ICBC Named Shanghai Clearing House Excellent Settlement Member
OREANDA-NEWS. February 27, 2012. At the recent First Award Program sponsored by Interbank Market Clearing House Limited ("Shanghai Clearing House"), ICBC has been named "Excellent Settlement Member" and "Excellent Clearing Member" for its leading services in settlement and funds clearing, reported the press-centre of ICBC.
The Shanghai Clearing House, established in November, 2009, is a professional clearing house under the approval of the Ministry of Finance and People's Bank of China. The Shanghai Clearing House provides direct and indirect netting services in interbank market for trades (in RMB and foreign currencies) carried out by central counterparty. That includes clearing, settlement, delivery, margin management, collateral management, information services and consultancy.
The "Excellent Settlement Member" recognizes the best interbank market member in bond trading, custody and settlement services, while the "Excellent Clearing Member" is presented to the best clearing member in participating netting service and supporting the growth of interbank market. Winning the two awards demonstrates ICBC's dominance in interbank market in settlement and funds clearing services.