Hong Kong
20 September 2017
Reporter: Barney Dixon

BNP Paribas becomes first French OTC Clearing member

BNP Paribas has joined OTC Clearing Hong Kong, as the clearinghouse’s 17th member, and the first from France.

A subsidiary of Hong Kong Exchanges and Clearing (HKEX), OTC Clearing provides clearing services for over-the counter (OTC) derivatives.

BNP Paribas will join OTC Clearing members including Citibank, Deutsche Bank and JPMorgan Chase.

Calvin Tai, joint COO and head of clearing at HKEX, said: “We are pleased to welcome BNP as a member of OTC Clearing.”

He added: “The unique renminbi (RMB) clearing solution for RMB-focused products like US dollar-Chinese yuan offshore cross-currency swaps and Chinese yuan onshore seven-day repo non-deliverable swaps offered by OTC Clearing is one of the key drivers for major market makers like BNP Paribas to join and make use of our service.”

Stephane Ritz, head of trading and global markets for the Asia Pacific region at BNP Paribas’s Hong Kong branch, said: “OTC Clearing's innovative product offering is expected to help us effectively manage our capital requirements and counterparty risk exposure for RMB OTC derivatives.”

“More importantly, OTC Clearing’s extensive clearing member network, including major Chinese and local clearing members, will enable us to offer value-added services to many of our existing clients that have already joined OTC Clearing.”

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Murex to run MX.3 platform on AWS cloud
13 December 2017 | Paris | Reporter: Becky Butcher
Murex has collaborated with Amazon Web Services to allow its clients to deploy, test and optimise its MX.3 platform on the cloud
Northern Trust appoints Edwin Chan
13 December 2017 | London | Reporter: Becky Butcher
Edwin Chan has joined Northern Trust to head up sales across the alternatives fund sector in Europe, the Middle East and Africa
Firms remain open to exposures from manual processes
13 December 2017 | New York | Reporter: Becky Butcher
Only 2 percent of capital markets companies have a fully automated compliance support programme, leaving firms open to risk from manual processes, according to a survey by Aite Group and Cordium
Oslo Connect receives regulatory upgrade
12 December 2017 | Stockholm | Reporter: Becky Butcher
Baymarkets Technology is to upgrade Oslo Børs’s OTC system, Oslo Connect, to support regulatory demands such as those under the second Markets in Financial Instruments Directive (MiFID II)
Italian custody win for BNP Paribas
12 December 2017 | Milan | Reporter: Jenna Lomax
BNP Paribas will provide Sara Assicurazioni with global custody services for €1.3 billion in Italian and foreign assets
Fundsquare and i-Hub bring KYC service to funds
12 December 2017 | Luxembourg | Reporter: Becky Butcher
Fundsquare and i-Hub have signed a commercial partnership for the introduction of i-Hub’s know-your-customer (KYC) platform to the funds industry
Zedra hires Lisa Tan
12 December 2017 | Singapore | Reporter: Becky Butcher
Zedra has appointed Lisa Tan as head of corporate services, based in the firm’s Singapore office
More news