International Recognition of AMEDA’s Role in Developing Central Depository and Post-Trading Services
International organizations have commended the role of The Africa & Middle East Depositories Association “AMEDA” which aims to support efforts to develop central depository in the region’s markets and attract foreign capital inflows and investments to member countries of the central depository and registry companies.
The concerned international organizations are represented by the Association of Global Custodians “AGC” and the International Securities Services Association “ISSA”.
In this regard, “AGC” stressed the importance of close cooperation with the World Forum of Central Securities Depositories “CSDs” and its member organizations, including AMEDA, regarding the procedures of the Central depository and registry companies’ data repository project- CDRI project.
“AGC” is a diversified global organization that focuses on creating and supporting industry cooperation across the entire custodians’ sector worldwide, it is also considered an informal group of 12 banks of global custodians that are major providers of securities services, and related asset service missions, to international institutional investors worldwide.
In a related, “ISSA” also praised the vital role played by the “AMEDA” organization to improve the investment climate in financial markets and to attract foreign inflows and investments of member states from central depository and registry companies.
The “ISSA” organization indicated that the “AMEDA” organization plays a pivotal role in terms of initiatives aimed at creating a suitable investment climate through many axes represented in linking the leaders of securities services, facilitating cooperation in the sector, and creating the best practices approach.
In a related context, the “ISSA” aims to connect the leaders of securities services, facilitate cooperation in the sector and bring about change that positively affects the entire securities value chain, as well as focusing on finding advanced solutions to reduce the risks and improve the efficiency and effectiveness, from the source to the investor, in addition, to provide broad-minded leadership to help in shaping the future of the sector.
On his part, Abdulla Abdin President of “AMEDA” said that the International Recognition reflects the importance of AMEDA’s vital role in developing central depository and post-trade services, clearly enhancing cooperation between the various clearinghouses, and strengthening its role aimed at participating strongly towards the development of the various financial markets of the member states.
For her part, Riham Khedr, Secretary General of AMEDA, explained that “AMEDA” is working on implementing the “Data Warehouse” project, which is a regional project to launch 2 servers, to collect the information of all “AMEDA” members in a single database that will be available to all members.
It is proposed to be implemented in North and South Africa during the next stage.
Khedr indicated that Egypt is a strong candidate to host the backup server to be implemented in the North African region, stressing the importance of this project in supporting the organization by having a site or sites for disaster recovery, where the data of all members is safely kept in one or more sites in the region in the case of any member exposure to unusual circumstances such as wars, and in a way that contributes to speed the access to it and the acceleration of the pace of business.
Worth mentioning… “AMEDA” was established on April 27, 2005, and its first meeting was held in New York before the CSD8 conference, it is a non-profit organization comprised of Central Securities Depositories and Clearing Houses in AFRICA & the MIDDLE EAST.
AMEDA’s main purpose is to be a forum for the exchange of information and experiences among its 40 members, from more than 30 countries, in a spirit of cooperation and to promote best practice recommendations in services such as securities depository, clearance, settlement, and risk management.
AMEDA’s goal is also to support local markets in their efforts to adopt securities market regulations while considering their specific circumstances and to serve as a dialogue channel with other organizations worldwide.