02 September 2015

Nyse Euronext and Bank of China sign MoU

17 October 2012  |  1086 views  |  0 Source: Nyse Euronext

NYSE Euronext (NYX) and Bank of China Limited (Bank of China) today signed a Memorandum of Understanding (MoU) to work together and consider mutually beneficial business ventures.

The agreement will strengthen NYSE Euronext's banking relationship with Bank of China; and the Exchange will provide guidance to Bank of China which will establish itself as a General Clearing Member of the London market of NYSE Liffe (NYSE Euronext's European derivatives market).

With the increased importance of the renminbi (RMB) in the capital markets, both parties will work together to develop and launch RMB denominated products and explore the potential for RMB to be used as collateral for NYSE Euronext's new London Central Counterparty (CCP).

The Exchange has experienced an increase in demand for its products in China and this strategic alliance will support NYSE Euronext and Bank of China working in partnership to:
* Facilitate more trading flow from China into NYSE Euronext's markets;
* Establish potential distribution channels for NYSE Euronext's ETP products through Bank of China's network; and
* Review other mutually beneficial commercial opportunities as well as sharing resources and best practices.

"Asia is a core market and strategic priority for NYSE Euronext. Flows from the region continue to build liquidity in our existing markets and our non-Asian customers are devoting significant thought into how they can connect to these exciting markets," said Mr. Dominique Cerutti, President and Deputy CEO, NYSE Euronext. "We are delighted to be working with Bank of China to help develop business activity into and out of Asia; and their support in developing RMB products and services will be invaluable for our global community."

"Bank of China's UK subsidiary is to become a General Clearing Member of NYSE Euronext's London derivatives market. Both parties acknowledge the potential of working together to develop and promote RMB-related trading products," said Mr. YUE Yi, Executive Vice President of Bank of China. "I believe the signing of the MOU between NYSE Euronext and Bank of China is marking a new starting point for the overall cooperatperation between the two institutions."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news

 

Top topics

Most viewed Most shared
Third of Brits expect day-to-day mobile pa...
7273 views comments | 36 tweets | 14 linkedin
SunGard system glitch causes havoc for BNY...
7197 views comments | 14 tweets | 12 linkedin
Kenya's NIC Bank links to Twitter and What...
6299 views comments | 27 tweets | 17 linkedin
Payments UK sets out vision for 'world cla...
6254 views comments | 17 tweets | 10 linkedin
HSBC glitch leaves thousands of customers...
5818 views comments | 13 tweets | 7 linkedin

Featured job

Basic £90-110K OTE circa £200K NO CEILING
London based with substantial travel in Scandinavia

Find your next job