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HK to launch cross-border collateral management cooperation

(Xinhua)

08:11, October 18, 2012

HONG KONG, Oct. 17 (Xinhua) -- The Hong Kong Monetary Authority (HKMA) and Clearstream jointly announced Wednesday their cooperation in providing cross-border collateral management and liquidity services in Hong Kong.

The HKMA and Clearstream plan to launch the services in the first quarter of 2013.

The collateral pool of Clearstream currently stands at more than 550 billion Euro and consists of a wide range of asset classes eligible for collateral use which includes, among others, fixed income assets, equities and investment funds.

With partnership with the HKMA, international financial institutions, as a collateral giver, will be able to use their extended pool of collaterals in Clearstream to conduct repo transactions with and obtain liquidity from members as a collateral receiver of the HKMA's Central Moneymarkets Unit (CMU).

The service will continue to benefit international financial institutions with streamlined access to liquidity in Hong Kong, in particular for Hong Kong dollars and offshore Renminbi, while local financial institutions will also be able to optimize the utilization of their domestic liquidity based on a broader spectrum of international securities.

At the same time, this service will support customers of Clearstream's Global Liquidity Hub to further enhance the utilization of their collateral on an optimized basis.

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