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Screenshot of a breaking news alert e-mail from Q2 2017
OTC Clearing Hong Kong Limited (OTC Clear), a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX) that was set up in 2013 to provide clearing services for over-the-counter, or OTC, derivatives, welcomes BNP Paribas (BNP) as 17th clearing member and first member from France.
We are pleased to welcome BNP as a member of OTC Clear,” said Calvin Tai, HKEX’s Joint-Chief Operating Officer and Head of Clearing. “The unique Renminbi (RMB) clearing solution for RMB-focused products like USD/CNH Cross Currency Swaps and CNY 7-day Repo Non-Deliverable Swaps offered by OTC Clear is one of the key drivers for major market makers like BNP to join and make use of our service.
OTC Clear’s innovative product offering is expected to help us effectively manage our capital requirements and counterparty risk exposure for Renminbi OTC derivatives. More importantly, OTC Clear’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 Clear,” commented Stephane Ritz, Head of Trading, Global Markets APAC, BNP Paribas Hong Kong Branch.