HSBC gets all clear for US dollar settlement

HSBC has been appointed to settle US dollar trades in Hong Kong for another five-year period.

The Hong Kong Monetary Authority (HKMA) has re-appointed HSBC as the settlement institution for the US dollar clearing system in Hong Kong for a second five-year period The bank has welcomed the news and says it hopes the next five years will bring an increase in the number of institutions using the system

The HKMA made the announcement on Monday saying that, since its implementation in 2000, the system has helped to increase settlement efficiencies and eliminate settlement risks

The real-time gross settlement system was set up to give local banks the ability to settle foreign exchange transactions in the Asian time zone And unlike other US dollar clearing systems in Asia (such as those...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222