Hong Kong lawmakers to enforce mandatory CCP by the end of 2012
Hong Kong joins Japan in mandating central counterparty clearing for OTC derivatives with CCPs and a central repository expected to be set up in the coming months.
Hong Kong will require financial institutions incorporated in the territory to clear all their interest rate swaps (IRS) and non-deliverable forwards (NDF) at an authorised central counterparty (CCP) clearing house and report them to a local trade repository run by the city's central bank by the end of 2012.
The move makes Hong Kong the second jurisdiction in Asia to mandate central clearing of OTC derivatives after Japan, which passed a similar law last year. Both jurisdictions are demanding
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