Double trade reporting burden for international banks in Hong Kong
The launch of an interim trade reporting service last week by the Hong Kong Monetary Authority has prompted complaints from banks over excessive operational requirements
International banks have hit out at the extra operational requirements caused by the Hong Kong Monetary Authority's (HKMA) decision to force banks to report over-the-counter derivative transactions locally rather than following Singapore's lead of using a global trade repository service.
As from last week the HKMA has required all licensed banks in Hong Kong to report interest rate swap and non-deliverable forward transactions to the Hong Kong Trade Repository (HKTR). This is an interim measure
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