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Bank of China becomes LCH.Clearnet’s first Chinese PPS Bank


2015-10-22

On 22 October 2015, Bank of China Ltd London Branch becomes the first Chinese PPS (Protected Payments System) Bank of LCH.Clearnet Ltd.

LCH.Clearnet Ltd is a global, multi-asset clearing house, serving a broad number of major exchanges and platforms as well as a range of OTC markets. The Bank will be able to start providing Protected Payments System (PPS) services in both the UK and US, offering post-trade settlement services to LCH.Clearnet’s existing clearing members across a wide range of asset classes of securities (including FX, interest rate swaps, bond repurchase agreements and derivatives, etc) in 18 currencies.  Bank of China will be able to start offering PPS services following completion of the necessary end-to-end testing. 

Martin Pluves, CEO, LCH.Clearnet Ltd said: “We are pleased to be working with Bank of China to broaden the choice of PPS banks available to our clearing members. This is a significant milestone in the growing relationship between the UK and Chinese markets and we look forward to developing this collaboration with Bank of China.” 

The Bank has established a close and cooperative relationship with the London Stock Exchange Group and its Clearing House. In June 2014, the two parties signed a Memorandum of Understanding (MoU) for strategic collaboration. Since then, we have made significant progress across a range of business areas: clearing membership and related services, post-trade settlement, RMB-denominated derivatives product development. Facilitated by our global network and diversified platforms, the Bank is dedicated to promoting further cooperation with global exchange houses, and is committed to contribute to RMB-related product innovations as well as RMB internationalisation.

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