SA`s central securities depository (CSD), Strate, has become the first CSD operating outside the Americas to be invited to become a member of the Americas` Central Securities Depositories Association (ACSDA).
The invitation comes after Strate CEO Monica Singer visited Panama last year to address the ACSDA annual meeting.
"We are obviously honoured to have been asked to join the ACSDA," she says. "Strate has accepted the invitation rather than applying for membership of the equivalent European association, largely because we have more in common with the emerging markets of the Americas than with Europe`s CSD`s realities."
ACSDA`s by-laws provide for membership of the association by countries outside the Americas although such membership is limited to one-third of the total number of members.
Singer says membership benefits for Strate include attending yearly conferences regarding the latest issues, trends and developments in the industry; contacts with other CSDs for advice and recommendations; and a forum to discuss issues affecting emerging markets.
Since the US and Canada are leading the way forward to T+1 [settlement a day after trade] and other industry initiatives, Strate will be able to learn from their experiences without the need to reinvent what already exists in the industry, she adds.
Another benefit is representation at an international forum where Strate will be part of a bigger group than now.
There are only three other active CSDs in the sub-Saharan region, although Singer says they are all small and relatively unsophisticated.
Strate has in the past worked towards a sub-Saharan regional association to be formed, but this has not materialised due to a lack of resources in other countries` CSDs, she adds.
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