HKMA and SFC conclude joint consultation on amendments to Clearing Rules for over-the-counter derivative transactions

HKMA and SFC conclude joint consultation on amendments to Clearing Rules for over-the-counter derivative transactions      
     Respondents to the consultation      
     In a move to further increase the efficiency of the operation of the Clearing Rules, the HKMA and the SFC consulted the public in early 2026 on proposals to designate, once and for all, standard calculation periods for each year with effect from March 1, 2027 (Note 3). This would improve on the current approach where the existing list of calculation periods specified in the Clearing Rules needs to be updated by legislative amendments regularly to facilitate the central clearing of OTC derivative transactions.
      
     In view of broad market support, the HKMA and the SFC will proceed with the legislative process to introduce the proposed amendments to the Clearing Rules, and aim to bring the amendments into effect on March 1, 2027, i.e., the starting date of the proposed new series of Calculation Periods.
 
Note 1: Under the Clearing Rules, a calculation period is used to determine whether a person is subject to mandatory clearing obligation, based on the size of its applicable position in relevant OTC derivative transactions for a specified period as calculated in accordance with the Clearing Rules. Issued at HKT 18:05