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    HKMA Consults on Revised FSP List Under OTC Derivatives Regime

    March 27, 2020

    HKMA and the Securities and Futures Commission (SFC) issued a joint consultation on the annual update to the list of Financial Services Providers (FSP) under the over-the-counter (OTC) derivatives clearing regime. Eight additional entities are proposed to be included on the list. These entities are Bank of China (UK) Ltd, BofA Securities Inc., Citibank Europe Plc, Mizuho Securities USA LLC, TD Bank, N.A, TD Bank USA, N.A., The Toronto-Dominion Bank, and UBS Switzerland AG. One service provider under the clearing regime changed its name—that is, Abbey National Treasury Service plc changed its name to Santander Financial Services Plc. The revised list of Financial Services Providers is included in the Annex to the consultation. The list of Financial Services Providers will become effective on January 01, 2021. Interested parties are invited to submit comments to HKMA or SFC by April 28, 2020.

    The list includes entities that meet the following two criteria:

    • They belong to a group of companies appearing on the list of global systemically important banks (G-SIBs) published by FSB, or on the list of dealer groups that undertook to the OTC Derivatives Supervisors Group to work collaboratively with central counterparties, infrastructure providers, and global supervisors.
    • They are members of the largest central counterparties offering clearing for interest rate swaps in the US, Europe, Japan, and Hong Kong.


    Comment Due Date: April 28, 2020

    Keywords: Asia Pacific, Hong Kong, Banking, Securities, OTC Derivatives, Financial Services Providers, G-SIBs, Clearing Regime, SFC, FSB, HKMA

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