On September 14, Bank of China reached a consensus with Chicago Mercantile Exchange Group(CME Group) that Bank of China New York Branch will be settlement and collateral custody bank of Chicago Board of Trade (CBOT). Upon approval of relevant U.S. regulatory bodies, the Bank will provide comprehensive settlement and custody services for CME Group.
“We're pleased to expand our global reach with Bank of China New York Branch as our partner because this offers our clearing member firms alternative options on settlement and margin management," said Kim Taylor, President of Clearing of CME Group.
“The successful cooperation with CME Group on settlement and collateral custodian services is a milestone in the development of the relationship between our two companies and also demonstrates the Bank's emergence as a global financial leader by providing comprehensive services in commodity and futures trading business to customers globally,” said Xu Chen, General Manager, Corporate Banking Unit (Financial Institutions), Bank of China.
In March 2012, Bank of China and CME Group signed a Memorandum of Understanding, confirming both organizations' intent to explore the potentially cooperation in the areas of clearing membership, settlement bank, offshore RMB depository, SINO-US cross-border futures transactions and other aspects.
Bank of China New York Branch enjoys history of more than 30 years in the US. It is the longest-running, biggest and most comprehensive Chinese bank in America.
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