Hong Kong dollar, the Australian dollar, the New Zealand dollar and the Japanese yen are to follow
Clearstream, a central securities depositary unit of the Deutsche Borse Group, is offering same-day cash services for customers using the Singapore dollar helping customers, managing balances in this currency, benefit from deadlines close to Singapore deadlines.
According to the company, the move is part of its drive to provide customers with Asia-Pacific market settlement services as efficient as those offered in US dollars, euros and other currencies and to materially reduce their funding costs.
Due to time zone differences, Asia-Pacific customers have been particularly disadvantaged by the need to pre-fund or finance their settlement operations in advance of their normal cash management activities in Asia-Pacific currencies.
The Singapore dollar (SGD) is the first of a series of major Asia-Pacific currencies for which Clearstream is offering same-day currency deadlines, as announced in September 2008. The Hong Kong dollar, the Australian dollar, the New Zealand dollar and the Japanese yen are to follow in the course of 2009.
Philippe Metoudi, member of the executive board for Asia-Pacific, Middle East and Africa regions at Clearstream, said: We are very pleased that the SGD has become a same-day currency in Clearstream. This reinforces our commitment to Singapore, where we opened an office in 2007 and which is a growing financial center in Asia-Pacific. This is a natural progression in our servicing of our Asia-Pacific customer base and supporting their regional cross border settlement needs.