OTC Clear welcomes ANZ as its first Clearing Memberfrom Australia

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 Australia and New Zealand Banking Group Limited (ANZ) as a clearing member. ANZ's membership tookeffect on 10 July 2017(Monday).

'We are pleased to welcome ANZ, the first Australian bank to join our OTC clearing service and the second international bank to join in the past three months. We are encouraged to see more international banks recognisingOTC Clear's value proposition, and its strengths in clearing Renminbi-focused OTC derivatives, including cross currency swaps and non-deliverable interest rate swaps,' said Calvin Tai, HKEX's Joint-Chief Operating Officer and Head of Clearing.

'ANZ is a key market maker of OTC derivatives in the Asia-Pacific region and has already cleared a number of interest rate swaps and cross currency swaps via OTC Clear since becoming a member,' Mr Tai said.

'OTC Clear membership is important to us, as it solidifies ANZ as a premier player in the offshore RMB market and in continuing to offer market-leading CNY- & CNH-related products and solutions to our clients,' said Anshul Sidher, Global Head of Trading for ANZ.

About OTC Clear
OTC Clear is a recognised clearing house under section 37 of Hong Kong's Securities and Futures Ordinance (SFO) and is designated as a central counterparty, or CCP, for the purposes of part IIIA of the SFO in respect of certain OTC derivative products. It is also recognised as a third country central counterparty by the European Securities and Markets Authority, which allows clearing houses located outside the European Union to offer clearing services to certain European financial institutions. In addition, OTC Clear has obtained an order of exemption from registration as a Derivatives Clearing Organization (Exempted DCO status) from the US Commodity Futures Trading Commission that allows it to admit US banks as clearing members and is recognised as a prescribed facility under the regime for mandatory central clearing of OTC derivatives in Australia.

OTC Clear currently offers clearing services for interest rate swaps (IRS) denominated in Hong Kong Dollars, offshore Renminbi, US Dollars, and Euros, non-deliverable IRS in Renminbi (also known as seven-day repo swaps), Indian Rupee, Korean Won, Taiwan Dollars and Thai Baht, cross currency swaps in the US Dollar / offshore Renminbi currency pair and non-deliverable currency forwards, or NDFs, referencing Renminbi, Taiwan Dollars, Korean Won and the Indian Rupee. OTC Clear currently has 16clearing members, including sevenHong Kong subsidiaries or branches of Chinese banks. Several other financial institutions are currently working on clearing membership admission arrangements.

Ends

HKEx - Hong Kong Exchanges and Clearing Ltd. published this content on 12 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 12 July 2017 08:49:14 UTC.

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