OTC Clearing Hong Kong Limited (OTC Clear), a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX) that was set up in 2013 to provide clearing services for over-the-counter, or OTC, derivatives, welcomes Australia and New Zealand Banking Group Limited (ANZ) as a clearing member. ANZ’s membership took effect on 10 July 2017 (Monday).
“We are pleased to welcome ANZ, the first Australian bank to join our OTC clearing service and the second international bank to join in the past three months. We are encouraged to see more international banks recognising OTC Clear’s value proposition, and its strengths in clearing Renminbi-focused OTC derivatives, including cross currency swaps and non-deliverable interest rate swaps,” said Calvin Tai, HKEX’s Joint-Chief Operating Officer and Head of Clearing.
“ANZ is a key market maker of OTC derivatives in the Asia-Pacific region and has already cleared a number of interest rate swaps and cross currency swaps via OTC Clear since becoming a member,” Mr Tai said.
“OTC Clear membership is important to us, as it solidifies ANZ as a premier player in the offshore RMB market and in continuing to offer market-leading CNY- & CNH-related products and solutions to our clients,” said Anshul Sidher, Global Head of Trading for ANZ.