DTCC and Jasdec to handle US stocks on Japanese exchange

Until the end of last month, the Japan Securities Settlement and Custody handled bookkeeping for the 15 US securities listed in Tokyo and Osaka, in a separate process from settlement of trades in Japanese securities.

Now, however, Jasdec will take over foreign securities as well as domestic issues, via a link with DTCC's depository subsidiary. US and Japanese firms will be able to move US securities traded in Japan through the depository to other US or Japanese brokers.

Trades on Japanese exchanges will continue to be settled in Japan. The move will help the exchanges transfer to paperless trading by 2009, Japanese regulators said.

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