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62.4548

Over-the-Counter Derivatives
Trade Repository

The global financial crisis in 2008 triggered a global movement to improve transparency and reduce counterparty risks in the over-the-counter (OTC) derivatives markets, resulting in reforms to the OTC derivatives markets on various fronts.  The reform measures adopted by the international regulatory community include requiring all OTC derivatives transactions be reported to trade repositories (TRs) and all standardized OTC derivatives transactions be cleared at central counterparty (CCP) clearing facilities.

TR is a centralised registry that maintains an electronic database of records of OTC derivatives transactions.  By collecting and providing OTC derivatives transactions information to regulatory authorities, the TR plays a vital role in supporting authorities to carry out their market surveillance responsibilities, which will help maintain stability of the financial systems.  It also helps increase transparency in the market, promotes standardization and provides a level of consistency in the quality and availability of transaction data.

To meet international standards, the HKMA announced in December 2010 to  establish a TR in Hong Kong (HKTR), and that a link would be developed between the HKTR and the CCP for OTC derivatives to be launched by Hong Kong Exchanges and Clearing Limited (HKEx) to allow eligible transactions to be passed to the CCP for central clearing. The HKMA also worked in concert with the Government and the Securities and Futures Commission (SFC) to build a regulatory regime for the OTC derivatives markets (OTC Regulatory Regime) under the Securities and Futures Ordinance (SFO), including requirements for mandatory reporting to the HKTR and mandatory clearing at designated CCPs. In August 2013, the HKMA introduced interim reporting requirements to require Licensed Banks (LBs) to report OTC derivatives transactions with another LB to the HKTR. The Legislative Council enacted the Securities and Futures (Amendment) Ordinance 2014 (Amendment Ordinance) on 26 March 2014. The Amendment Ordinance serves as a regulatory framework for the OTC derivatives market in Hong Kong. A set of Securities and Futures (OTC Derivative Transactions – Reporting and Record Keeping Obligations) Rules (the “Reporting Rules”) came into effect on 10 July 2015, introducing mandatory reporting in respect of certain interest rate swaps (IRS) and non-deliverable forwards. The interim reporting requirements was ceased upon the commencement of the Reporting Rules. The expanding mandatory reporting was implemented on 1 July 2017 and covered OTC derivatives under all five key asset classes (i.e. interest rates, foreign exchange, equities, credit and commodities).

To prepare for the commencement of central clearing of OTC derivatives transactions in Hong Kong, the HKTR launched the link with the CCP of the HKEx in December 2012.  In July 2013, the HKTR activated the reporting function to support the commencement of reporting under the interim reporting requirements.  To cope with evolving international and local reporting and regulatory standards, further enhancements will be made to the HKTR.

HKTR Info Page Website

Launched in May 2014, the HKTR Info Page website provides a one-stop access to a comprehensive range of information relating to the operation of the HKTR.  The website can be accessed through the following web address:
https://hktr.hkma.gov.hk.

Last revision date: 8 February 2018
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