CCP12 registers in Shanghai

By Vera Ye | June 8, 2016, Wednesday |

Online Edition

The Global Association of Central Counterparties (CCP12) today registered in Shanghai as a non-profit organization.

“The arrival of CCP12 reflects that China’s progress in financial market development and risk prevention has won international recognition,” Tu Guangshao, executive vice mayor of Shanghai, said at the founding conference today.

“We hope CCP12 play a role in helping overseas institutions understand domestic markets, promoting cross-border cooperation and supporting the internationalization of yuan,” Tu said.

Central counterparty clearing is a process by which financial transactions are cleared by a central counterparty after netting them at the end of the day in order to reduce systematic risk.

Voluntarily formed by 12 central counterparty organizations in 2001, CCP12 has a membership of 33 individual CCPs from all over the world. Shanghai Clearing Ho use became a member of CCP12 in 2013.

“Registration as a non-profit organization here in Shanghai allows us to focus full time on important issues in central counterparty clearing and global markets,” said Lee Betsill, chairman of CCP12.

Betsill said setting up of the Shanghai entity is a step forward to promote the contribution of CCPs to safer, more efficient and transparent global financial markets.

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CCP12 registers in Shanghai

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