Circular in Relation to the Clearing and Record Keeping Rules for the OTC Derivatives Regime – Changes to the List of Persons Designated as Financial Services Providers

On December 1, 2023, the revised list of financial services providers (FSPs) for the OTC derivatives regime was published and will come into effect on January 1, 2024. Licensed persons are reminded that if their average total position in OTC derivatives meets the Clearing Threshold during a Calculation Period, relevant OTC derivative transactions, including those with FSPs, must be centrally cleared according to the Clearing Rules.

Gazette Notice: https://www.gld.gov.hk/egazette/pdf/20232748/egn202327487228.pdf

FAQs: https://www.sfc.hk/-/media/EN/files/SOM/OTC/FAQ-CLearing-Rules-20230301-FINAL.pdf

Clearing Rules: https://www.elegislation.gov.hk/hk/cap571AN!en@2021-06-11

Resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=23EC58

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