Banking News

StanChart 'owns' 1st euro clearing settlement hub in region

StanChart ‘owns’ 1st euro clearing settlement hub in region

(Hong Kong) - Standard Chartered Bank has been appointed by the Hong Kong Monetary Authority (HKMA) as the Settlement Institution for euro clearing in Hong Kong. The euro clearing system is designed to facilitate efficient settlement of euro transactions on a real-time basis within the Asian time zones and is launching second quarter 2003.

As well as delivery versus payment for euro denominated securities traded in Hong Kong, and payment versus payment for foreign exchange transactions between euro and US dollar, settlement efficiency will be enhanced and settlement risk reduced according to the HKMA.

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