German post-trade services firm Clearstream has bolstered its presence in Korea after it was granted Qualified Foreign Intermediary (QFI) status by the Korean National Tax Service.
The move makes Clearstream the first international central securities depositary (ICSD) to be given such access to the Korean securities market.
It comes on the back of an MoU signed between the Korean Securities Depositary and Clearstream, along with fellow ICSD Euroclear, back in December 2022.
The goal of the MoU is to forge a cross-border link between Luxembourg and Korea and to give European investors post-trade access to Korean treasury bonds.
It will also help Clearstream to eventually offer omnibus accounts to the Korean market.
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