Bank of China Hong Kong has successfully become the first overseas institution to directly participate in the centralized clearing of interest rate derivatives on the Shanghai Clearing House
Recently, Bank of China Hong Kong successfully participated in the centralized clearing of interest rate derivatives directly at the Shanghai Clearing House, including RMB interest rate swaps, standard bond forwards, and standard interest rate swap proprietary clearing business, becoming the first overseas institution to directly participate in the centralized clearing of interest rate derivatives at the Shanghai Clearing House.
This business adopts the "direct trading+direct clearing" model, which means that the interest rate derivatives transactions reached by Bank of China Hong Kong on the interbank local currency trading platform are directly cleared and settled at the Shanghai Clearing House, which helps to effectively improve the efficiency of cross-border investment and risk management.
For a long time, as the most globalized Chinese bank, Bank of China has fully leveraged the advantages of Bank of China Hong Kong as a global custodian and RMB clearing bank, coordinated and linked domestic and foreign institutions, effectively relied on Hong Kong's offshore RMB business hub position, and actively supported innovative practices in central clearing of interest rate derivatives and financial interconnectivity.
Since 2021, Bank of China Hong Kong has been one of the first overseas participants to participate in interbank RMB interest rate swaps, gradually expanding its business to standard interest rate swaps and standard bond forwards, becoming the first overseas legal entity to participate in the central clearing of the above-mentioned varieties.
In 2023, the Mainland and Hong Kong interest rate swap market interconnection cooperation (hereinafter referred to as "Swap Connect") will be officially launched and put into operation. Bank of China Hong Kong is not only one of the first overseas institutions to participate in the "Northbound Swap Connect", but also serves as a clearing agent to provide trading clearing agency services for overseas investors, with a leading number of agency clients in the market.
Bank of China will continue to leverage its professional advantages in cross-border financial services, actively support innovation and exploration in the interbank interest rate derivatives market, and contribute greater strength to the interconnection of financial infrastructure and the promotion of high-level opening-up to the outside world.
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