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Consultation on annual update to Financial Services Providers list under OTC derivatives regulatory regime

Press Releases

21 Apr 2023

Consultation on annual update to Financial Services Providers list under OTC derivatives regulatory regime

The Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) today (21 April) issued a joint consultation on the annual update to the list of Financial Services Providers (Note 1) under the over-the-counter (OTC) derivatives clearing regime (Note 2). Proposed changes to the list include adding and removing one entity, respectively, and updating the name of one entity.

Interested parties are invited to submit comments to the HKMA or SFC by 19 May 2023. The joint consultation paper can be downloaded from the websites of the HKMA or SFC.

End

 

Notes:

  1. The list includes entities that meet the following two criteria:
__ (i)_ They belong to a group of companies appearing on the list of global systemically important banks published by the Financial Stability Board, or on the list of dealer groups which undertook to the OTC Derivatives Supervisors Group to work collaboratively with central counterparties, infrastructure providers and global supervisors to continue to make structural improvements to the global OTC derivatives markets; and
  (ii)

They are clearing members of the largest central counterparties offering clearing for interest rate swaps in the United States, Europe, Japan and Hong Kong.
  1. The concept of Financial Services Providers (FSP) has been introduced to the clearing regime for the purpose of identifying major OTC derivatives dealers outside Hong Kong. Certain transactions conducted between an FSP and a prescribed person (i.e. an authorized institution, an approved money broker or a licensed corporation) are required to be centrally cleared.
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Last revision date : 21 April 2023