HSBC has selected Delta Capital to deliver OTC derivatives confirmation and settlement services globally under a multi-year agreement.

The deal aims to help the bank standardise post-trade processes and reduce industry costs.

“The agreement we have established with Delta Capita opens up new opportunities for us to enhance our Derivative Post-Trade Services for our valued clients,” said Karen Everingham, head of markets and securities services operations at HSBC.

The move comes after Delta Capital secured an agreement with Citi to scale and commercialise its proprietary digital communications workflow management software capability, QMA.

In April 2024, the company bought LSEG's CLM technology, while the year before it developed capital markets blockchain software MACH.

HSBC recently announced the closure of its international payments app Zing, marking another setback in the bank's fintech expansion efforts, just 12 months after its launch.

The digital payments platform, which promised "transparent fees and competitive rates", will be shut down following challenges with compliance restructuring and a strategic review by the bank's new group chief executive officer Georges Elhedery.

Sources familiar with the matter suggest approximately 400 jobs could be at risk, including a substantial number of non-HSBC external customer support staff.

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