Nine foreign banks join Shanghai for mandatory IRS clearing

Significant global players not on the list to join Shanghai Clearing House, as concerns mount over global regulatory treatment of the CCP and the low level of onshore business taking place

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