The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) issued a joint consultation proposing to standardise the annual calculation periods used under Hong Kong’s over-the-counter (OTC) derivatives clearing regime, replacing the current approach that requires the list of calculation periods in the Clearing Rules to be updated regularly. Under the proposal, the Clearing Rules would be amended so that, with effect from 1 March 2027, two fixed calendar windows in each year would be designated as calculation periods: 1 March to 31 May and 1 September to 30 November. A calculation period is used to determine whether a person is subject to the mandatory clearing obligation, based on the size of its applicable position in OTC derivative transactions as calculated under the rules; the change is intended to improve operational efficiency and provide greater certainty for derivative dealers. Comments are due to the SFC or HKMA by 27 February 2026.
Hong Kong Securities & Futures Commission 2026-01-29
Hong Kong Securities and Futures Commission and Hong Kong Monetary Authority consult on standard calculation periods under OTC derivatives clearing rules
The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority are consulting on a proposal to standardize annual calculation periods for Hong Kong’s over-the-counter derivatives clearing regime, effective 1 March 2027, to enhance operational efficiency and certainty. Comments are due by 27 February 2026.