Bank of China (UK) goes live as clearing member of LCH’s SwapClear
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Bank of China (UK) goes live as clearing member of LCH’s SwapClear 19 June 2019London Reporter: Jenna Lomax
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Bank of China (UK) has joined LCH’s SwapClear service to clear interest rate derivatives.
The Bank of China (UK) is the first clearing member from a Chinese banking group to use LCH’s SwapClear.
The bank will also act as a clearing broker, offering clearing services to its client base.
In 2015, Bank of China became the first Chinese banking group to offer protected payments system (PPS) services to LCH’s clearing members.
Kate Birchall, head of Asia Pacific at LCH, said: “I’m delighted to welcome Bank of China as LCH’s first clearing member from a Chinese banking group, an important milestone for LCH in the Asia Pacific region.”
She added: “This is another significant step in the ongoing collaboration between the markets of China and the UK. Over the past year, we have expanded the number of currencies cleared at SwapClear and look forward to providing Bank of China and its clients access to LCH’s clearing services and global liquidity pool.”
Wenjian Fang, CEO of the Bank of China (UK), commented: “We are delighted to become the first Chinese clearing member of LCH. The clearing membership is a vital component of our group financial market infrastructure.”
He added: “It will enhance our group risk management, compliance capability and our product competitiveness. I believe we will continue to deepen our cooperation in more areas to promote the internationalisation of the Renminbi and Chinese institutions.”
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