State Street Digital Appointed by Digital Securities Depository Corporation (DSDC)
October 14 2021 - 8:00AM
Business Wire
State Street Corporation (NYSE:STT) today announced that it will
provide custody services to the Digital Securities Depository
Corporation (DSDC). DSDC operates a novel cross-border securities
settlement infrastructure with third-party regulated financial
institutions to more efficiently create, issue and service digital
depositary receipts (DDRs) in the US public market. The securities
underlying the DDRs will include the non-US listed equity
securities DSDC holds in custody with State Street.
State Street will provide safekeeping, transaction settlement,
dividend collection, and FX payment services to DSDC with respect
to its holdings of non-US listed equity securities. At launch, the
DSDC network aims to deliver UK’s FTSE 350 constituent equities
more efficiently into the hands of US investors. DSDC is a newly
created US company that provides the structure for governance and
support of the DSDC infrastructure network which is enabled by
KALYP Technologies, a UK-based technology provider for distributed
market infrastructure to the world’s securities industry.
“State Street is delighted to be working with DSDC to support
its growth strategy to diversify into additional markets,” said
Nadine Chakar, head of State Street Digital. “This mandate is
another example of State Street Digital continuing to deliver on
our broader global strategy of helping to build out the crypto and
digital assets ecosystem.”
Launched in June of this year, State Street Digital was created
to address the industry’s evolving shift to digital finance. The
new division builds on State Street’s prior digital capabilities
and focuses on innovations in crypto, central bank digital
currency, blockchain and tokenization. State Street’s GlobalLink
technology platform is also a component of State Street
Digital.
“State Street is one of the largest and most respected
custodians globally,” said Alistair Jones, CEO of DSDC. “Having
them take care of the custody activities for the underlying
securities of our digital cross-border securities brings
considerable confidence to both investors and our other network
members. This allows us to concentrate on our core competencies of
building and expanding the network beyond the initial group of
regulated institutions.”
“As institutional investors search for better returns and
diversification, they continuously look for investment
opportunities that deliver those benefits. The traditional American
Depository Receipt structure that the market understands is a very
convenient tool for diversification and remains in place. However,
the servicing component, which has been around since the 1920s and
has severe shortcomings, will receive a major upgrade from DSDC’s
distributed market infrastructure,” commented Thorsten Peisl, CEO
of KALYP Technologies.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $42.6 trillion in assets
under custody and/or administration and $3.9 trillion* in assets
under management as of June 30, 2021, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of June 30, 2021 includes
approximately $64 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
© 2021 State Street Corporation - All Rights Reserved
About Digital Securities Depository Corporation
DSDC offers distributed market infrastructure delivering more
efficient cross-border settlement of securities in digital format;
initially Digital Depository Receipts (DDRs). Any regulated
financial institution with an existing service required across the
lifecycle of DDRs is invited to apply and join DSDC to offer their
security services. Thereby DSDC offers existing firms to position
their legacy services for the digital future. For more information,
visit DSDC’s website at www.dsdc.net
About KALYP Technologies LTD
KALYP Technologies is a provider of enterprise software in the
capital markets. Its distributed ledger-based software establishes
smart market infrastructure for regulated financial institutions
and enables more efficient processing of securities in digital
format. The firm is independently financed and led by a group of
securities industry veterans and distributed ledger technology
experts with international presence between London and Boston. For
more information visit www.kalyp.io
Important Information
All information has been obtained from sources believed to be
reliable, but its accuracy is not guaranteed. There is no
representation or warranty as to the current accuracy, reliability
or completeness of, nor liability for decisions based on such
information and it should not be relied on as such.
3867527.1.1.GBL.RTL
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Media: Brendan Paul Bpaul2@statestreet.com +1
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