Shanghai Clearing House and the City of London Corporation co-hosted the international conference of “The Function of Financial Infrastructures in UK-China Financial Cooperation”& Opening Ceremony of London Representative Office of Shanghai Clearing House in the Banking Hall, City of London on 21 March 2017. Ms. Katharine Braddick, Director General of Financial Services at HM Treasury, Mr. Guo Kai, Deputy Director General of International Department of People’s Bank of China, Ms. Sherry Madera, Special Advisor for Asia of the City of London Corporation, Mr. Li Jun, Deputy Director General of Shanghai Municipal Government Financial Services Office attended the conference and delivered a speech respectively. Mr. Xu Zhen, Chairman of Shanghai Clearing House addressed the audience. Mr. Mark Boleat, Chairman of Policy and Resources Committee of the City of London Corporation, Mr. Nikhil Rathi, CEO of London Stock Exchange, Mr. Suneel Bakhshi, CEO of LCH Group, Mr. Ivan Nicora, CEO Hong Kong Branch, and Regional Head of Asia Pacific of Euroclear, Dr. Tina Hasenpusch, Managing Director and CEO of CME Clearing Europe, Mr. Brian Gelfand, Chief Commercial Officer of TMX Group, Mr. Thilo Derenbach, Head of London Business, DBAG and other guests attended the conference.
Ms. Katharine Braddick, Director General of Financial Services at HM Treasury stressed that UK Government attaches great importance to strengthening its cooperation with China on financial services, and that boosting the presence and activity of Chinese financial institutions in the UK, like Shanghai Clearing House, plays a key role in achieving that objective.
In his speech, Mr. Guo Kai, Deputy Director General of International Department of People’s Bank of China pointed out that the cooperation of China-UK financial infrastructures will help provide better services for the financial institutions in the two countries, lay a solid foundation for further expanding the cooperation in the financial sectors in China and UK.
Ms. Sherry Madera, Special Advisor for Asia of City of London Corporation stated that the UK and China collaborate today for strength tomorrow. The City of London believes that the future of finance will rely on efficient fund flows and deep and liquid markets. Currency and clearing play a big role in that future. Shanghai Clearing House’s choice to set up its office in London highlights the importance of London in the global network of financial infrastructure and London’s strong links to Asia.
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Mr. Li Jun, Deputy Director General of Shanghai Municipal Government Financial Services Office indicated that Shanghai and City of London conducted productive cooperation and exchanges, with the common goal of promoting financial development. Shanghai will maintain its positive interactions with London and support the cooperation and development of the financial infrastructures in Shanghai and London.
Mr. Xu Zhen, Chairman of Shanghai Clearing House delivered a keynote speech entitled “Playing a More Pivotal Role in the Connectivity of the International Financial Market”. He said that connectivity is the trend for the development of international economic and financial sectors. It is the responsibility of all financial infrastructures including Shanghai Clearing House to provide global financial market participants with efficient and secure global network of post-trade services. Shanghai Clearing House will take advantage of the leading position of London in the global financial market to continuously boost the exchanges and connectivity of the financial infrastructures in China and UK, make great efforts to reduce the trading cost and promote more efficient allocation of global resources in an open market on the basis of maintaining secure operations of the financial market.
Mr. Zhang Nai, Chief Representative of the London Representative office of Shanghai Clearing House hosted the conference. Close to 100 representatives from relevant government agencies, international organizations, financial infrastructures and commercial institutions from China and abroad attended the conference. Representatives from Shanghai Stock Exchange, London Stock Exchange, Deutsche Börse Group, Shanghai Clearing House, LCH Group, China Construction Bank, Bank of China, HSBC and other institutions discussed the impact of Brexit on the financial infrastructures and post Brexit cross-border cooperation, global financial markets versus local/regional regulation and financial infrastructure appeals, shared experiences of current cross-border cooperation of financial infrastructures, regulation rules, as well as market practices, and commented on the role and business development prospects of financial infrastructures.
The opening ceremony of London Representative Office of Shanghai Clearing House was held on the same day. Mr. Guo Kai, Deputy Director General of International Department of People’s Bank of China and Ms. Sherry Madera, Special Advisor for Asia of the City of London Corporation unveiled the name plate of London Representative Office of Shanghai Clearing House and Mr. Xu Zhen, Chairman of Shanghai Clearing House and Mr. Mark Boleat, Chairman of Policy and Resources Committee of the City of London Corporation witnessed this grand occasion. The establishment of the London Representative Office of Shanghai Clearing House is a concrete measure to implement the policy results of the Eighth China-UK Economic and Financial Dialogue in November 2016, in favor of driving the development of financial cooperation and partnership of the two countries. The London Representative Office of will share the progress of Shanghai Clearing House with London and other financial institutions in EU, understand the regulations and rules of the global financial market and share the information of the development of Shanghai and London.