OTC Clearing Hong Kong (OTC Clear), a subsidiary of Hong Kong Exchanges and Clearing (HKEx), has cleared its first OTC derivatives transaction using Calypso’s central counterparty OTC clearing solution.
OTC Clear chose to use Calypso as the system to provide clearing, processing and risk management of interest rate swaps and foreign exchange non-deliverable currency forwards, and the first trade cleared was a non-deliverable Renminbi 7-day repo swap. OTC Clear is also the first clearing house to use Calypso’s collateral management module for these transactions.
“In looking for a partner, we wanted a provider who had deep experience in implementing OTC clearing technology and who fully understood our business and our position as a financial hub for the Renminbi-denominated products in the OTC marketplace,” says Gerald Greiner, global head of clearing at HKEx.
OTC Clearing Hong Kong Clears First Swap Using Calypso Platform
OTC Clearing Hong Kong (OTC Clear), a subsidiary of Hong Kong Exchanges and Clearing (HKEx), has cleared its first OTC derivatives transaction using Calypso’s central counterparty OTC clearing solution.