The Taiwan Depository & Clearing Corporation (TDCC) has partnered with Euroclear Bank to launch a new offshore RMB service to allow international investors settle Taiwanese-issued RMB bonds (Formosa bonds) in TDCC.
The new service will allow settlement transactions to be routed from Euroclear Bank’s account with Citi to the local central securities depository, TDCC.
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According to TDCC, making Formosa bonds accessible to international investors, through Euroclear Bank, will enable them to achieve strategic objective to expand and further internationalise Taiwan’s capital markets.
Olivier Grimonpont, general manager and regional head Asia-Pacific for Euroclear Bank, said: "We are delighted to be working with TDCC and Citi on this groundbreaking project and look forward to helping Taiwan bring in additional foreign investment."
David Russell, region head for securities services in Asia Pacific for Citi, added: "Our established network in Asia, and in particular Taiwan, has enabled this important co-operation with Euroclear Bank and TDCC to come to fruition.
"Through our account at TDCC, Euroclear Bank clients will be able to access all current and future Taiwanese RMB denominated bonds. We are very happy to be expanding our well-established professional relationship with both TDCC and the proven, open market infrastructure that is Euroclear Bank."
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