SIX to Provide Infrastructure for Swiss Renminbi Clearing in CCB Cooperation

SIX Securities will be providing Swiss franc and euro interbank clearing, global custody and repo trading services.

SIX Securities Services, a provider of clearing, settlement, custody, collateral management and repo trading services, has announced its intention to co-operate more closely with China Construction Bank (CCB), China’s second largest commercial bank and the only authorised Renminbi Clearing Bank in Switzerland.

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Thomas Zeeb, Division CEO SIX Securities Services, commented: “Our relationship with CCB highlights the importance of a strong local partner to build meaningful and mutually beneficial relationships for new market entrants. We are delighted with CCB’s decision to work with us and look forward to even greater collaboration for the future.”

The co-operation has so far led to CCB and its Zurich branch working with SIX Securities Services entities including Swiss Interbank Clearing (SIC) for Swiss franc clearing, Swiss Euro Clearing Bank (SECB) for euro clearing and SIX SIS AG for global custody and asset servicing.

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CCB Zurich Branch is soon due to carry out repo trading activities on the new Repo trading platform from SIX Repo, also run by SIX Securities Services.

Direct Membership

CCB Zurich Branch is also planning to seek direct membership of the SIX Swiss Exchange in the near future, leading to the potential for direct issuing in Switzerland for mainland Chinese companies to raise capital.

SIX Securities Services actively supports CCB, one of the main drivers of the RMB Internationalisation, in providing the Swiss financial industry with comprehensive financial products which can act as a gateway to China.

David Weyun Gong, GM CCB Zurich Branch, said: “With SIX, the Swiss Financial Infrastructure provider, we have engaged with a valuable partner covering the entire value chain with its core competencies in pretrading, trading and post-trading. We are very much looking forward to further expanding our activities in the Swiss Market with the ongoing support of SIX.”

Finance Magnates last reported on Swiss Securities last week after announcing a collaboration with Clearstream to provide services to the Swiss and European markets in a move towards market consolidation and rationalisation.

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