CMU OmniClear announced the expansion of membership eligibility of the Central Moneymarkets Unit (CMU) to include legally incorporated entities outside Hong Kong.
Under the updated admission policy, in addition to regulated financial institutions in Hong Kong, eligible institutions such as financial institutions regulated or supervised by a recognized authority outside Hong Kong, sovereigns and supranational institutions, can apply for CMU membership to directly access services.
Stanley Chan, chief executive officer of CMU OmniClear, said in a statement: “By expanding membership eligibility, we aim to facilitate greater international participation in the Hong Kong bond market and in the Mainland market through the Bond Connect, further consolidating Hong Kong’s position as a leading international financial center and a gateway into the Mainland market. Alongside membership expansion, CMU OmniClear will also continue to expand its service coverage to better serve issuers and investors.”
Since the beginning of the year, CMU OmniClear has been carrying out the operations and business development activities of the CMU on behalf of the Hong Kong Monetary Authority (HKMA). The HKMA remains the owner and system operator of the CMU.