Clearstream, the international central securities depository (ICSD) within Deutsche Börse Group, will appoint Standard Chartered Bank as a new cash correspondent bank in Hong Kong, for Hong Kong dollars and the Chinese Renminbi held outside mainland China.
Mark Gem, Member of the Executive Board of Clearstream and Head of Business Management, said: "We are delighted to partner with Standard Chartered Bank in Hong Kong. Standard Chartered has an extensive coverage and an in-depth understanding of the local market that will increase access to liquidity and thus the settlement flexibility on site."
Giles Elliott, Global Product Head, Securities Services of Standard Chartered, said: "We are delighted with this appointment by Clearstream. It highlights the significance of our role as a leading Hong Kong dollar clearer and liquidity provider to the Hong Kong market. Standard Chartered's depth of services in Hong Kong was key to meeting Clearstream's needs. We look forward to a strong partnership."
Clearstream has a long-standing presence in Asia: The company opened its first office in the region in Hong Kong in 1990. Clearstream has also representative offices in Dubai (since 1995) and Tokyo (since 2007) and a branch in Singapore (since 2009) - the company's operational hub for the region. 20 percent of the Clearstream revenues is coming from Asia.