HSBC Comes Out Top In Hong Kong
SETTLEMENT
HONG KONG--The Hong Kong Monetary Authority (HKMA) appointed HSBC on March 9, as the settlement institution for the US dollar clearing system in Hong Kong.
The appointment ends five months of competition for the position. Last November the HKMA invited banks for expressions of interest to act as the settlement institution. Of those that applied, just four were shortlisted including HSBC.
The creation of the settlement institution marks both a coup to HSBC and a sign of the growing depth of the
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