The notional Rmb100 million one-year transaction involves HSBC receiving a fixed 2.9% note from Standard Chartered and paying three-month Shibor. The trade was brokered by Nittan on January 4, ShiborÆs opening day.
HSBC has been at the forefront of the development of China options and swaptions thanks to its involvement in the Treasury Market Association, which is chaired be Anita Fung, HSBCÆs treasurer and head of global markets, Asia-Pacific. In 2006, the bank pioneered renminbi non-deliverable interest rate swaps and swaptions, with Standard Chartered as the counterparty in both instances.
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