The agreement constitutes a legal and business framework for the two organizations to work together at both senior and staff levels, DTCC said.
SD&C was formed six years ago, with a mission of building “an open, flexible and unified securities registration and settlement system in line with international standards and practices,” the organization’s vice chairman and general manager, Ying Jin, said at the signing ceremony. SD&C had previously established relationships with stock exchanges and depository and clearing institutions in Asia, Europe, North America, Oceania, South America and Africa, she said.
“As the central securities depository of this young market, we are trying our best to provide safe, stable and efficient back-office support for the market, which means a huge responsibility for us,” Jin said. “With the development of China’s securities market, SD&C is enriching its knowledge and experience and exploring an innovative way of development.”
In the wording of the MOU, the two sides will “establish a basis of cooperation in securities depository and clearing matters to help foster the prosperity of their financial markets, promote cross-border investment and explore opportunities for cooperation in both depository and clearing operations and in the establishment of an operation linkage.” The parties also “anticipate developing a closer working relationship” in the future.

The agreement is an early step that could conceivably lead to actions on cross-border trading later. “We believe that as investors continue to invest more globally each year it is increasingly important that the post-trade infrastructure develop and change to support such trading much better than it does currently,” said Callahan. The MOU “allows both DTCC and the SD&C to build systems and operations that will work more efficiently with each other … and hopefully will result in a more cost-efficient and better way for investors to buy and sell stock in both our countries.”
Long operational experience isn’t the only reason that the Chinese look to the U.S. for guidance. “Since the U.S. represents the primary base of foreign investment and potential investment flowing into the China markets, it makes sense that SD&C sign the MOU,” said Matthew Bienfang, brokerage and wealth management services research director at TowerGroup in Needham, Mass. “This is the fastest and most efficient way to open those markets to U.S. brokerages.”
International investments into China are limited to purchases of stocks listed in Hong Kong and other international exchanges, or through the limited investment opportunities offered through China’s qualified foreign institutional investor program, currently being increased to $30 billion since the previous $10 billion allotment was used up.
With DTCC’s help, SD&C will be able to bring the Chinese system more in line with U.S. standards and practices, Bienfang said. “This will in turn grease the capital flow into China’s markets by reducing the cost and operational and settlement risk. SD&C has an opportunity to refine a model that offers familiarity and continuity to which U.S. brokers are more likely to respond positively and adopt more rapidly.”
This isn’t the first MOU that DTCC has with a Chinese clearing corporation. In December it signed one with a related organization, the China Government Depository Trust & Clearing Co., which handles clearing and settlement for the Chinese bond market. The SD&C agreement tightens DTCC’s links with the post-trade infrastructure in China, said Callahan.
According to Chambers Yang, a partner at Shanghai-based law firm Haworth & Lexon, this deal could help lead to the eventual development of a global market for securities.
“SD&C can help U.S. investors to invest in China through DTCC,” Yang said, “while DTCC can help Chinese investors to invest in U.S. through SD&C.” That will not happen in the near term, however, because of the closed nature of the Chinese stock market.
Still, the MOU “is an important first step for future cooperation,” commented Wenli Yuan, a Beijing-based senior analyst with Boston research firm Celent. DTCC, for its part, “could get a better understanding of business in China, a more and more important market in the financial industry,” she said.
Benoit Florencon contributed to this report.
(原文参见:http://www.securitiesindustry.com/article.cfm?articleid=20790&did=4&page=3)
相关法律服务
杨春宝一级律师简介
杨春宝一级律师,大成上海高级合伙人、资本市场部主任、国资基金研究中心主任,大成中国区私募基金专业带头人、科技与文化法律研究中心联合牵头人。执业30余年,长期从事私募基金、投融资、并购重组法律服务,尤其对对赌研究颇深且具有非常丰富的实战经验,并专注于金融机构股权投资业务。2004年起多次入选The Legal 500"私募基金"和"公司与商业"等境内外各类律师榜单,代理的中国法院首例适用外国法律审理外国公司的董事损害小股东权益纠纷案入选上海高院发布的《上海法院域外法查明典型案例》和威科先行"要案头条"。入选上海涉外法律人才库、上海市司法局鼎新法治人才库、上海国有企业改制法律顾问团,具有上市公司独立董事任职资格,系多家知名高校的兼职教授或兼职研究生导师及上海市商务委跨国经营人才培训班讲师。出版《私募股权投资基金风险防控操作实务》等16本投融资法律专著。了解更多常见法律问题
DTCC与中国结算签署MOU有何法律意义?
该MOU为双方在证券存管和清算领域合作确立了法律与业务框架,支持信息交换和项目合作,为未来跨境投资和运营联动奠定基础。
该MOU对跨境投资有何影响?
MOU旨在促进中美市场后交易基础设施衔接,降低运营和结算风险,提高效率,为美国券商进入中国市场及中国投资者投资美国提供便利。
中国证券市场对外开放现状如何?
当时国际投资进入中国主要通过香港等境外上市股份或合格境外机构投资者(QFII)计划,额度已从100亿美元增至300亿美元,市场仍相对封闭。
以上内容仅供参考,不构成法律意见。如需专业法律服务,请联系杨春宝一级律师:chambers.yang@dentons.cn




