Backed by Calypso, OTC Clearing Hong Kong Completes First RMB Swap
![Hong Kong night Hong Kong night](/sites/default/files/styles/landscape_750_463/public/import/IMG/258/108258/hongkongnight-580x358.jpg.webp?itok=NZ9ezwoI)
OTC Clearing Hong Kong, a subsidiary of Hong Kong Exchanges and Clearing (HKEx), is owned by 12 shareholders, including five mainland Chinese banks, and started business on November 25th. Additionally, OTC Clear is the first CCP to use Calypso's collateral-management tool for processing.
"Our work with HKEx reinforces our position as a leading provider for the global OTC markets, and we look forward to the continued success of the partnership," says Calypso CEO Charles Marston.
In competition with London, Hong Kong has worked diligently in recent years to establish itself as an offshore access point for Renminbi-denominated products and related services, including projects such as the Hong Kong Monetary Authority's development of settlement mechanisms for securities lending and tri-party repo in the currency.
For its part, Calypso also opened an office in Beijing in May, and is working on similar OTC clearing projects with exchange operators elsewhere in the Asia-Pacific region, including the Australian Securities Exchange.
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