UBS, HSBC Complete RMB Repo with Euroclear

HSBC and UBS performed the cross-border RMB repo, their first, using HKMA and Euroclear Bank.

UBS and HSBC have completed their first cross-border renminbi triparty repo, using Euroclear Bank and the Hong Kong Monetary Authority (HKMA) as collateral agents.

The process was accomplished due to bilateral agreements between HKMA and Euroclear Bank, through the latter's 'Collateral Highway' connectivity infrastructure for the fast transmission of securities used as collateral.

The use of securities held by Euroclear Bank allows for triparty transactions such as these, where liquidity denominated in Chinese renminbi and Hong Kong dollars can be accessed smoothly.

"This inaugural transaction represents a significant advance in liquidity and collateral management in Hong Kong," says Bernard Chin, executive director for emerging market APAC repo trading at UBS AG. "It is operationally efficient and further integrates collateralised lending and borrowing between the domestic market in Hong Kong and the international market."

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