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Rule Update - OTC Clear Clearing Rules

Amendment of OTC Clearing Rules 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 08 Jul 2019

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