to operate as a trust bank and a quasi-bank.

REGULATORY OBJECTIVES PDTC aims to be the premier provider of registry, depository and custody services for the Philippine fixed income and equity securities. PDTC also commits to promote public trust by ensuring the effective delivery, safekeeping and administration of securities holdings of client investors and to enhance the stability of the Philippine financial system by being part of the integrated securities settlement system.

ACTIVITIES AND IMPLEMENTATION PDTC provides the following services: 1. Depository services; 2. Nominee services; 3. Custody services of fixed income securities and equity securities; and 4. Registry services of private scripless fixed income securities and equity securities.

ACCOUNTABILITY The primary regulator of PDTC is the Bangko Sentral ng Pilipinas. The Securities and Exchange Commission shall also regulate PDTC’s depository and registry functions.

Member Profiles － 41 － The Central Depository (Pte) Limited (CDP)

Overview CDP is a wholly-owned subsidiary of the Singapore Exchange with a capital of SGD 100 million. It provides integrated clearing, settlement and depository services to investors in the Singapore market.

SGX, one of the Asia-Pacific’s leading integrated Exchange in securities and derivatives, was inaugurated on 1 December 1999, following the merger of former Stock Exchange of Singapore and Singapore Monetary Exchange. On 23 November 2000, SGX became the first exchange in Asia-Pacific to be listed via a public offer and a private placement. Listed on our bourse, our stock is a component of benchmark indices such as the MSCI Singapore Free Index and the Straits Times Index.

Our Legal Framework CDP is registered under the Companies (Central Depository System) Regulations 1993 as pertaining to the Companies (Amendments) Act No. 22 of 1993. As an approved Clearing House, we are regulated by the Monetary Authority of Singapore, under the Securities and Futures Act, which came into effect on 1 October 2002.

As a Clearing House CDP acts as the central counterparty (CCP) to all our clearing members. ie. Trades are novated to CDP which guarantees the settlement of the trades. The CCP system has brought significant benefits to our marketplace in terms of reduced costs and risks. To realise further benefits from the CCP system, we extended multilateral netting to institutional trade settlement between our clearing members and their institutional clients. We could do so as clearing and depository services are integrated within CDP.

To secure the guarantee which we give as the central counterparty, we have a Clearing Fund which comprises contributions from our clearing members, insurance coverage, CDP contributions and a CDP Standby line of credit. CDP’s guarantee for DVP is supported by various undertakings and bank guarantees given by our settlement banks and CDP’s appointed clearing bank.

As a Depository As the central securities depository in Singapore, CDP acts as a central nominee for its account holders. All immobilised certificates are registered in the name of CDP.

Investors can opt to maintain accounts directly with CDP or with clearing members and other financial institutions, which in turn maintain accounts with the depository. Settlement of trades is conducted by CDP via book-entry.

The depository has two categories of participants, namely direct account holders and depository agents (DAs).

Member Profiles － 42 － Investors can either custodise their securities in a direct account with CDP or in sub-accounts with the DAs, which include clearing members and approved financial institutions such as bank nominees.

DAs are given access to CDP’s sub-accounting system, which enables them to maintain separate securities accounts for their private or institutional clients. The identities of these sub-account holders are known only to the respective DAs, ensuring the confidentiality and anonymity of their clients.

Depository services provided by CDP include:

Periodic statements to investors on securities account balances Deposit of securities Transfer of securities Withdrawal of securities Statements to account holders following entries made to their securities accounts. New issue and distribution service Distribution of entitlements Rights Applications Takeover Offers Redemption of debt securities Provision of shareholdings’ information to issuers Despatch of annual reports/circulars

Other value-added services provided by CDP include: Securities Borrowing and Lending Allows investors to earn a fee on the securities kept with CDP Direct Crediting Service Allows investors to receive direct credit of cash distribution to bank account on payment date CDP Automated Phone Service Allows investors to check shareholdings and IPO results over the phone CDP Internet Service Allows investors to access shareholdings, assess personal securities portfolio and update personal particulars electronically

CDP is committed to providing highly efficient and reliable services, and continually strives to meet the evolving needs of investors and market participants.

Member Profiles － 43 － Central Depository Systems (Pvt.) Limited (CDS)

The Organization

The Central Depository Systems (Pvt.) Limited (CDS) is a wholly owned subsidiary of the Colombo Stock Exchange (CSE) and is responsible for the clearing & settlement of secondary market transactions concluded on the CSE. Incorporated on 30th August 1991, the CDS commenced operations on 2nd September 1991 and became fully operational by 30th June 1992. CDS is registered as a“Market Intermediary”under the Securities & Exchange Commission of Sri Lanka Act No. 36 of 1987, as amended. The CDS is a member of the Asia-Pacific Central Securities Depository Group (ACG). The Board of Directors of the CSE is appointed to the Board of the CDS.

Prior to trading their Securities through the Automated Trading System (ATS) of the CSE, a holder of the Securities is required to open a securities account with the CDS and deposit (lodge) such securities in that account. On depositing the Securities the account holder in effect transfers ownership of the securities to the CDS, while retaining the beneficial interest.

CDS thereupon gives notice of the said transfer of securities to the Secretary/Registrar of the Listed Company to which such Securities relate and the company is required to register the transfer in the books of the company, subject to the provisions in the CDS Rules.

Upon the due registration of the transfer of securities the said transfer is entered in the register of members of the Listed Company. The respective CDS account holder, for whose benefit such Securities are held by CDS, is entitled to enjoy all rights and privileges and is subject to all such duties and obligations as a registered holder of those Securities, as also specified in the Companies Act No. 17 of 1982, as amended.

All listed securities are not fully de-materialized but it is mandatory to use the CDS for purposes of secondary market trading. The CDS acts as a depository for all listed securities and approx. 50% of equity shares and 38% of Debt Securities are currently held through the CDS.

Main Services offered by CDS

The main services of CDS include; ● maintaining securities in a scripless form to facilitate their trading in the CSE ● clearing of securities on account of trades carried out through CSE ● co-ordinating the settlement of funds between Participants through the settlement bank of the CDS ● the opening and maintenance of securities accounts for investors, deposit of securities in such accounts, withdrawal of securities and facilitating the transfer of securities between securities accounts in CDS ● facilitating Securities Borrowing & Lending (SBL) by the account holders through participants ● the provision of entitlement schedules and other reports to listed companies in respect of CDS account holders ● co-ordinating the transfer of securities in CDS pertaining to the take over of listed companies and/or

Member Profiles － 44 － de-listing of listed securities ● the provision of CDS account statements to account holders on a periodic basis

Participant Status

Member firms of the CSE and Custodian Banks are eligible to obtain participant status of the CDS.

Fifteen Stock Broking firms (members of the CSE), Three Trading Members (members of the CSE), and sixteen custodian banks (registered under the Banking Act and who provide custodial services for investors) have been granted participatory status in the CDS, enabling them to directly utilize the facilities and services offered by the CDS.

Settlement of Transactions

The settlement process for transactions on equities is in the form of a two tiered rolling system. A buyer of equities is required to settle the buying broker the value of a purchase within trade day plus five market days (T+5). On account of a sale, the client will receive his sale proceeds from his participant on trade day plus six market days (T+6). The inter-participant settlement of all equity transactions falls on trade day plus six market days (T+6) through the nominated Settlement Bank of the CDS.

The settlement process for transactions on Corporate Debt Securities is in the form of a single tiered rolling system and falls on trade day plus one market day (T+1). This means that buyers shall pay the buying Broker on trade day plus one market day (T+1) and the Selling Participant will settle the sellers on trade day plus one market day (T+1). The inter-participant settlement on Corporate Debt Securities falls on trade day plus one market day (T+1) through the nominated settlement bank of the CDS.

OPERATIONAL STATISTICS FOR LAST FIVE YEARS (1999 – 2003)

YEAR ACCOUNTS DEPOSITS WITHDRAWALS TRANSFERS TRADES OPENED 1999 12,239 60,021 574 12,189 206,745 2000 10,574 42,967 494 9,802 160,838 2001 5,067 24,718 404 11,201 160,094 2002 11,016 62,010 447 14,110 283,926 2003 21,440 95,878 471 15,349 484,091

NUMBER OF SECURITIES HELD IN CUSTODY Apr-04 Apr-03

Domestic 2,995,139,799 2,263,955,726

Foreign 675,325,753 671,560,808

Total 3,670,465,552 2,935,516,534

Member Profiles － 45 － Taiwan Securities Central Depository Co., Ltd.

General Information In October 1989, The Ministry of Economic Affairs approved the establishment of Taiwan Securities Central Depository Co., Ltd. (TSCD). In December 1989, the SFC enacted the Rules Governing the Book-entry Operation of Securities in Centralized Custody and approved the Rules of Business Operation of TSCD. On January 4,1990, TSCD started its operation officially. At the beginning, TSCD took over the custody business from Fuh-Hwa Securities Finance Company as well as the settlement operations commissioned by Taiwan Stock Exchange Corporation. At the same time, TSCD embarked on the computer linkage with securities firms. By August 1990, all securities firms in Taiwan were linked with TSCD. In coordination with the enforcement of the book-entry system for all transactions in the centralized trading market, TSCD modified its procedures and computer system in February 1995 to ensure that transactions and settlement in the centralized market could be done in a safe and convenient method.

Ownership and Governance As of end of 2003, TSCD had paid-in capital in the amount of NT$2,476,689,090; Taiwan Stock Exchange Corporation (TSEC) owns 55% of TSCD shares; Fuh-Hwa Securities Finance Company owns 15%; over 100 securities firms and financial institutions own the remaining 30%. The highest decision making body of TSCD is the shareholders' meeting. The highest executive unit is the board of directors. Seven directors and three supervisors are elected at the shareholders' meeting. The chairman is elected among directors. All directors and supervisors have a term of three years and may be re-elected. Under the shareholders' meeting and the board, there is one president. The president is appointed by the chairman, subject to the consent of the board, and executes the resolutions of the board and oversees company business as directed by the chairman. There are two senior executive vice presidents who assist the president. There is also one secretary general, who is in charge of general affairs, coordination and communication among departments and assists the president and executive vice presidents. To meet the business needs, there are eleven departments: operations, depository, shareholders' affairs, system development, computer operation, planning, administration, auditing, legal, finance, and internal auditing department.

Regulatory Environment TSCD is: (1) a corporation established under the Regulations Governing Securities Centralized Depository Enterprises (2) regulated under the Regulations Governing Book-Entry Operations for Centrally Deposited Securities (3) regulated under the Rules of Business Operation of the Taiwan Securities Central Depository Company

Member Profiles － 46 － Services Provided According to the Regulations Governing Securities Centralized Depository Enterprises, TSCD may engage in the following businesses: (1) Custody of Securities (2) Book-entry for securities settlement (3) Book-entry for securities pledging (4) Book-entry distribution of securities (5) Computerized processing of securities book-entry (6) Registration of securities issued in dematerialized form (7) Other businesses approved by SFC

Future Development (1) Strengthen the clearing and settlement operations for the Emerging Stock market (2) Establishment of passbook registration system for margin trading (3) Study the inclusion of specific institutions as TSCD participants (4) Plan the book-entry operation for split bonds (5) Strengthen Book-entry Operations for Securities Trust (6) Promotion of book registration and management services for securities dematerialized issuance (7) Develop the computerized clearing system of new products for the futures market

Member Profiles － 47 － Thailand Securities Depository Co., Ltd. (TSD)

Vision (2006) To offer a complete range of post-security-trading services for the Thai capital market applying both international best practices and cutting-edge technology.

Operations The Thailand Securities Depository Company Limited (TSD) is a subsidiary of The Stock Exchange of Thailand (SET) and under the supervision of the Securities and Exchange Commissions (SEC). The TSD was established on 16 November 1994 with a registered capital of THB 200 million, and commenced operations on 1 January 1995. The TSD provides securities post-trading services that can be divided into five categories as follows: ● Securities Depository : acts as the central securities depository using an efficient scripless system. Members: 1. Brokerage firms 2. Custodian Banks; 3. Issuing Companies 4. Any juristic person who is allowed to trade as stipulated by the SET System: Dematerialized System Types of Securities in SDC Common Share, Preferred Share, Debentures, Warrant, Derivative Warrant, Transferable Subscription, Unit Trusts, Options, and Depository Receipts ● Securities Clearing and Settlement: acts as the sole clearing house for securities trading in Thailand by utilizing an internationally accepted multilateral netting mode of settlement. Members: 1. Brokerage firms; 2. Custodian Banks System: ● Netting with Delivery versus Payment ● Model 3 Multilateral Net Settlement ● Settlement: Book entry ● Payment: Electronic Fund Transfer through Bahtnet system (Bank of Thailand Automated High value Transfer Network) and Settlement Bank Settlement Date: T+3 Risk Management : Clearing Fund, Credit line, SBL, Buy-in System, Settlement Cap, Early Warning System, etc. ● Securities Registration: acts as the securities registrar for all listed companies and other issuing companies. ● Fund Registration: acts as the registrar of Mutual Funds, Retirement Mutual Funds (RMFs), and Provident Funds for asset management companies. Main Services: 1. Front Office Program; 2. Back Office Program; 3. Registration Program ● Back Office Service Bureau: provides broker services on securities after-trade operations and acts as the center for operation system development. Presently the services cover various kinds of financial instruments; for example, debentures, government bonds and short-term instrument. The service helps reduce cost of brokers on its operation and system development. Main Services: 1. Full Service; 2. Software Provider; 3. Backup site

Member Profiles － 48 － Statistical Highlights

1. Securities Depository As of December 31, 2003 2002 2003 Number of Depository Participants (Participants) 149 200 Brokers 37 37 Custodians 31 30 Issuers 69 124 Others 12 9 Number of Securities Deposited in the Securities Depository System (Securities) 672 718 Common Shares 1/ 421 446 Preferred Shares 13 13 Bonds and Debentures 139 150 Convertible Debentures 11 11 Unit Trusts 23 23 Warrants 64 74 Derivative Warrants 1 1 Value of Securities Deposited in the Securities Depository System (Million Baht) The Stock Exchange of Thailand (SET) (At Market Price) 1,054,033 2,833,882 Percentage of Deposit Compared to Total Market Capitalization (At Market Price) 53 59 Bond Market Exchange (BMX) (At Market Price) 2/ N/A 32,190 Percentage of Deposit Compared to Total Market Capitalization (At Market Price) N/A 21 The Market for Alternatives Investment (MAI) (At Market Price) 1,409 8,982 Percentage of Deposit Compared to Total Market Capitalization (At Market Price) 81 66 The Thai Bond Dealing Center (TBDC) (At Par Value) 7,975 7,198 Percentage of Deposit Compared to Total Market Capitalization (At Par Value) 3 2 Number of Accounts in the Securities Depository System (Accounts) Local 8,126 8,832 Foreign 1,598 1,654

2. Securities Clearing and Settlement 3/ 2002 2003 Number of Participants in the Clearing House (Participants) 57 57 Total Value of Securities Clearing and Settlement (Million Baht) 237,090 437,601 Total Volume of Securities Clearing and Settlement (Million Shares) 82,530 171,250 Total Transactions of Securities Clearing and Settlement (Thousand Transactions) 1,328 1,903

3. Securities Registration 2002 2003 Number of Companies in the Securities Registration System (Companies) 446 467 Number of Securities in the Securities Registration System (Securities) 558 601 Common Shares 443 463 Preferred Shares 21 21 Bonds and Debentures 23 24 Convertible Debentures 2 2 Unit Trusts -4 Warrants 68 86 Derivative Warrants 1 1

4. Fund Registration 2002 2003 Number of Mutual Funds in the Fund Registration System (Funds) N/A4/ 44/ Number of Retirement Mutual Funds (RMFs) in the Fund Registration System (Funds) 8 9 Number of Provident Funds in the Fund Registration System (Funds) N/A5/ 29 5/

5. Back Office Services Bureau - BSB6/ 2002 2003 Number of Brokers Using Full Service of BSB (Companies) 8 147/ Number of Brokers Using BSB as a Back-up Site (Companies) 1 1 Number of Brokers Using Application Service of BSB (Companies) - 1

Note: 1/ Including property fund 2/ The BMX started trading on November 26, 2003. 3/ The figures shows the clearing and settlement of securities traded on The Stock Exchange of Thailand only. 4/ Fund registration for Mutual Fund started in June 2003. 5/ Fund registration for Provident Fund started in January 2003. 6/ Back Office Service Bureau (BSB), formerly rendered by The Stock Exchange of Thailand, has run by the TSD since July 2003. 7/ In 2003, 7 out of 14 brokers use back office service only for corporate debentures trading on The Stock Exchange of Thailand.

Member Profiles － 49 － Uzbekistan State Central Securities Depository (UzSCSD)

General Information

The State Central Securities Depository (UzSCSD) is the sole central depository in Uzbekistan. SCSD provides depository, registry and settlement services for equities and corporate bonds in Uzbekistan. SCSD is a state entity that was created by Resolution 263 of the Cabinet Ministers according to the Law about Depositories Activity in the Securities Market on 21 May 1999 and commenced operations on 19 October 1999. It is an independent institution, functioning on self-financing principle. The number of shares in custody exceeded 1 479.189 million shares in the April 2004, where there are 95% shares dematerialized (non-cash securities).

Ownership and Governance

UzSCSD was established under Supreme Parliament of Uzbekistan with the capital of US$ 152 500. Uzbekistan was the first among the CIS countries tovelaborate andvapprove Performance standards for depository and register institutions, that included securities expertise procedures, securities quotation provisions together with a number of other important documents. UzSCSD is observed by the Center of Control and Coordination of securities market. Nevertheless, UzSCSD is an economically independent legal entity. The main functions of UzSCSD are to provide depository of securities, to exercise rights of securities owners and provide execution of securities operations throughout the territory of the Republic of Uzbekistan.

Regulatory Environment

UzSCSD is:

- a central securities depository designated and regulated under the Law of Republic of Uzbekistan On activity of depositories in the securities market ,

- regulated by the Center of Control and Coordination of securities market.

Services Provided

● Storage of all non-physical issues of corporate securities issued in the country; ● Storage and accounting of rights to corporate securities - State-owned assets; ● Conducting correspondent accounts of depositories; ● Confirmation of availability and authenticity of securities of exchange and off-exchange trades participants before offering them for trades; ● Maintenance of delivery of securities to exchange and off-exchange trades participants by concluded transactions; ● Accounting of the securities issued by non-residents and the securities issued by residents of the country,

Member Profiles － 50 － circulating in foreign stock markets, on the territory of Republic of Uzbekistan; ● Gathering and systematization of the information on movement of securities in depository system

The depositors of the UzSCSD are: the State Property Management Committee and its territorial branches, the Ministry of Finance; joint-stock companies, associations, holdingsvwith state share, trust management companies representing the state shares.

By January 1, 2002 there are 1,11 billion equities of 4654 joint stock companies on the total sum – 1,62 trillion sum deposited in the UzSCSD. By April 1, 2004 there are 1,48 billion equities of 3554 joint-stock companies deposited

Main Initiatives

● UzSCSD was in a number of the key initiators of implementation of dematerialization process. It was taking part in developing numerous regulations, standards and rules for adoption of dematerialization mechanisms. The results of dematerialized securities shown at the graph indicate essential prosper of the process.

Graph on Dematerilized Securities (million shares)�

1400

1200

1000

800

Volume Non-cash securities 600 Cash securities 400

200

0 1999 2000 2001 2002 2003 2004 Year

● In order to ensure an exercising investor s rights UzSCSD undertakes specific measures on transition to unified base of depositors. This will allow UzSCSD to organize the structure of interaction with second level depositories centrally, so that UzSCSD becomes sole unified registrant. The system operates as follows – since every depositor in UzSCSD has a unified code, the process of trades will be facilitated and, therefore, overall turnover of capital in the securities market will grow. Another feature of the process is that it reduces the possibility of double account in the second level depositories. And the information about all depositors would be accumulated at one organization. Thus would be reached the transparency of transactions in the securities market.

Member Profiles － 51 － Contact Us AUSTRALIA: National Securities Clearing Corporation Ltd. ASX Settlement & Transfer Corporation Pty Exchange Plaza, Bandra-Kurla Complex, Limited Bandra(E), Mumbai-400051 India 20 Bridge Street, Sydney NSW 2000 Australia Tel: +91-22-2659-8200 Fax: +91-22-2659-8121 Tel: +612-9227-0804 Fax: +612-9251-7639 E-mail: [email protected] E-mail: [email protected] Web site: http://www.nseindia.com Web site: http://www.asx.com.au National Securities Depository Limited Austraclear Limited Trade World, 5th Floor Kamala Mills Level 1, 30 Grosvenor Street, Sydney NSW Compound, Senapati Bapat Marg, Lower Parel, 2000 Australia Mumbai – 400013 India Tel: +612-9256-0555 Fax: +612-9256-0426 Tel: +91-22-2497-2980 Fax: +91-22-2497-2979 E-mail: [email protected] E-mail: [email protected] Web site: http://www.sfe.com.au Web site: http://www.nsdl.co.in

BANGLADESH: INDONESIA: Central Depository Bangladesh Limited PT. KustodianSentral Efek Indonesia BSRS Bhaban (18th Floor), 12 Kawran Bazar, The Jakarta Stock Exchange Building Tower 1, Dhaka-1215 Bangladesh 5th Fl., Jin. Jendral Sudirman Kav. 52-53 Tel: +880-2-812-5402 Fax: +880-2-812-4630 Jakarta 12190 Indonesia E-mail: [email protected] Tel: +62-21-5299-1099 Fax: +62-21-5299-1199 E-mail: [email protected] HONG KONG: Web site: http://www.ksei.co.id Hong Kong Monetary Authority Indonesian Clearing & Guarantee Corporation 30/F, 3 Garden Road, Central, Hong Kong The Jakarta Stock Exchange Building Tower 1, 55/F, Two International Firance Center, 8 5th Fl., Jin. Jendral Sudirman Kav. 52-53 Finance Street, Central, Hong Kong Jakarta 12190 Indonesia Tel: +852-2878-8196 Fax: +852-2878-8197 Tel: +62-21-515-5604 Fax: +62-21-515-5106 E-mail: [email protected] E-mail: [email protected] Web site: http://www.info.gov.hk/hkma Web site: http://www.kpei.co.id Hong Kong Securities Clearing Co., Ltd. 12/F, One International Finance Centre, 1 JAPAN: Harbour View Street, Central, Hong Kong Japan Securities Depository Center, Incorporated Tel: +852-2211-6288 Fax: +852-2541-3234 5th Floor, Daini-Shoken Kaikan Building, 1-1, E-mail: [email protected] Nihombashi Kayaba-cho 2-Chome, Chuo-ku, We bsite: http://www.hkex.com.hk Tokyo 103-0025 Japan Tel: +81-3-3661-0161 Fax: +81-3-3661-2810 INDIA: E-mail: [email protected] Central Depository Services (India) Limited Web site: http://www.jasdec.com 28th Floor, P J Towers, Dalal Street, Fort, Japan Securities Settlement & Custody, Inc. Mumbai-400023 Maharashtra, India 1-1, Nihombashi Kayabacho 2-Chome, Chuo- Tel: +91-22-2272-3333 Fax: +91-22-2272-3199 ku, Tokyo 103-0025 Japan E-mail: [email protected] Tel: +81-3-3665-1463 Fax: +81-3-3669-0348 Web site: http://www.cdslindia.com E-mail: [email protected] Website: http://www.tse.or.jp/english/cash/clear ing/index.html # jssc

Member Profiles － 52 － KOREA: PHILIPPINES: Korea Securities Depository Philippine Depository & Trust Corp. 34-6 Yoido-Dong, Youngdeungpo-Gu, Seoul, G/F Makati Stock Exchange Bldg., 6767 Ayala 150-884 Korea Avenue, Makati City, Philippines Tel: +82-2-3774-3445 Fax: +82-2-3774-3433 Tel: +632-840-3312 Fax: +632-840-3310 E-mail: [email protected] E-mail: [email protected] Web site: http://www.ksd.or.kr Web site: http://www.pcd.com.ph

MALAYSIA: SINGAPORE: Malaysian Central Depository Sdn Bhd The Central Depository (Pte) Limited 6th Floor, Exchange Square, Bukit Kewangan, 2 Shenton Way #19-00, SGX Centre 1 Singa- 50200 Kuala Lumpur, Malaysia pore 068804 Tel: +60-3-2026-2099 Fax: +60-3-2026-3726 Tel: +65-6236-8888 Fax: +65-6535-9434 E-mail: [email protected] E-mail: [email protected] Web site: http://www.bursamalaysia.com Web site: http://www.cdp.com.sg Securities Clearing Automated Network Services Sdn Bhd SRI LANKA: 8th Floor, Exchange Square, Bukit Kewangan, Central Depository Systems (PVT) Limited 50200 Kuala Lumpur, Malaysia #04-01, West Block, World Trade Center, Tel: +60-3-206-8099 Fax: +60-3-206-3714 Echelon Square, Colombo 01 Sri Lanka E-mail: [email protected] Tel: +94-1-440539 Fax: +94-1-445279 Web site: http://www.bursamalaysia.com E-mail: [email protected] Web site: http://www.cse.lk NEW ZEALAND: New Zealand Central Securities Depository TAIWAN: C/-Reserve Bank of New Zealand, No2. The Taiwan Securities Central Depository Co., Ltd. Terrace Wellington, New Zealand 11F 363 Fushin North Road, Taipei 105 Taiwan Tel: +644-472-2029 Fax: +644-471-3860 Tel: +886-2-2719-5805 E-mail: [email protected] Fax: +886-2-2713-3736 Web site: http://www.rbnz.govt.nz E-mail: [email protected] Web site: http://www.tscd.com.tw PAKISTAN: Central Depository Company of Pakistan Limited THAILAND: 8th Floor, Karachi Stock Exchange Building, Thailand Securities Depository Co., Ltd. Stock Exchange Road, Karachi-74000 Pakistan 62, 7th Floor, The Stock Exchange of Thailand Tel: +92-21-111-111-500 Fax: +92-21-2426271 Building, Rachadapisek Road, Klongtoey, E-mail: [email protected] Bangkok 10110 Thailand Web site: http://www.cdcpakistan.com Tel: +662-229-2800 Fax: +662-359-1256 P. R. CHINA: E-mail: [email protected] China Securities Depository & Web site: http://www.tsd.co.th Clearing Corporation Limited 23/F, Investment Plaza, 27# Jin Rong Street, UZBEKISTAN: Xicheng District, Beijin 100032 P. R. China Uzbekistan State Central Securities Depository Tel: +86-10-5859-8897 Fax: +86-10-6621-0938 10 Bukhoro Street, Tashkent 700000 Uzbekistan E-mail: [email protected] Tel: +998-71-136-1434 Fax: +998-71-133-1357 Web site: http://www.chinaclear.com.cn E-mail: [email protected] Web site: http://www.deponet.uz

Member Profiles － 53 － History of ACG

Nov. 1997 The 1st General Meeting of ACG was held in Hong Kong, hosted by the Hong Kong Securities Clearing Co. Ltd., attended by 17 CSDs and clearing organizations in 14 countries in the Asia-Pacific region. (Since then, the General Meeting of ACG has been held once a year, hosted by one of ACG members.) Nov. 1998 The Central Depository Systems (PVT) Ltd., Sri Lanka, joined ACG. May. 1999 The 1st Cross Training Seminar of ACG was organized by the Exchange of Information Task Force, held in Taipei, Taiwan, hosted by the Taiwan Securities Central Depository. (Since then, the Cross-Training Seminar of ACG has been organized once a year, hosted by one of ACG members.) Feb. 2000 The Central Depository Bangladesh Limited, Bangladesh, joined ACG. Mar. 2000 The Securities Clearing Automated Network Services, Malaysia, joined ACG. Nov. 2000 The Central Depository Services (India) Limited, India and the National Securities Clearing Corporation, India, joined ACG. Mar. 2001 The Hong Kong Monetary Authority joined ACG. Sep. 2001 The Indonesian Clearing & Guarantee Corporation and the Uzbekistan State Central Securi- ties Depository joined ACG. Nov. 2003 The 7th General Meeting of ACG was held in Bali, Indonesia, jointly hosted by the PT. Kustodian Sentral Efek Indonesia and Indonesian Clearing & Guarantee Corp. Mar. 2004 The 6th Cross Training Seminar of ACG was organized by the Exchange of Information Task Force, held in Hong Kong, jointly hosted by the Hong Kong Monetary Authority and the Hong Kong Securities Clearing Co., Ltd.

Cross-Training Seminar in Hong Kong in May 2004

Member Profiles － 54 － ACG General Meetings and Cross-Training Seminars

. General Meetings GM Schedule Venue Hosting Members 1st Nov. 27-28, 1997 Hong Kong HKSCC 2nd Nov 9-10, 1998 Mumbai, India NSDL 3rd Nov. 4-5, 1999 Wellington, New Zealand NZCSD 4th Nov. 1-3, 2000 Seoul, Korea KSD 5th Sep. 24-25, 2001 Kuala Lumpur, Malaysia MCD & SCANS 6th Nov. 18-19, 2002 Bangkok, Thailand TSD 7th Oct. 2-3, 2003 Bali, Indonesia KSEI & KPEI

. Cross-Training Seminars Seminar Schedule Venue Hosting Members 1st May 10-13, 1999 Taipei, Taiwan TSCD 2nd Jun. 26-28, 2000 Jakarta, Indonesia KSEI 3rd Jun. 19-21, 2001 Tokyo, Japan JASDEC & JSSC 4th Nov. 18-19, 2002 Mumbai, India NSDL 5th Sep. 3-5, 2003 Seoul, Korea KSD 6th May 11-14, 2004 Hong Kong HKMA & HKEx

General Meeting in Bali, Indonesia in October 2003

Member Profiles － 55 －