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BOC, SGX in currency settlement deal
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BANK of China (BOC) will be the pioneer market maker for the renminbi futures of Singapore Exchange (SGX), the two parties announced yesterday.
They also announced at a ceremony that Bank of China will be SGX’s first Chinese settlement bank for its derivatives market.
As a settlement bank, Bank of China will provide SGX Derivatives Clearing members and customers with multi-currency settlement services that include the Singapore dollar, the US dollar, the Japanese yen, the euro and the yuan, the bank said.
Bank of China has been providing settlement services for many exchanges in China for more than a decade. It is also the settlement bank and sole renminbi correspondent for the Hong Kong Exchange in China’s Hong Kong. In recent years, it has forged agreements to provide settlement services for major exchanges in the United States and Europe.
As a futures market maker, Bank of China will capitalize on its expertise in renminbi exchange business and work closely with the exchange to expand yuan futures investment groups, it said. “Together, BOC and SGX will provide enhanced risk management tools for global RMB users and investors, further strengthening Singapore’s position as the leading foreign exchange trading center,” the bank said.
BOC said it will also be the renminbi futures market maker of CME Group and the Hong Kong Exchange.
Bank of China Chairman Tian Guoli said the yuan is quickly emerging as one of the world’s most important international trading currencies.
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