Amendments of OTC Clearing Procedures for the purpose of revising the Rates and FX Minimum Contribution Amount applicable to each Clearing Member of OTC Clear from HKD 50 million to HKD 25 million (effective from 2 January 2024) (Marked-up version of amendments attached for information)
Amendment of OTC Clearing Procedures for the purpose of accepting as Clearing Members, entities incorporated in England and Wales which are regulated by the Bank of England and the Financial Conduct Authority and which have an Affiliate which carries on a business in Hong Kong which is regulated by the SFC(effective from 24 July 2023) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purposes of (i) discontinuing the clearing services by OTC Clear for single currency interest rate swaps, single currency basis swaps and cross-currency swaps referencing USD LIBOR, and for non-deliverable interest rate swaps referencing THBFIX and (ii) introducing new ISDA compounding conventions for applicable overnight floating rate options such as SOFR to extend the product scope covered by OTC Clear (effective from 22 May 2023)(Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purpose of implementing the initiative undertaken by China Foreign Exchange Trade System (National Interbank Funding Center)(CFETS), Interbank Market Clearing House Co., Limited (Shanghai Clearing House) and OTC Clear to enable mutual access between the Hong Kong and Mainland interest rate swap markets (“Swap Connect”), as announced by the People’s Bank of China, the Hong Kong Monetary Authority and the Securities and Futures Commission on 4 July 2022 and 5 May 2023 (effective from 15 May 2023) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purpose of enabling Clearing Members incorporated in England and France to sponsor Clients as Sponsored Settlement Members (effective from 30 September 2022) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purpose of enhancing stress testing measures (effective from 31 August 2022) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purposes of (a) introducing the Multilateral Compression Service in co-operation with TriOptima AB; (b) updating the product eligibility requirements for rates derivatives transactions and (c) some housekeeping changes (effective from 8 August 2022) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purpose of removing the one-week and two-months tenors as acceptable designated maturities for US Dollar LIBOR linear interpolation and stub calculation period (effective from 1 January 2022) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purposes of including the one-day tenor as acceptable designated maturities for US Dollar LIBOR linear interpolation and stub calculation period and housekeeping changes (effective from 17 December 2021) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purposes of replacing the 2006 ISDA Definitions with the 2021 ISDA Interest Rate Derivatives Definitions incorporated in the Clearing Procedures and removing clearing services relating to products referencing the EUR London Interbank Offered Rate (EUR LIBOR) by OTC Clear (effective from 4 October 2021) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purpose of implementing risk enhancements in stress testing assumptions (effective from 30 September 2021) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purposes of introducing clearing services for new risk free rate-based cross currency swaps and enhancing other product features such as extension of tenors (effective from 10 May 2021) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purpose of supporting the proposed functional changes introduced by the upgrade of the OTC Clearing and Settlement System (effective from 26 April 2021) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purpose of allowing Clearing Members to make payments to OTC Clear either from its own RTGS account or from an account it maintains with another member of the RTGS system (effective from 12 October 2020) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purpose of expanding the eligible payment lag for certain rates derivatives transactions (effective from 21 September 2020) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purpose of implementing the Sponsored Settlement Member model (effective from 31 August 2020) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures in connection with (1) the extension of OTC Clear's clearing service to interest rate swaps with reference to Hong Kong Dollar Overnight Index Average, Secured Overnight Financing Rate, Effective Federal Funds Rate and Euro Short Term Rate and (2) the enhancement of clearable product features for cross currency swaps, deliverable interest rate swaps and non-deliverable interest rate swaps (effective from 6 July 2020) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purpose of implementing the recommended arrangements upon the announcement of “extreme conditions” by the Government under the “Code of Practice in Times of Typhoons and Rainstorms” issued by the Labour Department. In line with the recommended practice, the amendments provide that clearing services shall remain suspended even after cancellation of Typhoon Signal No. 8 if “extreme conditions” are in force, and shall only resume two hours after “extreme conditions” are cancelled (effective from 10 January 2020) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures for the purpose of extending the maximum residual term for interest rate products (effective from 2 September 2019) (Marked-up version of amendment attached for information)
Amendment of OTC Clearing Procedures in connection with the introduction of bulk settlement runs for notional exchange settlements under cross currency and deliverable FX contracts (effective from 15 July 2019) (Marked-up version of amendment attached for information)
Amendment of OTC Clear Rules in connection with the offering of client clearing services by clearing members incorporated in the People’s Republic of China (excluding Hong Kong, Macao Special Administrative Region, and the Taiwan area) (“PRC”) through their Hong Kong branch and the acceptance of non-cash collateral from PRC Clearing Members (effective from 29 April 2019) (Marked-up version of amendment attached for information)
Amendment of OTC Clear Procedures in connection with the offering of client clearing services by clearing members incorporated in the People’s Republic of China (excluding Hong Kong, Macao Special Administrative Region, and the Taiwan area) (“PRC”) through their Hong Kong branch and the acceptance of non-cash collateral from PRC Clearing Members (effective from 29 April 2019) (Marked-up version of amendment attached for information)
Amendment of OTC Clear Rules in connection with (1) clearing service enhancements and (2) proposed risk framework enhancements and settlement limit structure (effective from 29 April 2019) (Marked-up version of amendment attached for information)
Amendment of OTC Clear Procedures in connection with (1) clearing service enhancements and (2) proposed risk framework enhancements and settlement limit structure (effective from 29 April 2019)(Marked-up version of amendment attached for information)
Amendment of OTC Clear Rules in connection with (1) enhancing clearable product features for cross-currency swaps, deliverable and non-deliverable interest rate swaps and non-deliverable forwards; (2) removing the power of OTC Clear to terminate any interest rate swap denominated in HKD in the event that the exchange rate of HKD against USD deviates from 7.8 to 1; (3) changing the definition of Approved Trade Registration System (effective from 10 December 2018)(Marked-up version of amendment attached for information)
Amendment of OTC Clear Procedures in connection with (1) enhancing clearable product features for cross-currency swaps, deliverable and non-deliverable interest rate swaps and non-deliverable forwards; (2) removing the power of OTC Clear to terminate any interest rate swap denominated in HKD in the event that the exchange rate of HKD against USD deviates from 7.8 to 1; (3) changing the definition of Approved Trade Registration System (effective from 10 December 2018) (Marked-up version of amendment attached for information)
Amendment of OTC Clear Rules in connection with the Enhancements to Recovery Plan (effective from 15 October 2018) (Marked-up version of amendment attached for information)
Amendment of OTC Clear Procedures in connection with the Enhancements to Recovery Plan (effective from 15 October 2018) (Marked-up version of amendment attached for information)
Amendment of OTC Clear Rules in connection with (1) extension of OTC Clear’s clearing service to cross currency swaps denominated in US dollars ("USD") against HK dollars ("HKD"); (2) extension of OTC Clear’s clearing service to deliverable foreign exchange derivatives (i.e. forwards and swaps) denominated in USD against Renminbi (offshore) and USD against HKD; (3) extension of residual tenor of HKD interest rate swaps and basis swaps from 10 years to 15 years; (4) extension of the notional exchange settlement window from 12:00–13:00 to 12:00–13:30; and (5) inclusion of matching and confirmation service for over-the-counter derivatives transactions provided by Traiana, Inc. as an Approved Trade Registration System. (effective from 30 April 2018)
Amendment of OTC Clear Rules in connection with the revision of refinements to mechanism for imposition of additional margin under rule 1510 (effective from 1 May 2018) (Marked-up version of amendment attached for information)
Amendment of OTC Clear Procedures in connection with the revision of refinements to mechanism for imposition of additional margin under rule 1510 (effective from 1 May 2018) (Marked-up version of amendment attached for information)
Amendment of OTC Clear Rules in connection with the revision of cash collateral interest arrangements (effective from 1 April 2018) (Marked-up version of amendment attached for information)
Amendment of OTC Clear Procedures in connection with the revision of cash collateral interest arrangement (effective from 1 April 2018) (Marked-up version of amendment attached for information)
Amendment of OTC Clear Rules and Procedures in connection with (1) the enhancement of clearable product features for cross currency swaps, deliverable interest rate swaps and non-deliverable interest rate swaps and non-deliverable interest rate swaps and non-deliverable interest rate swaps;(2) the tariff incentive for clearing legacy transactions;(3) product suspension and (4) the cessation of accepting transactions submitted through the HKTR-MC service.(effective from 25 September 2017)
Amendment of OTC Clear Rules in connection with the shortening of the collection period for Guarantee Fund contributions to one business day (effective from 29 September 2017) (Marked–up version of amendment attached for information)
Amendment of OTC Clear Procedures in connection with the shortening of the collection period for Guarantee Fund contributions to one business day (effective from 29 September 2017) (Marked–up version of amendment attached for information)
Amendment of OTC Clear Rules in connection with the extension of OTC Clear's clearing service to Hong Kong dollar basis swap and Indian rupee, Korean won, Thai baht, New Taiwan dollar and Malaysian ringgit (effective from 15 May 2017) (Marked-up version of amendments attached for information) Amendment of OTC Clear Procedures in connection with the extension of OTC Clear's clearing service to Hong Kong dollar basis swap and Indian rupee, Korean won, Thai baht, New Taiwan dollar and Malaysian ringgit (effective from 15 May 2017) (Marked-up version of amendments attached for information) Amendment of OTC Clear Rules in connection with the introduction of client clearing services for Hong Kong-incorporated Clearing Members who provides client clearing services through their Hong Kong head office and the acceptance of certain non-cash collateral from Hong Kong-incorporated Clearing Members (effective from 20 March 2017) (Marked-up version of amendments attached for information)
Amendment of OTC Clear Procedures in connection with the introduction of client clearing services for Hong Kong-incorporated Clearing Members who provides client clearing services through their Hong Kong head office and the acceptance of certain non-cash collateral from Hong Kong-incorporated Clearing Members (effective from 20 March 2017) (Marked-up version of amendments attached for information)
Amendment in connection with the introduction of clearing services for cross-currency rates derivatives contracts (effective from 15 August 2016) (Marked-up version of amendments attached for information)
Amendment in connection with OTC Clear’s petition for exemption from registration in the U.S. Commodity Futures Trading Commission (“CFTC”) as a Derivatives Clearing Organization under Section 5b(a) of the Commodity Exchange Act (“DCO”) (effective from 5 October 2015) (Marked-Up version of amendments attached for information)
Amendment in connection with the coming into operation of certain provisions of the Securities and Futures (Amendment) Ordinance 2014 and the repeal of the Securities and Futures (futures Contracts) Notice 2012 made under Section 392 of the Securities and Futures Ordinance, in addition to other housekeeping amendments (effective from 10 July 2015) (Marked-up version of amendments attached for information)
PRC Clearing Member Schedule (effective from 24 Apr 2015)
Amendment to facilitate compliance by OTC Clear with its Part 45 reporting requirements to the U.S. Commodity Futures Trading Commission (effective from 29 Aug 2014) (Marked-up version of amendments attached for information)
Amendments to facilitate OTC Clear to comply with its obligations as a participating foreign financial institution under the U.S. Foreign Account Tax Compliance Act (effective from 1 July 2014) (Marked-up version of amendments attached for information)
Updated 22 Dec 2023