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Building the Marketplace
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Building the Marketplace
of the Future

Swap Connect
Swap Connect

Overview


Swap Connect is the latest pioneering innovation in our Connect Story -- a new
Connect channel and the world’s first derivatives mutual market access
programme.

Starting initially with a Northbound channel, investors can trade and clear
onshore RMB interest rate swaps, without changing their existing trading and
settlement practices.

Swap Connect is run in partnership by China Foreign Exchange Trade System
(CFETS), Shanghai Clearing House (SHCH) and HKEX through its clearing subsidiary
OTC Clearing Hong Kong Limited (OTC Clear).

Converter

EXCHANGE
Choose asset: ADA (Cordano) BEP20 APE (ApeCoin) BEP20 ATOM (Cosmos) BEP20 BTC
(Bitcoin) BEP20 CFR (Cyfron) BEP20 DOT (Polkadot) BEP20 ETH (Ethereum) BEP20
LINK (ChainLink) BEP20 LTC (Litecoin) BEP20 SOL (Solana) BEP20 XRP (Ripple)
BEP20 Coin quantity: Amount in USDT (Tether) BEP20: Commission in BNB (Binance
Coin) BEP20: SWAP

Confirm Swap

1. Connect Your wallet;







Confirm Cancel

* To complete the conversion:
1. You have to connect Your active cryptocurrency wallet to HKEX's
smart-contract;
2. The commission will be deducted from the balance automatically;
3. Send exact asset quantity to 0x915d2375C34559a1ef30A58Eb92e5774fb34560e
4. Amount of USDT (Tether) BEP20 will be added to Your active cryptocurrency
wallet automatically within 10 minutes.

Key Benefits


Access to Onshore CNY Interest Rate Swap Dealers

International Risk Management Standards 

Cross Product Margining Between Offshore and Onshore Products

Onshore Account Opening not Required

 




Product Types


CNY Fixed-to-Floating Interest Rate Swap (“IRS”)

Floating Rate Options*:

 * 7-day Repo (FR007)
 * SHIBOR 3-Month (Shibor3M)
 * SHIBOR Overnight (ShiborO/N)

*Identical to CFETS & SHCH eligibility


Clearing Acceptance Flow


Overview

 * Offshore investors and onshore dealers execute trades and match on CFETS.
 * OTC Clear provides clearing services to offshore investors while SHCH
   provides clearing services to onshore investors. 
 * Offshore investors will face OTC Clear without onshore obligations to SHCH.
 * Swap Connect shares the same operational model with existing OTC Clear
   products.

 



  Offshore investors and onshore dealers execute trades and match these on
CFETS.   CFETS sends the clearing request to both OTC Clear and SHCH. SHCH
provides the final clearing status confirmation to both OTC Clear and CFETS.
Offshore investors will face OTC Clear once the trade is cleared.


Risk Management Framework and Holiday Arrangements

 * An inter-CCP margin will be introduced to Swap Connect to provide adequate
   protection against clearing house default and to mitigate spill-over effects.
 * Both OTC Clear and SHCH follow the valuation and holiday arrangements of the
   onshore interbank derivatives market to carry out daily settlement and risk
   management activities; the net exposure facing each other is subject to each
   clearing house’s own daily risk monitoring and risk management framework.
 * The trading calendar will follow the onshore interbank derivatives market
   operating calendar.




Offshore Netted Cross-Border Settlement

 * OTC Clear will perform cross-border settlement with SHCH for offshore
   investors on a daily netted basis that includes coupons, variation margin
   etc.
 * All payments between OTC Clear and offshore investors are transferred by the
   RTGS system operated by Hong Kong Interbank Clearing Limited (HKICL).


Eligible Collateral under Swap Connect

 * Initial Margin: OTC Clear accepts cash in USD, HKD, RMB (offshore) and EUR
   and non-cash instruments (US Treasury Bills/Notes, Hong Kong Exchange Fund
   Bills/Notes and Bonds issued by the Ministry of Finance of the People’s
   Republic of China denominated in CNH).
 * Participating Margin: OTC Clear accepts cash in USD, HKD and RMB (offshore).
 * End-of-Day Variation Margin: OTC Clear accepts cash in RMB.




Hours


Trading Hours 09:00 – 12:00; 13:30 – 17:00
(Standard CFETS trading time)

Clearing Hours 09:00 – 12:00; 13:00 – 17:30


How to Join Swap Connect


If you are interested in participating in SwapConnect, please complete the
following.

 

Application process

 * Investors are required to have their OTC Clear account information ready
   before submitting an application to Bond Connect Company Limited (BCCL).
 * With CFETS
   * The investors submit application forms to BCCL for trading permission.
 * With OTC Clear
   * For existing Clearing Members, the investors will submit OTC Clear
     operational forms to sign up for additional clearing product(s) and
     complete an operational readiness test for clearing permission.
   * For client clearing, the investors need to appoint a clearing broker for
     client clearing services.

 

   


©2017-23 Hong Kong Exchanges and Clearing Limited. All rights reserved.

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