Guangzhou Commodity Exchange Receives Award for Its Recognized Clearing Houses
Clearing Solutions for GZCOM Europe Clearing by November 2012.
- (1888PressRelease) August 04, 2012 - Guangzhou Commodity Exchange (GZCOM) today announced that it has received the European RCH Status for its approved and recognized Clearing Houses by the European Financial Services Authorities. Major banks will act as the first settlement banks for Guangzhou Commodity Exchange and will be a central part of its payment infrastructure and will also provide custody and liquidity services.
"Receiving European RCH status from the European Financial Services Authorities means we can now fully focus on the launch of GZCOM Europe Clearing, for November 2012" said Johann V. Smith, GZCOM Clearing Executive Officer. "Through this new Europe-based subsidiary, we will provide locally-relevant clearing services to meet the needs of our European customers, a key GZCOM market. Our Europe team will continue their work to ensure potential clearing members and customers are ready for our launch."
"We are delighted to have received the European RCH status and support to our efforts to provide safety and security through GZCOM central counterparty clearing model," said Mr. Liam Yu Wong, Head of Non-Bank Financial Institutions at GZCOM. "As the market looks for ways to meet the new regulatory requirements and manage portfolios, we look forward to working with the GZCOM Europe Clearing team in providing their clearing members with excellence in operational banking services."
"We are very pleased to provide an integrated settlement banking, custody and cash liquidity solution to GZCOM European customers and our member firms as part of our longstanding commitment to supporting Improve and develop our clearing facilities," said Mrs. Sayo Lee Chong, international head of client management and sales for Financing and Markets "Our integrated service allows us to offer GZCOM traders and its member firms a single, integrated solution across cash and securities collateral management and custody."
GZCOM's initial focus will be on introducing OTC commodity products, with clearing solutions for OTC financial products coming soon after launch. The intention is to offer multi-asset OTC clearing, and to build on the European presence and to further extend the geographical reach of GZCOM clearing services.
GZCOM Clearing Europe is employing a number of separate clearing houses with its own employees, governance arrangements and capital; whilst having full access to the clearing and risk management expertise, as well as the financial systems and financial market regulator.
GZCOM offers the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. GZCOM brings buyers and sellers together through its electronic trading platform and its trading facilities in Guangzhou. GZCOM also operates some of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions.
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