Date
17 October 2017

HSBC unit cleared for futures margin custodian biz, Xinhua says

HSBC Bank (China) Co. Ltd., a mainland unit of HSBC Holdings plc (00005.HK), said on Monday that it has received approval from the China Financial Futures Exchange (CFFEX) to launch futures margin custodian business, becoming the first foreign bank allowed to do so, for Qualified Foreign Institutional Investors (QFIIs), Xinhua news agency reported. CFFEX requires all margins products related to futures trading to be under the custody of qualified banks. Foreign banks are allowed to apply for the business under rules published in August by the CFFEX, the report said.

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