Under the Northbound Trading of Swap Connect, which will be launched on 15 May 2023, the initial eligible products will be interest rate swap contracts quoted, transacted and settled in RMB. Mainland investors must sign an agreement with CFETS for providing price quotation and be a Clearing Member of SHCH or a client of such a Clearing Member. Overseas investors must meet the PBoC’s requirements, have completed filings for participating in the Mainland interbank bond market, and have been granted trading permission for Northbound Trading by CFETS. CFETS and overseas electronic trading platforms recognised by the PBoC will jointly provide trading services, while SHCH and OTC Clear will jointly provide clearing and settlement services through a central counterparties link. The daily net notional principal amounts of interest rate swap contracts traded by all overseas investors under Northbound Trading shall not exceed RMB20 billion at the initial stage, and the Swap Connect financial resources pool corresponding to the risk exposure of the net positions between SHCH and OTC Clear shall not exceed RMB4 billion. The PBoC, SFC, and HKMA signed an agreement to improve regulatory collaboration for Swap Connect. CFETS, SHCH, and OTC Clear will follow laws and regulations, work with market participants for smooth Northbound Trading, and safeguard investors’ rights. Interested investors should know the differences between Mainland and Hong Kong markets, assess risks, and invest wisely.