HKEx soft launches clearing for interdealer NDFs
Hong Kong Exchanges and Clearing (HKEx) this week soft-launched its new over-the-counter derivatives clearing service, OTC Clear, with an initial focus on interdealer interest rate swaps and non-deliverable forwards (NDFs).
The launch of OTC Clear puts HKEx into competition with several other exchanges and clearing houses to have launched NDF clearing, including LCH.Clearnet, CME Group and Singapore Exchange. OTC Clear's clearing members include Bank of China, HSBC and ICBC.
NDF clearing through
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