OTC Clearing Hong Kong has signed up Standard Chartered as its first UK clearing member.
The Hong Kong Exchange and Clearing (HKEx) subsidiary, which clears over-the-counter derivatives, added Standard Chartered to its ranks on 30 November.
“We are pleased to have our first UK incorporated member on board,” said Calvin Tai, head of global clearing for Asia at HKEx.
“As one of the designated primary liquidity providers of the offshore RMB market in Hong Kong, as well as a key stakeholder and market maker in regional OTC derivative markets, Standard Chartered Bank's participation significantly adds value to our service offering.”
Gene Kim, regional head of financial markets for China and North Asia at Standard Chartered, said: “We are excited to join OTC Clear as a clearing member. OTC Clear is the first OTC derivatives clearinghouse in Hong Kong and its offering to clear offshore RMB OTC products is in line with the strong growth and increasing volumes of RMB derivatives traded offshore.
“With the commencement of our membership, we look forward to contributing further to the development of the offshore RMB market.”
OTC Clear added the Hong Kong branches of Deutsche Bank and Bank of Communications Co as clearing members in September and October, respectively.
