Hong Kong CCP to be first to clear cross-currency swaps
Initial product suite will be RMB focused to suit the need of mainland banks
OTC Clear will be the first central counterparty (CCP) to clear cross-currency swaps, as early as year-end, according to Calvin Tai, head of global clearing at Hong Kong Exchanges and Clearing.
OTC Clear started operations to clear over-the-counter derivatives in June 2014 focusing on products including interest rate swaps and non-deliverable forwards principally in Chinese yuan – both onshore (CNY) and offshore (CNH) – to allow it compete with major global CCPs that dominate the cleared market
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