HSBC joins Hong Kong euro clearing system

Hong Kong's biggest bank comes on board as a direct participant in local euro clearing system.
HSBC has announced that it has become a direct participant of Hong KongÆs euro clearing system. Under the agreement, HSBC will be able to offer its clients more efficient settlement for euro transactions.

To boost use of the system during the first month, HSBC has said it will waive fees on euro clearing transactions.

Becoming a direct participant in Hong KongÆs local euro clearing system complements HSBC's existing US dollar and renminbi systems and comes about a year after the bank was reappointed settlement institution SI in Hong Kong. A settlement institution is a bank that provides settlement accounts to the participants and to any central counterparty in the system for the settlement of...
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