The Hong Kong Monetary Authority (HKMA) has extended HSBC’s appointment as settlement institution for its US dollar clearing system for another five years.
HSBC, the sole settlement institution for US dollar clearing since the system was launched in August 2000, has been selected for the third consecutive term.
The local US dollar clearing system facilitates the efficient real-time settlement of US dollar transactions during Asian business hours, attracting an enthusiastic response from local and overseas banks. It also provides payment-versus-payment (PvP) and delivery-versus-payment (DvP) settlement for foreign exchange (FX) transactions involving US dollar and US dollar denominated securities.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.