BNP joins OTC Clear.
Global Banking News-September 19, 2017--BNP joins OTC Clear
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Global Banking News - 19 September 2017
OTC Clearing Hong Kong Limited (OTC Clear), a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX) has said that BNP Paribas (BNPP.PA) has become its newest member.
OTC Clear was set up in 2013 to provide clearing services for over-the-counter derivatives. BNP Paribas (BNP) has become the 17th clearing member and the first from France to join OTC Clear.
Calvin Tai, HKEX's joint-chief operating officer and head of clearing, said, 'We are pleased to welcome BNP as a member of OTC Clear. The unique Renminbi (RMB) clearing solution for RMB-focused products like USD/CNH2 Cross Currency Swaps and CNY3 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.'
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