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OTC Clearing Hong Kong Limited (OTC Clear), a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today launched its clearing service for cross currency swaps (CCS). The step effectively makes OTC Clear the first international clearing house to provide clearing for USD/CNH CCS, which reinforces Hong Kong’s overall position as the premier offshore RMB centre.
HKEx helps provide a cascade of clearing services for over-the-counter (OTC) derivatives. Central clearing via OTC Clear helps ameliorate some of the current credit and capital restrictions in RMB fixed income and currency derivative markets.
Relatedly, the company also offers clearing services for interest rate swaps ... (read more)