They were detained on suspicion of conspiracy to defraud UK
clearing banks of excess of PS2m, the Met said.
The addition of ICBC will see DCCC expanding its network of Settlement and
Clearing Banks to six global banks.
So while the traditional
clearing banks are still active in new deals and in their efforts to retain existing clients, they are facing ever increasing competition.
GCF Repo trades are cleared and settled on the books of the two large
clearing banks, JPMorgan Chase (JPMC) and Bank of New York Mellon (BNY Mellon), with each bank using its own tri-party repo settlement platform.
Since 2011, China has appointed
clearing banks for Taiwan, Singapore, London, Frankfurt, Paris, Luxembourg and Seoul.
Seeking to promote global use of the yuan, China has in the past two years appointed
clearing banks for Taiwan, Singapore, London, Frankfurt, Paris, Luxembourg and Seoul.
Singapore is among the several cities, including London and Luxemburg, to pursue offshore Yuan
clearing banks. Analysts said Singapore wants a Yuan
clearing bank firstly because it wants to grow its offshore Yuan capital market.
In the United States, the tri-party agents are the two
clearing banks, Bank of New York Mellon and J.P.
The taxman will seek new orders next month after intense discussions with the
clearing banks.
Joseph Yam, the authority's chief executive, said the first transaction could be settled in July once arrangements between PBoC and the
clearing banks and between
clearing banks and participating banks were made.
* Regulators should monitor and test implementation of the
clearing banks' plans to satisfy the regulators' sound practices and implementation timelines for core clearing and settlement organizations as described in the Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S.