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OTC derivatives regulatory regime

To address the structural deficiencies in the over-the-counter (OTC) derivatives market highlighted by the 2008 global financial crisis, the Legislative Council enacted the 鶹ý and Futures (Amendment) Ordinance 2014 (Amendment Ordinance) on 26 March 2014. The amendments provide a regulatory framework for the OTC derivatives market in Hong Kong.

The Amendment Ordinance was implemented in stages over the years:

  • Mandatory reporting - Mandatory reporting of transactions in certain interest rate swaps (IRS) and non-deliverable forwards and related record keeping obligations together with the general framework of the new regime was implemented on 10 July 2015. Mandatory reporting was expanded to all five key asset classes of OTC derivatives transactions (namely interest rates, foreign exchange, equities, credit and commodities) on 1 July 2017;
  • Mandatory clearing - Mandatory clearing of certain transactions of standardised IRS in HKD or one of the G4 currencies (i.e. USD, EUR, GBP or JPY) and related record keeping obligations, together with designation of central counterparties for the purposes of mandatory clearing came into effect on 1 September 2016. Pursuant to global reform on interbank offered rates, further amendments were made to prescribed transactions subject to mandatory clearing and consequential amendments to designations of the central counterparties. These amendments came into effect from 1 July 2024;
  • Other aspects of the regime are being finetuned from time to time, in line with global developments.

Primary Legislation:

Subsidiary Legislation and Gazette Notices:

Reporting Obligation related

Clearing Obligation related

Previous Versions (for reference only)

List of Designated Central Counterparties for the Purposes of Mandatory Clearing:

List of prescribed persons that have reached the clearing threshold for the purposes of Mandatory Clearing:

Commencement Notices:

Public Consultations and Conclusions:

Frequently Asked Questions, Guidelines and Manuals:

  • FAQs on the operation and implementation of the mandatory reporting regime
  • FAQs on the operation and implementation of the mandatory clearing regime
  • Supplementary Reporting Instructions (SRI) for OTC Derivative Transactions – click  to access the Hong Kong Trade Repository website
  • OTC Derivatives Trade Repository Reporting Service Reference Manual – click  to access the Hong Kong Trade Repository website
  • Hong Kong Trade Repository Administration and Interface Development Guide – Reporting Service – click  to access the Hong Kong Trade Repository website
  • Operating Procedures for the Hong Kong Trade Repository – User Manual for Participants (Administrative Functions) – click  to access the Hong Kong Trade Repository website
  • Operating Procedures for the Hong Kong Trade Repository – User Manual for Participants (Trade Functions – Reporting Service) – click  to access the Hong Kong Trade Repository website
  • Operating Procedures for the Hong Kong Trade Repository – User Manual for Participants (Trade Functions – Reporting Service – Appendix) – click  to access the Hong Kong Trade Repository website

Other Information:

Hong Kong Trade Repository website: 

Last update: 25 Mar 2024

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