HSBC Bank (China) has been appointed as the onshore custodian bank for BlackRock, which has been granted approval by Chinese regulators to use the RMB to directly access China’s onshore securities market.
Blackrock is the first US-based institutional investor to obtain a Renminbi Qualified Foreign Institutional Investor (RQFII) license.
The RQFII programme provides global investors with direct access to invest into China’s capital markets. In June 2016, China allocated to the US a milestone RQFII quota of RMB250 billion, the largest quota globally outside of Hong Kong.
Speaking at the Commodity Futures Trading Commission’s (CFTC) Market Risk Advisory Committee (MRAC) meeting today in Washington, a range of market participants weighed in on the expected impact of Britain’s exit from the European Union
Eileen Kiely, director at BlackRock, said that markets are currently in a period of low volatility – both implied and realised across asset classes globally – and that she does not expect Brexit to disrupt this trend. This is in part because Kiely believes that markets are currently pricing the risks associated with Brexit appropriately.
Chris Vogel, who left BlackRock in August after six years with the firm, has joined TD Securities as an executive managing director and global head of FX. He is based in New York. At BlackRock, Vogel was most recently managing director, global head of fixed income and currency trading and CEO for BlackRock Execution Services (BES). Vogel joined BlackRock as global head of FIC trading in 2011 and took on the additional role as CEO for BES in 2012. Since 2016, he served as global co-head of trading for the firm.