Recently, Orient Securities Co., Ltd. became the direct clearing member of CDS CCP clearing service of Shanghai Clearing House(“SHCH”), and started the business. SHCH provides CCP clearing service for standardized single-name CDS transaction referencing 145 non-financial corporate entities, and strictly follows the Principles for Financial Market Infrastructures (PFMI) to establish a comprehensive risk management framework. In the future, SHCH will continue to expand more participants of CDS clearing.