StanChart is again Hong Kong’s Euro settlement institution

Hong Kong has reappointed Standard Chartered Bank (Hong Kong) as the Settlement Institution for the Euro Real Time Gross Settlement system.

The Monetary Authority said StanChart was reappointed for a third five-year period. StanChart was first appointed for five years beginning March 2003 when the system was launched, and was reappointed for another five years starting March 2008.

The gross settlement system facilitates the efficient real-time settlement of Euro transactions during Asian business hours. It settled 423 transactions a day on average in the first half this year, and had an average daily turnover value of EUR 605 million. In mid-2012, it had 33 direct participants and 19 indirect CHATS users.

StanChart was reappointed because of its robust track record and its commitment to the continued development of the financial infrastructure in Hong Kong,