HKMA Appoints HSBC as US Dollar Clearing Settlement Institution
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.