HKMA offers fast-track model vetting in swaps hub pitch

Streamlined process could take just six months, says official

The HKMA is trying to "facilitate the establishment of derivatives hubs in Hong Kong"

Hong Kong’s regulator is offering ‘fast-track’ model approval to banks, as it seeks to become a regional hub for the booking of derivatives.

Watchdogs in the UK and elsewhere are pushing international banks to book trades nearer to where they originate, rather than executing back-to-back transactions that route the exposure to a global booking hub, such as London. If the bank lacks approval to model its capital requirements in local centres, however, the dispersal of risk will come with a hefty