China Construction Bank, Zurich Branch, appoints SIX Securities Services as its infrastructure provider for Swiss Renminbi Clearing Hub
SIX Securities Services to provide Swiss Franc and Euro interbank Clearing, Global Custody and Repo Trading Services.
China Construction Bank (CCB), China’s second largest commercial bank and the only authorized Renminbi Clearing Bank in Switzerland, today announced its plans to work more closely with SIX Securities Services, the Swiss post-trade infrastructure.
This cooperation has so far led to CCB and its Zurich Branch working with
SIX Securities Services entities: Swiss Interbank Clearing (SIC) for Swiss Franc clearing; Swiss Euro Clearing Bank (SECB) for Euro Clearing; and SIX SIS AG for global custody & asset servicing.
CCB Zurich Branch will soon carry out repo trading activities on the new Repo trading platform from SIX Repo AG which is also run by SIX Securities Services.
In the future, CCB Zurich Branch also plans to seek direct membership of the
SIX Swiss Exchange 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 Internationalization, 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: “With SIX, the Swiss Financial Infrastructure provider, we have engaged with a valuable partner covering the entire value chain with its core competencies in pre-trading, 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.”
Thomas Zeeb, Division CEO SIX Securities Services: “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.”
Should you have any questions, please feel free to contact Jürg Schneider, Media Relations.
Phone: +41 58 399 2129
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SIX Securities Services
SIX Securities Services is one of Europe’s best performing post-trade service providers. SIX Securities Services offers comprehensive clearing, settlement, custody, collateral management and repo trading services for Switzerland and for clients in 65 markets around the world. In addition, as a key part of the Swiss Financial Market infrastructure, SIX Securities Services operates the platform for the electronic processing of land registration and mortgage transactions, the trading platform for the money market transactions of the Swiss National Bank and the platform for the settlement of interbank payments. Furthermore, SIX Securities Services offers fiduciary management of registered mortgage notes, as well as e-bills and direct debits.
SIX operates the infrastructure underpinning the Swiss financial sector and offers a comprehensive range of services around the world in the fields of securities trading and settlement, financial information and payment transactions. The company is owned by its users (approximately 140 banks of various orientation and size). Its workforce of over 4,000 employees and presence in 25 countries throughout the world generated operating income of CHF 1.8 billion and a Group net profit of CHF 713.7 million in 2015.
China Construction Bank and Zurich Branch
China Construction Bank Corporation is a commercial bank in China providing a comprehensive range of commercial banking products and services. The bank's business consists of three principal business segments: corporate banking, personal banking, and treasury operations. CCB is among the market leaders in China in a number of products and services including infrastructure loans, residential mortgage and bank cards. At the end of 2015, the Bank’s market capitalization reached US$173.3 billion, ranking fifth among listed banks in the world.
China Construction Bank Corporation, Beijing, Swiss Branch Zurich ("CCBZB") was established on 25th of September 2015 and appointed as a sole RMB clearing bank in Switzerland (30.11.2015). Through CFETS (China Foreign Exchange Trading System) CCBZB will participate in the onshore FX and money market in mainland China. CCBZB provides real-time settlement service for cross-border RMB payments, offer various RMB services to their corporate and institutional customers with Straight Through Process(STP). CCBZB will also support Swiss institutions who are interested to participate and get investment quota in RQFII program with the strong support from CCB Group.