Industrial and Commercial Bank of China to Enhance Chinese Repo Market by Joining Clearstream’s Tri-party Service
Reference
CLAUDIA SEARLE-WHITE
Media spokesperson for Clearstream Securities Services
The Industrial and Commercial Bank of China (ICBC) joined the tri-party repo service of Clearstream, Deutsche Börse Group’s post-trade services provider. ICBC is the first Chinese financial institution to do so, enabling clients to participate in tri-party repo under title transfer with offshore counterparties. This marks a significant step in strengthening the Chinese repo market with a secure and efficient tri-party offering, enhancing its attractiveness and fostering further growth.
The repo market is essential for liquidity management within China’s financial system, serving as a vital funding source for institutions. Globally, and especially among central banks, commercial banks, corporates, hedge funds, and asset managers, tri-party repos are becoming increasingly popular. They offer an attractive balance of high safety and potential for greater returns compared to traditional money market instruments and bilateral repos.
For 30 years, Clearstream’s tri-party repo service has connected global market participants as a neutral intermediary, offering access to diverse and substantial liquidity pools. Clients benefit from simplified settlement, administrative support, and value-added services throughout the entire trade lifecycle, leveraging Clearstream’s expertise and efficient platform.
Hailu WANG, General Manager of Global Markets Department of ICBC, added: “We are happy to cooperate with Clearstream to be the first Chinese bank joining the tri-party repo business. Tri-party repo, by tapping into the collateral management service of third-party professional institutions such as Clearstream, provides higher efficiency and lower counterparty risk in the repo market. Looking into the future, we would like to join hands with financial peers to promote together the development of the repo market in China.”
Philip Brown, CEO at Clearstream Banking S.A., said: “This partnership with ICBC represents a key milestone in bringing innovative tri-party repo solutions to China. It is a testament to our commitment to providing cutting-edge services that boost market attractiveness and support the evolving needs of our clients globally, a key ambition for Clearstream.”
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[Editorial note: Please find here a high-resolution photo of Philip Brown.]
About Clearstream
Clearstream is the innovative and trusted post-trade business for the global markets. It runs the leading securities and funds servicing ecosystems of tomorrow.
The company operates the German and Luxembourg central securities depositories and an international central securities depository for the Eurobonds market. With 20 trillion Euros in assets under custody, it is one of the world’s largest settlement and custody firms for domestic and international securities.
It also delivers premier fund dealing, distribution, digital and data services, covering over 55 fund markets worldwide.
Clearstream is part of Deutsche Börse Group, an international exchange organization and provider of innovative market infrastructures.
To learn more, visit us at www.clearstream.com or connect via LinkedIn.
About Industrial and Commercial Bank of China
Industrial and Commercial Bank of China was established on 1 January 1984. The Bank provides abundant financial products and superior financial services to over 14 million corporate customers and 770 million personal customers. At the first half of 2025, total assets of the Bank amounted to RMB52.32 trillion. The Bank stays committed to seeking progress with innovation while maintaining stability, continuously enhances the key development strategies, actively develops the FinTech and accelerates the digital transformation. The Bank unswervingly delivers specialized services, and pioneers a specialized business model, thus making it "a craftsman in large banking". The Bank was ranked the 1st place among the Top 1000 World Banks by The Banker for the thirteenth consecutive year and took the 1st place among the Top 500 Banking Brands of Brand Finance for the ninth consecutive year.