According to the approval of State Administration of Foreign Exchange, Shanghai Clearing House will launch Central Counterparty Clearing of Cross-border Foreign Exchange (FX) Spot Transactions to market participants. Related matters are hereby notified as following:
1. Central Counterparty Clearing of Cross-border FX Spot Transactions (hereinafter referred to as “Cross-border FX Clearing”) indicates that Shanghai Clearing House will involve as CCP and assume the rights and obligations of funds clearing and settlement with original trading counterparties for foreign currency pairs spot transactions executed between domestic institutions and oversea institutions. The clearing products include GBP/USD, EUR/USD and USD/HKD. Cross-border FX Clearing applies to Clearing Rule for Central Counterparty Clearing of Cross-border FX Spot Transactions (Attachment).
2. Existing clearing member of Shanghai Clearing House who meet the requirements may directly apply participating in Cross-border FX Clearing. First-time applicants who meet the requirements may apply for Clearing Membership of Shanghai Clearing House, and apply for the qualification to participate in Cross-border FX Clearing.
3. As of today, Shanghai Clearing House begins to accept the application of the Clearing Membership, the application of Clearing Limit and the signing of Clearing Agreement for Central Counterparty Clearing of Cross-border FX Transactions.
Contacts:
Business consultation: 021-23198592
Risk management: 021-23198634
Clearing membership application: 021-23198983
Technical support: 021-23198760
Clearing consultation: 021-23198787
Attachment
Clearing Rule for Central Counterparty Clearing of Cross-border FX Spot Transactions
Shanghai Clearing House
Jan. 31st, 2018
