In the first CLS third-party mandate to be awarded in Macau, Standard Chartered has been appointed to settle Seng Heng Bank's forex trades using the intra-day payment-versus-payment settlement system. The duo expects to go live with their first CLS trade by the end of this month.
Seng Heng Bank is an active forex trader in the Hong Kong interbank market and, says Patrick Huen, the bank's chief executive officer, the link will bring substantial risk management benefits to its forex trade settlement.
It will also help us to manage our forex settlement exposure, says Huen. We are now in the process of implementing the system, working closely...
