clearing bank


Also found in: Dictionary, Thesaurus, Financial, Wikipedia.
Related to clearing bank: clearing house

clearing bank

a bank that is a member of the Committee of London and Scottish Clearing Bankers. See also CLEARING.
Mentioned in ?
References in periodicals archive ?
In September 2016, the PBOC had named Bank of China's New York branch to be a yuan clearing bank in the United States.
Citi has been awareded Derivatives Clearing Bank of the Year by GlobalCapital, the company said.
ICBC currently serves as the RMB clearing bank in seven countries (including Singapore, Luxembourg, Qatar, Canada, Thailand, Argentina and Russia), making it the worlds first commercial bank that provides 24-hour RMB clearing and trading services, a sign of new height for its RMB clearing capacity.
In times of stress, a clearing bank might be unwilling to take on the risk of extending intraday credit to a troubled dealer.
The key direct benefit of the official Australian RMB clearing bank is that it can more efficiently facilitate transactions bet ween Aust ralian firms and their Chinese mainland counterparts using the Chinese currency, he said.
A clearing bank can handle all parts of a currency transaction from when a commitment is made until it is settled, reducing costs and time taken for trading.
The yuan clearing bank would allow Canadian financial institutions to use the clearing bank to process payments for their customers in yuan.
23 September 2013 a[euro]" Russian non-commercial partnership (NP) RTS could acquire Alor Bank from Alor Invest Ltd in a drive to create a clearing bank, local daily Vedomosti said on Monday, quoting an insider.
ICBC Singapore, which was designated as the Yuan clearing bank in Singapore earlier this year, said 49 banks from Singapore and elsewhere opened accounts with it to become participating banks.
Also, we will highlight the crucial role that the clearing bank plays in this game of "withdrawing before the rest," which appears to be a good representation of the situation that was present in the tri-party repo market during the recent financial crisis.
Bank of China (Hong Kong) became a clearing bank of yuan banking business in Hong Kong in 2003.