Standard Chartered Appointed Settlement Institution for First Euro Clearing System in Asias

Standard Chartered has been appointed by the Hong Kong Monetary Authority (HKMA) as the Settlement Institution for the euro clearing system in Hong Kong. The euro clearing system, the first in Asia, will be an important addition to Hong Kong’s financial infrastructure. It will facilitate the efficient settlement of euro transactions on a real-time basis within the Asian time zones. It is expected to launch in the second quarter of 2003.

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