OTC Clear Welcomes BNP as its First Clearing Member from France 

OTC Clearing Hong Kong Limited (OTC Clear), a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX) that was set up in 2013 to provide clearing services for over-the-counter, or OTC, derivatives, welcomes BNP Paribas (BNP) as 17th clearing member¹ and first member from France.

“We are pleased to welcome BNP as a member of OTC Clear,” said Calvin Tai, HKEX’s Joint-Chief Operating Officer and Head of Clearing. “The unique Renminbi (RMB) clearing solution for RMB-focused products like USD/CNH² Cross Currency Swaps and CNY³ 7-day Repo Non-Deliverable Swaps offered by OTC Clear is one of the key drivers for major market makers like BNP to join and make use of our service.”

“OTC Clear’s innovative product offering is expected to help us effectively manage our capital requirements and counterparty risk exposure for Renminbi OTC derivatives. More importantly, OTC Clear’s extensive clearing member network, including major Chinese and local clearing members, will enable us to offer value-added services to many of our existing clients that have already joined OTC Clear,” said Stephane Ritz, Head of Trading, Global Markets APAC, BNP Paribas Hong Kong Branch.

Notes:

1. OTC Clear’s members include Agricultural Bank of China, Australia and New Zealand Banking Group, Bank of China (Hong Kong), Bank of Communications, The Bank of East Asia, BNP Paribas, CCB International Securities, China Minsheng Banking Corp, Citibank, DBS Bank, Deutsche Bank, Hang Seng Bank, The Hongkong and Shanghai Banking Corporation, Industrial and Commercial Bank of China (Asia), JPMorgan Chase Bank, Shanghai Pudong Development Bank and Standard Chartered Bank.

2. CNH – Offshore RMB

3. CNY – RMB

Source: HKEX – OTC Clear Welcomes BNP as its First Clearing Member from France

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