CCB and SIX secure renminbi repo deal
27 September 2016 Zurich
Image: Shutterstock
China鈥檚 second largest commercial bank, China Construction Bank (CCB), and SIX Securities Services have expanded their partnership to include repo trading through SIX Repo.
Previously, CCB and its Zurich branch worked with SIX Securities Services entities Swiss Interbank Clearing for Swiss franc clearing, Swiss Euro Clearing Bank for euro clearing, and SIX SIS for global custody and asset servicing.
CCB Zurich, which is the only authorised renminbi clearing bank in Switzerland, 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.
David Weyun Gong, general manager of CCB Zurich, said: 鈥淲ith 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.鈥�
鈥淲e are very much looking forward to further expanding our activities in the Swiss market with the ongoing support of SIX.鈥�
Thomas Zeeb, division CEO of SIX Securities Services, said: 鈥淥ur relationship with CCB highlights the importance of a strong local partner to build meaningful and mutually beneficial relationships for new market entrants.鈥�
鈥淲e are delighted with CCB鈥檚 decision to work with us and look forward to even greater collaboration for the future.鈥�
Previously, CCB and its Zurich branch worked with SIX Securities Services entities Swiss Interbank Clearing for Swiss franc clearing, Swiss Euro Clearing Bank for euro clearing, and SIX SIS for global custody and asset servicing.
CCB Zurich, which is the only authorised renminbi clearing bank in Switzerland, 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.
David Weyun Gong, general manager of CCB Zurich, said: 鈥淲ith 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.鈥�
鈥淲e are very much looking forward to further expanding our activities in the Swiss market with the ongoing support of SIX.鈥�
Thomas Zeeb, division CEO of SIX Securities Services, said: 鈥淥ur relationship with CCB highlights the importance of a strong local partner to build meaningful and mutually beneficial relationships for new market entrants.鈥�
鈥淲e are delighted with CCB鈥檚 decision to work with us and look forward to even greater collaboration for the future.鈥�
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