Deutsche Boerse Grants Bank of China Clearing Member Status

Deutsche Boerse has authorized the Frankfurt branch of the Bank of China as a trading and clearing member for its cash securities market.
By Joe Parsons(2147488729)
Deutsche Boerse has authorized the Frankfurt branch of the Bank of China as a trading and clearing member for its cash securities market.

With the authorization of the Bank of China, issuers based in mainland China and Asia will be granted direct access to the German and European cash market.

The Bank of China is the first Chinese clearing participant at Deutsche Boerse, and marks the second Asian-based bank to be granted a membership to a Deutsche Boerse-owned platform. The exchange operator signed up Singapore’s third largest bank, UOB, as a clearing member of its derivatives market earlier this year.

“This is a next essential milestone for the close strategic cooperation between Deutsche Boerse and the Bank of China. It is also another key milestone in our extensive value chain in Asia,” says Andreas Preuss, deputy CEO of Deutsche Boerse.

The announcement of its membership to the German market comes months after the two parties extended their strategic partnership to explore for opportunities in the offshore renminbi market.

Separately on Wednesday, Frankfurt-based bank Commerzbank launched a renminbi clearing service with the Frankfurt branch of Bank of China that will allow it to clear and settle renminbi payments directly from Germany.

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