Bangladesh
6 years ago

CCBL in the offing

Advanced products to be launched in capital mkt

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Central Counterparty Bangladesh Limited (CCBL), a clearing and settlement company, will be formed within a week.

DSE sources said all relevant formalities are near completion.

The Dhaka Stock Exchange (DSE) on Wednesday submitted documents to Registrar of Joint Stock Companies and Firms (RJSC) for getting registration of the CCBL.

"We hope the CCBL will get its registration from the RJSC within two working days. After getting the registration, the CCBL will get a shape," said a DSE official.

They said the CCBL will help in introducing advanced products in the country's capital market. The Bangladesh Securities and Exchange (BSEC) approved the draft of the memorandum and articles of association of the proposed company in last week.

After getting the BSEC's approval, the DSE submitted documents to the RJSC for getting registration.

The CCBL is expected to provide clearing and settlement services for trades in securities, options and derivative contracts with a capacity of bigger scale risk management.

Earlier, the DSE and Chittagong Stock Exchange (CSE) agreed on shareholding portions of the proposed company to be held by stakeholders.

The initial paid-up capital of the CCBL is Tk 3.0 billion.

As per the negotiation, the DSE will hold 45 per cent shares of the CCBL while the CSE will hold 20 per cent, banks 15 per cent and Central Depository Bangladesh Limited (CDBL) and strategic investors10 per cent each.

The CDBL is presently holding 20 per cent stake, including 10 per cent stake of strategic investors, said the DSE officials.

"The CDBL later will transfer 10 per cent stake to strategic investors when such investors will be agreed to be shareholders," the officials said.

The DSE earlier published a circular for banks interested to be the stakeholders of the CCBL.

Following the circular, 12 banks have been included as shareholders of the CCBL.

The banks are Agrani Bank, Mercantile Bank, Modhumoti Bank, Mutual Trust Bank, National Bank, National Credit and Commerce Bank, NRB Bank, NRB Global Bank, Prime Bank, Rupali Bank, Social Islami Bank and Standard Bank.

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