Comparative Analysis on and Implications from Models and Arrangements of Cross-border CSD Links

Bond Monthly, Jan. 2022, http://www.ccdc.com.cn/Channel/145609953

26 Pages Posted: 11 May 2022

See all articles by Liyao Ruan

Liyao Ruan

China Central Depository & Clearing Co., Ltd. (CCDC)

Yanming Yan

China Central Depository & Clearing Co., Ltd. (CCDC)

Date Written: April 13, 2022

Abstract

The cross-border central securities depository (CSD) link could facilitate access to China’s bond market and help reach out to a large number of foreign investors at one time. This paper sets out four main models in cross-border custody and settlement practices by analyzing their advantages, disadvantages and risks. It also reviews related legal arrangement in the common law and civil law systems, as well as relevant practices in China. Finally, this paper seeks to propose a basic plan for the cross-border CSD link in China, and puts forward suggestions from the perspectives of structural arrangements, service optimization, risk prevention and efficiency improvement.

Keywords: CSD, cross-border link, international comparison, financial market infrastructure

JEL Classification: G18, G19, G28, G29

Suggested Citation

Ruan, Liyao and Yan, Yanming, Comparative Analysis on and Implications from Models and Arrangements of Cross-border CSD Links (April 13, 2022). Bond Monthly, Jan. 2022, http://www.ccdc.com.cn/Channel/145609953, Available at SSRN: https://ssrn.com/abstract=4082957

Liyao Ruan (Contact Author)

China Central Depository & Clearing Co., Ltd. (CCDC)

China

Yanming Yan

China Central Depository & Clearing Co., Ltd. (CCDC)

China

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