Hong Kong targets creation of rival to Euroclear

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Financial Times 12h ago

Hong Kong targets creation of rival to Euroclear - Financial Times

Quick Summary:

The memorandum of understanding plans to turn the HKMA’s Central Moneymarkets Unit, which settles debt, into an international securities house that can handle cross border payments and multiple currencies.

Settlement houses play a critical role in financial markets, safeguarding assets, maintaining records and transferring assets from seller to buyer.

Hong Kong has positioned itself as a hub for the offshore renminbi and the HKEX has expanded its infrastructure for traders to buy CNH futures, hedge and trade interest rate derivatives.