The Securities and Futures Commission (SFC) today designated four central counterparties (CCPs) for the purposes of the mandatory clearing obligation for certain over-the-counter (OTC) derivative transactions (Note 1). The designation of one local CCP and three major overseas CCPs will provide a variety of choices for market participants who under Hong Kong law are subject to mandatory clearing, which will come into effect on 1 September 2016 (Note 2).
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