HONG KONG, Sept. 6, 2016 /PRNewswire/ -- CME Group, the
world's leading and most diverse derivatives marketplace, today
announced that Chicago Mercantile Exchange Inc. has been
granted authorization to provide OTC clearing and settlement
services and has been designated as a central counterparty (CCP) by
the Securities and Futures Commission (SFC) in Hong Kong.
With this authorization, the clearing house division of CME (CME
Clearing) can now provide market participants in Hong Kong clearing and settlement services in
its OTC interest rate swaps. In addition, with the designated CCP
status, CME is now able to provide a choice to market
participants subject to mandatory clearing under Hong Kong law. Market participants may
now fulfil their mandatory clearing obligations by clearing their
trades through CME Clearing for transactions in certain
standardized interest rate swaps that are denominated in
Hong Kong dollars or one of the G4
currencies (USD, EUR, GBP and JPY).
"We are pleased to receive authorization to provide clearing
services in Hong Kong to help
clients here manage their risk," said Sunil
Cutinho, Senior Managing Director, and President of CME
Clearing. "We look forward to working with Hong Kong market participants who may now
benefit from capital efficiencies for their interest rate swap
portfolios, and at the same time meet their mandatory clearing
obligations for certain OTC interest rate swaps."
"CME Group is committed to serving the needs of our clients in
the region," said Christopher Fix,
Managing Director, and Head of Asia
Pacific, CME Group. "CME's newly-granted authorization
as well as our designated CCP status in Hong Kong complement the various licenses and
permissions we have across Asia,
as we continue to step up to offer products and services that meet
the evolving risk management needs of our clients."
Over the past few months, CME has received approvals across
Asia Pacific, including Foreign
Clearing Organization (FCO) status by the Japan Financial Services
Agency in June 2016, and Recognized
Clearing House (RCH) status by the Monetary Authority of
Singapore in May 2016. In
August 2015, the SFC authorized CME
Clearing to provide clearing services for its exchange-traded
complex, and in September 2014, CME
was granted a Clearing and Settlement Facility License by the
Australian Securities and Investment Commission. Along with this
Hong Kong authorization and
designated CCP status, these various approvals allow market
participants to utilize CME Clearing to fulfil clearing mandates
across the region.
About CME Group
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) is where the world comes to manage
risk. CME Group exchanges offer the widest range of global
benchmark products across all major asset classes, including
futures and options based on interest rates, equity indexes,
foreign exchange, energy, agricultural products and metals. Around
the world, CME Group brings buyers and sellers together through its
CME Globex® electronic trading platform and its exchanges based in
Chicago, New York and London. CME Group also operates one of the
world's leading central counterparty clearing providers through CME
Clearing and CME Clearing Europe, which offer clearing and
settlement services across asset classes for exchange-traded and
over-the-counter derivatives. CME Group's products and services
ensure that businesses around the world can effectively manage risk
and achieve growth.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globex and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT, the Chicago Board of Trade, KCBOT, KCBT and
Kansas City Board of Trade are
trademarks of the Board of Trade of the City of Chicago, Inc. NYMEX, New York
Mercantile Exchange and ClearPort are registered trademarks of New
York Mercantile Exchange, Inc. COMEX is a trademark of Commodity
Exchange, Inc. All other trademarks are the property of their
respective owners. Further information about CME Group (NASDAQ:
CME) and its products can be found at www.cmegroup.com.
CME-G
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cme-group-announces-cme-authorization-to-provide-otc-clearing-and-settlement-services-and-designation-as-a-central-counterparty-by-hong-kongs-securities-and-futures-commission-300323433.html
SOURCE CME Group