HKEx waits for regulator to approve cross-currency swaps clearing
Race to be the first CCP to launch the clearing "killer app" continues
Hong Kong's OTC Clear is still awaiting regulatory approval for its much-anticipated plan to start clearing cross-currency swaps but the central counterparty (CCP) is ready on a technical basis, according to Calvin Tai, head of global clearing at Hong Kong Exchanges and Clearing, which owns the clearing house.
In May, Tai revealed OTC Clear's plans to clear capital-intensive cross-currency swaps by the end of the year, but speaking on the sidelines of the Euroclear Asia Collateral Conference in
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