Tag: Bank of China (Hong Kong)

Bank of China (Hong Kong)

CLS Goes Live with DLT Netting Service

CLS’s new payment netting service based on distributed ledger technology, CLSNet, has gone live with Goldman Sachs and Morgan Stanley.
In a release issued today, CLS says that six additional participants from North America, Europe and Asia have committed to joining the service, although the only one it names is Bank of China (Hong Kong), and that the onboarding of several other market participants is planned in the next few months.

CLSNet has been designed to standardise and increase the levels of payment netting in the FX market for trades not settling in CLSSettlement. By standardising and automating the calculation of payment netting, CLSNet aims to reduce costs for market participants and increase liquidity in FX markets. The service was built in conjunction with IBM and runs on the Linux Foundation’s Hyperledger Fabric blockchain framework.

Bank of China HK Joins EBS Direct

NEX Markets says that Bank of China (Hong Kong) has joined its EBS Direct platform as a liquidity provider.
Nex says the move offers “increased liquidity and improved pricing to clients on the platform globally, particularly those trading the offshore Chinese renminbi (CNH).”
EBS Direct is Nex’s disclosed relationship trading venue and Jeff Ward, global head of NDFs and forwards and head of FX Asia, at Nex Markets, says, “As the Chinese yuan moves closer to internationalisation, this can only enhance our customers’ access to liquidity, improved pricing and certainty of execution.”