Nine foreign banks join Shanghai for mandatory IRS clearing

Significant global players not on list to join Shanghai Clearing House

shanghai-0610

Shanghai Clearing House (SCH) has revealed a list of direct members for its renminbi interest rate swap (IRS) central clearing business for the start of mandated CNY swap clearing next month, but several high-profile international banks are conspicuous by their absence, with less than a month to go before the mandatory clearing deadline. On July 1, clearing of CNY interest rate swaps becomes mandatory onshore in China for dealers and clients. Thirty-five direct clearing members have been admi