clearing bank


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clearing bank

a bank that is a member of the Committee of London and Scottish Clearing Bankers. See also CLEARING.
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In the following section, we describe this process under the simplifying assumption that both dealers involved in the GCF Repo settlement process use the same clearing bank. For this intrabank case, both the securities and cash payments are moving on the books of a single clearing bank.
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.
Since 2011, China has appointed clearing banks for Taiwan, Singapore, London, Frankfurt, Paris, Luxembourg and Seoul.
The currency swap will help set up the clearing bank, and allow the two banks to swap currencies if needed to ease trade and investment.
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.
A significant portion of repo transactions in the United States take the form of tri-party repos, where a third party (a clearing bank) provides collateral management and settlement services to the borrower and the lender.
Bank of China (Hong Kong) became a clearing bank of yuan banking business in Hong Kong in 2003.
The company added they were working with a clearing bank to release the money, and emphasised the money was "safe", promising to refund the loss of interest.
The Working Group, formed by the Board after the September 11, 2001, terrorist attacks in New York City, recommended nine steps to mitigate risks to the financial system from the interruption or termination of the services of a clearing bank as the result of either operational or non-operational problems.
Though not as big a project as the mammoth North Regional Clearing Bank in Hanover (AR August 2002), it still sets challenging architectural and environmental standards for what can often be a dreary and dislocated building type, the edge of town office.