The Hong Kong Monetary Authority HKMA has re-appointed HSBC as the settlement institution for the US dollar clearing system in Hong Kong for a second five-year period. The bank has welcomed the news and says it hopes the next five years will bring an increase in the number of institutions using the system.
The HKMA made the announcement on Monday saying that, since its implementation in 2000, the system has helped to increase settlement efficiencies and eliminate settlement risks.
The real-time gross settlement system was set up to give local banks the ability to settle foreign exchange transactions in the Asian time zone. And unlike other US...
