The Hong Kong Monetary Authority (HKMA) has re-appointed the Standard Chartered Bank (SCBHK) as the Settlement Institution for the Euro clearing system in Hong Kong for a second five-year period.

SCBHK was appointed as the Settlement Institution for the Euro clearing system for a period of five years from March 2003 when the system was launched.

The Euro clearing system, which facilitates the efficient real-time settlement of Euro transactions during Asian business hours, has been operating smoothly and effectively. Through establishing linkages with the Hong Kong dollar and US dollar clearing systems in Hong Kong and with securities settlement systems, the Euro clearing system provides payment-versus-payment (PvP) settlement for foreign exchange transactions involving Euro and delivery-versus-payment (DvP) settlement of Euro denominated securities.

In the second quarter in 2007, the Euro clearing system settled a monthly average of 3,152 transactions, and had an average monthly turnover of EUR 27 billion. Currently, the Euro clearing system has 28 Direct Participants and 21 Indirect CHATS Users. (HKMA)

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