Sri Lanka seeks manager for central counterparty project

Dec 02, 2013 (LBO) - Sri Lanka is seeking a manager and consultant to establish a central counterparty for financial transactions, which is expected to minimize credit risks in settling financial transactions.
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At the moment listed private securities and government debt are cleared and settled through independent mechanisms.
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An expression of interest was jointly called by the Central Bank, Securities and Exchange Commission, Colombo Stock Exchange and LankaClear (Pvt) Ltd, the interbank clearing house.

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The central bank issues Sri Lanka government debt in an agency capacity and the SEC regulates privately issued debt.

A newspaper advertisement called for a consultant cum project manager "for the establishment of a Central Counterparty (CCP) and implementation of a clearing and settlement system for facilitation of transaction in domestic financial markets.

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"

The EOI closes on January 31.

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