Euroclear Bank and CCDC strengthen cross-border services
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Euroclear Bank and CCDC strengthen cross-border services 09 September 2019Brussels Reporter: Jenna Lomax
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Euroclear Bank has signed an agreement with the China Central Depository & Clearing (CCDC) to enhance cross-border services and support the further opening of the Chinese Interbank Bond Market.
The two organisations are also expected to provide cross-border collateral management services which will aim to promote the use of RMB-denominated securities as collateral in the international financial market.
Ruqing Shui, chairman of CCDC, said: “[The agreement] is a strong first step towards our goal of easing access for investors to the China Interbank Bond Market without changing the way
they access other markets.”
“With our cooperation, there is a possibility that RMB assets can be used as eligible collateral in more business scenarios, to enrich the collateral pool of global investors when they experience high-quality liquid asset shortage.”
Valerie Urbain, CEO of Euroclear Bank, commented: “We are very pleased to have signed [this agreement] with CCDC. This signifies a true commitment towards opening a cross-border link and explore new opportunities which will benefit the global capital markets.”
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