HSBC’s global custody division, Global Investor Services (GIS), participated successfully for the clearing of debt instruments on behalf of six major clients in the Repoclear CCP service launched by the London Clearing House on 5 August 2002.
HSBC acts as custodian for a large volume of debt instruments in the UK, making it heavy participant in Repoclear. It is responsible for clients who collectively own bonds valued at circa US$120bn in the UK gilt market.
Hugh Gibson, GIS’ head of strategic development, said: “This new service is a major development in improving trading efficiency in the gilt market for the benefit of our clients. Given the size of our representation in this market, I am pleased that GIS was in readiness for successful implementation from launch date.”