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The Hong Kong Monetary Authority (HKMA) and Securities and Financial Commission (SFC) have published their conclusions to implementation of new clearing and reporting requirements for OTC Derivatives. The publication of rules is part of a larger movement among global financial regulators to introduce standards related to clearing and reporting of OTC derivatives to increase transparency and reduce counterparty risk. The HKMA and SFC rules are similar to those being enacted by the EU through the European Market Infrastructure Regulation (EMIR).
Among the highlights of the Hong Kong based initiatives are a delay in their introduction. Phase 1, which includes mandatory ... (read more)