Bank of China (UK) goes live as clearing member of LCH鈥檚 SwapClear
19 June 2019 London
Image: Shutterstock
Bank of China (UK) has joined LCH鈥檚 SwapClear service to clear interest rate derivatives.
The Bank of China (UK) is the first clearing member from a Chinese banking group to use LCH鈥檚 SwapClear.
The bank will also act as a clearing broker, offering clearing services to its client base.
In 2015, Bank of China became the first Chinese banking group to offer protected payments system (PPS) services to LCH鈥檚 clearing members.
Kate Birchall, head of Asia Pacific at LCH, said: 鈥淚鈥檓 delighted to welcome Bank of China as LCH鈥檚 first clearing member from a Chinese banking group, an important milestone for LCH in the Asia Pacific region.鈥�
She added: 鈥淭his is another significant step in the ongoing collaboration between the markets of China and the UK. Over the past year, we have expanded the number of currencies cleared at SwapClear and look forward to providing Bank of China and its clients access to LCH鈥檚 clearing services and global liquidity pool.鈥�
Wenjian Fang, CEO of the Bank of China (UK), commented: 鈥淲e are delighted to become the first Chinese clearing member of LCH. The clearing membership is a vital component of our group financial market infrastructure.鈥�
He added: 鈥淚t will enhance our group risk management, compliance capability and our product competitiveness. I believe we will continue to deepen our cooperation in more areas to promote the internationalisation of the Renminbi and Chinese institutions.鈥�
The Bank of China (UK) is the first clearing member from a Chinese banking group to use LCH鈥檚 SwapClear.
The bank will also act as a clearing broker, offering clearing services to its client base.
In 2015, Bank of China became the first Chinese banking group to offer protected payments system (PPS) services to LCH鈥檚 clearing members.
Kate Birchall, head of Asia Pacific at LCH, said: 鈥淚鈥檓 delighted to welcome Bank of China as LCH鈥檚 first clearing member from a Chinese banking group, an important milestone for LCH in the Asia Pacific region.鈥�
She added: 鈥淭his is another significant step in the ongoing collaboration between the markets of China and the UK. Over the past year, we have expanded the number of currencies cleared at SwapClear and look forward to providing Bank of China and its clients access to LCH鈥檚 clearing services and global liquidity pool.鈥�
Wenjian Fang, CEO of the Bank of China (UK), commented: 鈥淲e are delighted to become the first Chinese clearing member of LCH. The clearing membership is a vital component of our group financial market infrastructure.鈥�
He added: 鈥淚t will enhance our group risk management, compliance capability and our product competitiveness. I believe we will continue to deepen our cooperation in more areas to promote the internationalisation of the Renminbi and Chinese institutions.鈥�
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