Shanghai will be first CCP to clear FX options

The new service debuts in August, but liquidity risk has stalled other central counterparties

Lit up: foreign exchange options clearing is coming to Shanghai

The Shanghai Clearing House (SCH) is set to be the first central counterparty (CCP) to clear foreign exchange options when its USD/RMB service goes live on August 1.

Both CME and LCH currently offer clearing for non-deliverable forwards in a range of currency pairs, but they do not clear FX options because the business involves significant liquidity risk. No regulator has yet mandated the clearing of FX options for the same reason. It is unclear how SCH will manage the risk.

SCH declined to

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