SOURCE: CDS Clearing and Depository Services and Acupay System LLC

CDS Clearing and Depository Services and Acupay System LLC

CDS Clearing and Depository Services and Acupay System LLC

March 04, 2009 07:19 ET

CDS Clearing and Depository Services and Acupay Ink Agreement to Support Issuance of Spanish Maple Bonds in Canada

NEW YORK, NY and TORONTO--(Marketwire - March 4, 2009) - CDS Clearing and Depository Services Inc. (CDS) and Acupay System LLC (Acupay) today announced that they have signed an agreement which will permit the issuance of maple bonds by Spanish corporations and government agencies, including corporate debt guaranteed by the Spanish government. Maple bonds are Canadian dollar debt securities issued in the Canadian domestic markets by foreign issuers.

The CDS-Acupay agreement lays out a plan for collaborative efforts to support the servicing of Spanish maple bonds. The plan draws upon the special abilities of both CDS and Acupay:

-- CDS is the central securities depository and clearing system for Canada, holding almost CAD $3 trillion of securities for its participants. CDS is a valued partner to securities market participants, with expertise that meets the challenges of global financial markets and a range of services that seamlessly aid trading and settlement across borders.

-- Acupay is a data processing organization, which specializes in the introduction of tax compliance systems, which facilitate cross-border securities transactions, in a manner, which aid compliance with multiple tax laws.

The Investment Industry Association of Canada played a pivotal role in bringing together CDS and Acupay. Jack Rando, the Association's Director, Capital Markets, said, "We are pleased to have contributed to this important initiative."

About CDS Clearing and Depository Services Inc.

As Canada's national securities depository, clearing and settlement hub, CDS supports Canada's equity, fixed income and money markets, holding almost CAD $3 trillion on deposit and handling over 190 million domestic securities trades annually.

CDS is accountable for the safe custody and movement of securities, accurate record keeping, the processing of post-trade transactions, and the collection and distribution of entitlements relating to the securities that have been deposited by participants.

CDS also settles over 30 million cross-border transactions with the U.S. annually and has custodial relationships with the Depository Trust Company (DTC), Euroclear France, CAVALI, JASDEC and Skandinaviska Enskilda Banken AB (SEB).

About Acupay

Acupay works closely with banks, brokerages, central clearing systems and institutional investors who hold or own global securities. Acupay's systems satisfy the needs of foreign tax agencies, to permit reductions in foreign tax withholding. Acupay is an affiliate of Bondholder Communications Group LLC (www.bondcom.com). Acupay has offices in New York, London and Madrid. For more information about Acupay and the tax challenges facing cross-border investors, please go to www.acupay.com.