On 5 November 2015, FIA joined with ISDA and ASIFMA in submitting a response to the HKMA and SFC’s public consultation on the introduction of mandatory clearing of OTC derivatives and to expand the existing mandatory OTC derivatives trade reporting regime.
The three associations requested that the timeline for introducing the mandatory clearing regime in Hong Kong take into account the timeline for introducing mandatory clearing in Europe under the European Market Infrastructure Regulation, including any delays to that timetable.
The associations also reiterated concerns about the impact that the current treatment of segregated margin under the Basel III framework will have on the availability of client clearing services. The associations urged the HKMA and SFC to consider these issues and to monitor developments prior to expanding the scope of mandatory clearing obligations.
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