Hong Kong, Mainland tie up for mutual access interest rate swap markets

This will allow overseas investors from HK and others to trade in the Mainland market.

The People's Bank of China (PBoC), Securities and Futures Commission (SFC), and Hong Kong Monetary Authority (HKMA) are set to initiate mutual access between the interest rate swap markets in Mainland China and Hong Kong.

Trailing back to their previous joint announcement last 4 July 2022, all three institutions planned to enhance their financial derivatives markets for the China Foreign Exchange Trade System (National Interbank Funding Center) (CFETS), Shanghai Clearing House (SHCH) and OTC Clearing Hong Kong Limited (OTC Clear).

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The initial phase of the program will focus on Northbound Trading, which enables overseas investors from Hong Kong and other countries to participate in the Mainland interbank financial derivatives market via a connection between the financial infrastructure institutions of both markets.

Since the preliminary launch of Swap Connect, it ran without problems since the joint announcement. The Northbound Trading of Swap Connect will commence on 15 May.

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