LCH, HKEX to clear swaps linked to Asia overnight rates

Clearing houses ready launch of SORA and Honia swaps, but timing is uncertain

SGD-HKD-overnight-rates montage

Two of Asia’s largest clearing houses are preparing to clear swaps linked to Hong Kong and Singapore overnight rates, as the region takes steps to shift derivatives and loan markets to new risk-free rates.

Existing interest rate swaps in Hong Kong dollar and Singapore dollar will also move to a new discount rate. But the timing of the moves is uncertain amid the ongoing coronavirus pandemic.

LCH plans to clear Hong Kong dollar overnight index average (Honia) and Singapore overnight rate

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