KARACHI: The Central Depository Company of Pakistan (CDC) achieved a unique milestone recently when securities under its custody crossed the one-billion mark. The market value of these securities was over Rs2 trillion ($21.8 billion), exceeding even the foreign exchange reserve of the country by a good margin.
“It is a tremendous achievement for a company that started operations 15 years ago to successfully de-materialise the entire capital market of Pakistan thereby enabling electronic settlement of trades executed at stock exchanges of Pakistan,” a CDC release said Tuesday.
Over the years, CDC has set new standards in the service industry of the country by introducing innovative customer centric services which changed the financial landscape of the country by stimulating unprecedented capital market growth. CDC deployed state of the systems to ensure smooth functioning and safety of securities under its control.
CDC CEO Hanif Jakhura, while explaining the phenomenal success of the company, said “We completely understand the responsibility bestowed on us by our clients to be trustee of their securities and will therefore continue to invest in technology and follow best practices to ensure that client assets are safe at all times.”
CDC had also diversified its operations in information technology consultancy, share registrar services and enjoyed over 80% market share of trustee and custodial business.
Published in The Express Tribune, October 31st, 2012.
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