Asean Exchanges takes on Deutsche Bank

The regional network of seven bourses that includes the Philippine Stock Exchange, has taken a further step toward an integrated capital market through a “milestone agreement” with Deutsche Bank.

In a statement, the Asean Exchanges said Deutsche Bank was appointed provider of custody and settlement services for the Asean Trading Link (ATL).

When it began operations in September 2012, the ATL was hailed as the first private sector effort in building the Asean Economic Community, which the 10-country Association of Southeast Asian Nations hoped to put up by the end of 2015.

The agreement with Deutsche Bank means that Asean Exchanges can now provide streamlined and cost-effective post-trade procedures for cross-border transactions conducted through the ATL.

“Asean Exchanges have made significant progress in meeting several key milestones in our effort to promote the integration of the Asean capital market,” said Ito Warsito, chief executive of the Indonesia Stock Exchange.

According to Ito, the Asean Exchanges will focus on driving cross border collaboration, streamlining access to Asean, creating Asean-centric products, and implementing targeted promotional initiatives.

With a total of more than 3,600 companies listed on the seven exchanges, the group accounts for a combined market capitalization of some $2.90 trillion.