Friday May 9 2014
News Source: Global Exchanges
Focus: General - Global Exchanges
Type: General
Country: Hong Kong
Link: http://www.hkex.com.hk/eng/newsconsul/hkexnews/2014/1405094news.htm
OTC Clearing Hong Kong Limited (OTC Clear), a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx) established to clear over-the-counter derivatives transactions, has received no-action relief from the US Commodity Futures Trading Commission (CFTC), allowing it to offer its clearing services to eligible US persons or affiliates of US persons (US Clearing Members) without being registered as a derivatives clearing organisation (DCO).
The no-action relief is effective immediately until the earlier of 31 December 2014 or the date when the CFTC registers OTC Clear as a DCO or exempts it from registration.
The relief covers clearing of propriety trading by US Clearing Members that involves interest rate swaps, denominated in Hong Kong dollars, renminbi (RMB), US dollars and euros, as well as non-deliverable currency forwards, denominated in RMB, Taiwan dollars, Korean won and Indian rupee.
Click on the above link for further details.