Announcement of Conducting Central Counterparty Clearing Business for Cross-Border Foreign Exchange Spot Transactions

 2018-06-23  40



  • Area of Law Foreign Exchange
  • Level of Authority Industry Regulations
  • Date issued01-31-2018
  • Effective Date01-31-2018
  • Status Effective
  • Issuing Authority Shanghai Clearing House



Announcement of the Shanghai Clearing House on Conducting the Central Counterparty Clearing Business for Cross-Border Foreign Exchange Spot Transactions
With the approval of the State Administration of Foreign Exchange, the Shanghai Clearing House will provide market participants with the central counterparty clearing business for cross-border foreign exchange spot transactions. The relevant matters are hereby announced as follows:
I. The central counterparty clearing business for cross-border foreign exchange spot transactions (hereinafter referred to as “cross-border foreign exchange clearing business”) means the central counterparty clearing services provided by the Shanghai Clearing House for foreign currency pairs spot transactions concluded between domestic and overseas institutions. The foreign currency pairs that can be cleared include EUR/USD, GBP/USD, and USD/HKD. The specific business shall be handled in accordance with the provisions of the Rules on the Central Counterparty Clearing for Cross-Border Foreign Exchange Spot Transactions (see the Annex).
II. The clearing members of the Shanghai Clearing House that meet the conditions specified by the Shanghai Clearing House may directly apply for participating in the cross-border foreign exchange clearing business. The non-clearing members of the Shanghai Clearing House that meet the conditions specified by the Shanghai Clearing House may apply for being qualified as ordinary clearing members of the Shanghai Clearing House, and for engaging in cross-border foreign exchange clearing business.
III. From the date of issuance of this Announcement, the Shanghai Clearing House will start to accept the applications for the membership for cross-border foreign exchange clearing business, clearing limit declarations, the signing of clearing agreements and other work.
Business consultation: 021-23198592
Risk management consultation: 021-23198634
Membership application consultation: 021-23198983
Technical support and consultation: 021-23198760
Clearing consultation: 021-23198787
Annex: Rules on the Central Counterparty Clearing for Cross-Border Foreign Exchange Spot Transactions
Shanghai Clearing House
January 31, 2018