China Construction Bank appoints SIX as infrastructure provider for Remnimbi Clearing Hub
27 September 2016 | 1971 views | 0
China Construction Bank (CCB), China’s second largest commercial bank and the only authorized Renminbi Clearing Bank in Switzerland, today announced its plans to work more closely with SIX Securities Services, the Swiss post-trade infrastructure.
This cooperation has so far led to CCB and its Zurich Branch working with SIX Securities Services entities: Swiss Interbank Clearing (SIC) for Swiss Franc clearing; Swiss Euro Clearing Bank (SECB) for Euro Clearing; and SIX SIS AG for global custody & asset servicing.
CCB Zurich Branch will soon carry out repo trading activities on the new Repo trading platform from SIX Repo AG which is also run by SIX Securities Services.
In the future, CCB Zurich Branch also plans to seek direct membership of the SIX Swiss Exchange leading to the potential for direct issuing in Switzerland for mainland Chinese companies to raise capital. SIX Securities Services actively supports CCB, one of the main drivers of the RMB Internationalization, in providing the Swiss financial industry with comprehensive financial products which can act as a gateway to China.
David Weyun Gong, GM CCB Zurich Branch: “With SIX, the Swiss Financial Infrastructure provider, we have engaged with a valuable partner covering the entire value chain with its core competencies in pre-trading, trading and post-trading. We are very much looking forward to further expanding our activities in the Swiss Market with the ongoing support of SIX.”
Thomas Zeeb, Division CEO SIX Securities Services: “Our relationship with CCB highlights the importance of a strong local partner to build meaningful and mutually beneficial relationships for new market entrants. We are delighted with CCB’s decision to work with us and look forward to even greater collaboration for the future.”