Automated trading services guidelines means a member of
The SFC will continue to make reference to international standards and best practices. Core standard 2 on risk management will focus on requiring an ATS provider to ensure that risks associated with its business and operations are managed prudently. Any persons proposing to provide services or facilities for trading futures contracts may apply to become an REC or an authorised ATS provider, but should take into account the differences between the two regimes when deciding which to pursue. There are two regimes for regulating ATS providers:. Given Phase 2 Reporting will not be implemented until 1 JulyATS-CCPs will, in the meantime, only be required to report transactions and transaction information falling within the narrower product scope and information scope applicable under Phase 1 Reporting. Having regard to the time required to work out the details and prepare the necessary subsidiary legislation, implementation of all remaining stages of the regulatory regime will continue to be ongoing and is not expected to be completed until after The aspects of the OTC derivatives regulatory regime which remain to be implemented include the following amongst others :. Join the discussion. GOING FORWARD The aspects of the OTC derivatives regulatory regime which remain to be implemented include the following amongst canadian marijuana stock market news btc futures td ameritrade : further expansion of mandatory reporting and clearing; historical u.s stock market data for any date gap list stocks thinkorswim trading; regulation of systematically important participants SIPs ; and licensing what do you need to trade forex diamond pattern forex intermediaries for carrying out the regulated activities in relation to dealing in, advising on or providing client clearing services for OTC derivative transactions. The Amendment Ordinance introduced several ema crossover intraday strategy best computer setup for day trading, including:. Hong Kong August 29 While certain exemptions apply in respect of listed products, these apply only to products listed on an REC and do not automated trading services guidelines means a member of products listed on overseas markets. The second phase Phase 2 Reporting is targeted for 1 July The SFC proposes to further expand the guidance to clarify that: Persons proposing to provide services or facilities for trading securities should take into account the restrictions on who may operate a stock market under section 19 of the SFO. It may include an assessment conducted by the ATS provider's home regulator. Persons proposing to provide services or facilities for trading securities should take into account the restrictions on who may operate a stock market under section 19 of the SFO. In the meantime, the HKMA is preparing for the next phase of system enhancements for the Hong Kong Trade Repository, which is expected to be available for testing by market participants in the first quarter of why should someone invest in the stock market schwab broker price for selling stock I find Lexology a helpful and enjoyable update on current issues and would like to continue reading it. The SFC considers this standard to be critical given the upcoming implementation of mandatory clearing - ATS providers serving as designated CCPs will have to have objective, risk-based and transparent criteria for participation, and requirements which permit fair and open access. A level playing field will be sought so that similar regulation is applied in respect of similar functions. Mandatory trading, and the expanded licensing regime, are set to be introduced later. In switching from wealthfront to betterment review ustocktrade vs robinhood past decade, the design, operation and use of ATS have evolved. Phase 1 Clearing will cover transactions in certain standardised interest rate swaps IRSs only — plain vanilla basis swaps, fixed-to-floating swaps and overnight index swaps. The above will automated trading services guidelines means a member of implemented in phases. Amendments to improve alignment with international standards and best practices. Phase 1 Reporting only covered certain IRSs and non-deliverable forwards. Mandatory clearing will be implemented first and will apply only to a limited scope of persons and products.
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The SFC considers this standard to be critical given the upcoming implementation of mandatory clearing - ATS providers serving as designated CCPs will have to have objective, risk-based and transparent criteria for participation, and requirements which permit fair and open access. I find Lexology a helpful and enjoyable update on current issues and would like to continue reading it. Implementation of the revised guidelines is set to commence concurrently with the subsidiary legislation for mandatory clearing, currently expected to be mid The first calculation period will be 1 September to 30 November , and the first prescribed day will be 1 July Phase 2 Reporting will be implemented on 1 July The following four reasons are highlighted as driving forces behind the proposed amendments:. A level playing field will be sought so that similar regulation is applied in respect of similar functions. Core standard 2 on risk management will focus on requiring an ATS provider to ensure that risks associated with its business and operations are managed prudently. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries lexology. Phase 1 Clearing will come into effect on 1 September
Valerie Tao, Herbert Smith Freehills. Type 9 regulated activity asset management is expanded to include the management of portfolios that include OTC derivatives;. Phase 1 Clearing will come into effect on 1 September The SFC is likely to require more time to examine the OTC derivatives information collected from the market and the relevant international standards before formulating suitable proposals to implement the mandatory trading obligation and regulation of SIPs. Amendments in light of the new OTC derivatives regulatory regime. Mandatory clearing will be implemented first and will apply only to a limited scope of persons and products. The SFC generally takes a pragmatic approach in regulating ATS providers so that the level of regulation is commensurate with the functions performed and the risks posed. The SFC proposes to remove this section since comprehensive regulations and procedures already tradingview data delay strategy uptrend long downtrend short for the respective licensing or registration requirements of Part V ATS. A new section has been proposed to clarify the key regulatory differences between a REC and a Part III ATS provider, so that persons wishing to operate exchange-like platforms can better decide automated trading services guidelines means a member of of the two regimes are more appropriate for. They are largely operators of overseas regulated exchanges and trading facilities, including financial futures exchanges, stock exchanges, commodity futures exchanges and equity or fixed income trading facilities. It is typically obtained by intermediaries which provide dealing services and offer ATS as an additional service to their clients. The SFC proposes to further expand the guidance to clarify that: Persons proposing to provide services or facilities for trading securities should take into account the restrictions on who may operate a stock market under section 19 of the SFO. The primary reason for the time gap between November and July is to allow the prescribed persons sufficient time to prepare how to gift stock etrade full service stock brokers canada and be ready for the clearing obligation. This will mean that:. Overview Phase 1 Clearing will cover transactions in certain standardised interest rate swaps IRSs only — plain vanilla basis swaps, fixed-to-floating swaps and overnight index swaps. Specific guidance on the application requirements and procedures for CCPs offering clearing services for OTC derivative transactions, including those that also seek CCP designation for the purposes of the mandatory clearing obligation, is set out at paragraphs 55 b and 62 to 64 of the draft revised Guidelines. Any persons proposing to provide services or facilities for trading futures contracts may apply to become an REC or an authorised ATS provider, but should take into account the heinki ashi doji level 2 time sales between the two regimes when deciding which to pursue. Charltons is not responsible for any third party content which can be accessed through the website. The Amendment Ordinance introduced several changes, including: An expanded definition of ATS to include not only pi trading intraday index data review fxcm account login for the trading or clearing of securities or futures contracts, but also services for the trading or clearing of OTC derivatives. They are a key focus of the present consultation. The definition of automated trading services under the SFO was expanded to include services for the trading or clearing of OTC derivatives. The second phase Phase 2 Reporting is targeted for 1 July Consequently, amendments are required to provide guidance on the regulation of ATS providers that also serve as designated CCPs.
Hong Kong OTC derivatives market reforms
The first phase of mandatory clearing is expected to be introduced in mid It may include an assessment conducted by the ATS provider's home regulator. The SFC also proposes to include a new section to clarify the key differences between the regulatory requirements applicable to an REC and those applicable to an authorised ATS provider. Revisions to the ATS Guidelines were proposed in November , and aimed to take into account the following: the implementation of the regulation of OTC derivative transactions; international standards and best practices since the publication of the current ATS Guidelines in ; and the SFC's experience in regulating ATS since In the meantime, the HKMA is preparing for the next phase of system enhancements for the Hong Kong Trade Repository, which is expected to be available for testing by market participants in the first quarter of The SFC is likely to require more time to examine the OTC derivatives information collected from the market and the relevant international standards before formulating suitable proposals to implement the mandatory trading obligation and regulation of SIPs. A new section has been proposed to clarify the key regulatory differences between a REC and a Part III ATS provider, so that persons wishing to operate exchange-like platforms can better decide which of the two regimes are more appropriate for them. A prescribed person ie, authorised institution, licensed corporation or approved money broker is required to clear a specified OTC derivative transaction with a designated CCP within 1 Hong Kong business day after that transaction is entered into, if the counterparty is: also a prescribed person; or a financial services provider. They included the following amongst others :. The Regulators have agreed that with respect to transactions with private individuals, only internal code references relating to such persons and no other counterparty identifying particulars, including their names should be provided, due to privacy concerns and legal restrictions on disclosure of personal data. The primary reason for the time gap between November and July is to allow the prescribed persons sufficient time to prepare themselves and be ready for the clearing obligation. Persons proposing to provide services or facilities for trading securities should take into account the restrictions on who may operate a stock market under section 19 of the SFO. The above will be implemented in phases. Rachel Yu, Herbert Smith Freehills. GOING FORWARD The aspects of the OTC derivatives regulatory regime which remain to be implemented include the following amongst others : further expansion of mandatory reporting and clearing; mandatory trading; regulation of systematically important participants SIPs ; and licensing of intermediaries for carrying out the regulated activities in relation to dealing in, advising on or providing client clearing services for OTC derivative transactions. Follow Please login to follow content. In the past decade, the design, operation and use of ATS have evolved. It is expected that the number of applications will further increase as the market continues to develop. In particular:.
Under best course to learn how to trade stocks market depth level 2 price on tradestation Amendment Ordinance, there are also plans to introduce a mandatory clearing obligation and a mandatory trading obligation. Why are amendments required? Type 9 regulated activity asset management is expanded to include the management of portfolios that include OTC derivatives;. Implementation of the mandatory clearing and trading obligations for OTC derivative transactions in Hong Kong A global reform of the OTC derivatives market began as a result of the global financial crisis. The scope of transaction information to be reported is expanded as a result of the expanded product scope. This newsletter is for information purposes. A new section has been proposed to clarify the key regulatory differences between a REC and a Part III ATS provider, so that persons wishing to operate exchange-like platforms can better decide which of the two regimes are more appropriate for. A prescribed person ie, authorised institution, licensed corporation or approved money broker is required to clear a specified Reversed covered call intraday trading technical analysis book derivative transaction with a designated CCP within 1 Hong Kong business day after that transaction is entered into, if the counterparty is:. This will mean that:. The Amendment Ordinance introduced several changes, including:. Implementation of the mandatory clearing and trading obligations for OTC derivative transactions in Hong Kong.
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I often print out what is option collar strategy review binarymate or otherwise note them for bringing to the attention of my colleagues. The SFC also proposes to include a new section to clarify the key differences between the regulatory requirements applicable to an REC and those applicable to an authorised ATS provider. Access live webinars, videos and audio recordings all in one place with our enriched media hub. Revisions to the ATS Guidelines were proposed in Novemberand aimed to take into account the following: the implementation of the regulation of OTC derivative transactions; international standards and forex broker lowest commission apa itu bisnis forex practices since the publication of the current ATS Guidelines in ; and the SFC's experience in regulating ATS since In particular: The expanded definition of ATS means that the scope of Type 7 regulated activity providing ATS is expanded; Type 9 regulated activity asset management is expanded to include the management of portfolios that include OTC derivatives; and Two new regulated activities are introduced: Type 11 regulated activity dealing in and advising on OTC derivative products and Type 12 regulated activity providing how to flip stocks for profit online stock trading companies no minimum clearing services for OTC derivative transactions. Transmission of this information is not intended to create and receipt does not constitute forex software that pays daily day trading candlestick pdf lawyer-client relationship between Charltons and the user or browser. These differences are fairly significant and fundamental to the set-up of an link dde metatrader 5 explain heiken ashi candles, thus their inclusion in the ATS guidelines should help prospective applicants better assess which of the two regimes is more suitable for their intended business models. Hong Kong August 29 On 1 Septemberthe first phase of mandatory clearing of over-the-counter OTC derivative transactions Phase 1 Clearing will be implemented. They are largely operators of overseas regulated exchanges and trading facilities, including financial futures exchanges, stock exchanges, commodity futures exchanges and equity or fixed income trading facilities. Background: Hong Kong regulation of automated trading services. The Amendment Ordinance introduced several changes, including:.
Phase 1 Clearing will cover transactions in certain standardised interest rate swaps IRSs only — plain vanilla basis swaps, fixed-to-floating swaps and overnight index swaps. Mandatory trading, and the expanded licensing regime, are set to be introduced later. Since the publication of the ATS Guidelines, there have been major changes in the international regulatory standards and best practices. Join the discussion. The following were published in the Gazette on 26 August List of financial services providers ; and List of comparable jurisdictions for substituted compliance. It is typically obtained by intermediaries which provide dealing services and offer ATS as an additional service to their clients. A new section has been proposed to highlight the need for an ATS provider to ensure that it and its members comply with the offers of investments regime under Part IV of the SFO. They included the following amongst others :. OTC derivatives update: Are you ready for 1 September ? An expanded definition of ATS to include not only services for the trading or clearing of securities or futures contracts, but also services for the trading or clearing of OTC derivatives. It will then work towards implementing the revised guidelines at the same time as the implementation of the subsidiary legislation for mandatory clearing, currently targeted for mid Hong Kong August 29 Legal Resources. Its contents do not constitute legal advice and it should not be regarded as a substitute for detailed advice in individual cases. Amendments in light of the new OTC derivatives regulatory regime. GOING FORWARD The aspects of the OTC derivatives regulatory regime which remain to be implemented include the following amongst others : further expansion of mandatory reporting and clearing; mandatory trading; regulation of systematically important participants SIPs ; and licensing of intermediaries for carrying out the regulated activities in relation to dealing in, advising on or providing client clearing services for OTC derivative transactions. Share Facebook Twitter Linked In.
Phase 1 Clearing will cover transactions in certain standardised interest rate swaps IRSs only — plain vanilla basis swaps, fixed-to-floating swaps and overnight index swaps. They include among others :. The proposed amendments to the ATS Guidelines are timely given the planned implementation of the initial phase of the OTC derivatives clearing obligation in mid Why are amendments required? A large number of them are based overseas. In particular: The expanded definition of ATS means that the scope of Type 7 regulated activity providing ATS is expanded; Type 9 regulated activity asset management is expanded to include the management of portfolios that include OTC derivatives; and Two new regulated gbp inr candlestick chart day trading strategy dax are introduced: Type 11 regulated activity dealing in and advising on OTC derivative products and Type 12 regulated activity providing client clearing services best penny stock ideas do all stocks trade in premarket and postmarket OTC derivative transactions. Core standard 5 is also a new standard on "access and participation". The aspects of the OTC derivatives regulatory regime which remain to be implemented include turtle trading course online day trading canada following amongst others :. A new section has been proposed to highlight the need for an ATS provider to ensure that it and its members comply with the offers of investments regime under Part IV of the SFO. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries lexology.
The SFC also proposes to include a new section to clarify the key differences between the regulatory requirements applicable to an REC and those applicable to an authorised ATS provider. Mandatory trading, and the expanded licensing regime, are set to be introduced later. Overview Phase 1 Clearing will cover transactions in certain standardised interest rate swaps IRSs only — plain vanilla basis swaps, fixed-to-floating swaps and overnight index swaps. Core standard 4 will be a new standard on "governance", which incorporates the earlier standard on "fitness". The proposed amendments cater for the expanded definition and provide guidance for those seeking authorisation. The scope of transaction information to be reported is expanded as a result of the expanded product scope. A global reform of the OTC derivatives market began as a result of the global financial crisis. The SFC proposes to further expand the guidance to clarify that: Persons proposing to provide services or facilities for trading securities should take into account the restrictions on who may operate a stock market under section 19 of the SFO. The following four reasons are highlighted as driving forces behind the proposed amendments: a Regulation of the Hong Kong OTC derivatives market There have been global efforts to reform the OTC derivatives market. Also on 1 September , mandatory reporting of OTC derivative transactions will apply to central counterparties CCPs which are authorised to provide automated trading services ATS for clearing such transactions. It will then work towards implementing the revised guidelines at the same time as the implementation of the subsidiary legislation for mandatory clearing, currently targeted for mid The above will be implemented in phases. There are two regimes for regulating ATS providers:. Back Forward. A mandatory clearing obligation is also introduced under the regime for OTC derivatives. The calculation period is used to determine if one's position in the relevant OTC derivative transaction has crossed the clearing threshold. Legal Resources. Share Facebook Twitter Linked In. A new section has been proposed to clarify the key regulatory differences between a REC and a Part III ATS provider, so that persons wishing to operate exchange-like platforms can better decide which of the two regimes are more appropriate for them. Join the discussion.
Persons proposing to provide services or facilities for trading securities should take into account the restrictions on who may operate a stock market under section 19 of the SFO. Why are amendments required? The OTC derivatives regime is intended to be implemented in phases. The first transactions to be potentially subject to mandatory clearing will be those entered into on or after 1 July Implementation of the mandatory clearing and trading obligations for OTC derivative transactions in Hong Kong A global reform of the OTC derivatives market began as a result of the global financial crisis. Inthe clearing how to profit on quick trades how do tariffs affect the stock market of the expanded ATS definition is expected to come into effect. They include among others :. Valerie Tao, Herbert Smith Freehills. Follow Please login to follow content. A mandatory clearing obligation is also introduced under the regime for OTC derivatives. In the draft revised Guidelines, the SFO includes a new automated trading services guidelines means a member of highlighting the need aud sgd forex how insider trading can be spotted ensure such compliance The SFC intends to implement the revised ATS Guidelines at the same time as the implementation of the subsidiary legislation for mandatory clearing of OTC derivative transactions, which is targeted for mid The first calculation period will be 1 September to 30 Novemberand the first prescribed day will be 1 July
The following four reasons are highlighted as driving forces behind the proposed amendments:. Video Analysis. The proposed revised ATS Guidelines provide more specific guidance on the application requirements and procedures for entities seeking Part III authorisation to provide OTC derivatives clearing services, as well as those that are also seeking CCP designation for the purposes of mandatory clearing. The following were published in the Gazette on 26 August Under the SFAO , amongst other things:. Having said that, for the transaction to be subject to clearing, it also has to exceed a specified clearing threshold. Please contact customerservices lexology. Rachel Yu, Herbert Smith Freehills. It will cover all OTC derivative transactions in five key asset classes, ie, interest rate, foreign exchange, equity, credit and commodity derivatives. They may be required to provide a legal analysis as to why their proposed operations do not contravene such restrictions. Transmission of this information is not intended to create and receipt does not constitute a lawyer-client relationship between Charltons and the user or browser.
Accordingly, the provisions applicable to intermediaries generally apply. Phase 1 Clearing will cover transactions in certain standardised interest rate swaps IRSs only — plain vanilla basis swaps, fixed-to-floating swaps and overnight index swaps. Further, the SFC proposes that the existing seven standards of practice be expanded and automated trading services guidelines means a member of into nine core standards of practice, as below:. The Amendment Ordinance introduced several changes, including:. The proposed updates to the core standards of practice reflect the need to align local regulation with current international standards. They may be required to provide a legal analysis as to why their proposed operations do not contravene such restrictions. Persons proposing to provide services or facilities for trading securities should take into account the restrictions on who may operate a stock market under section 19 of the SFO. They are largely operators of overseas regulated exchanges and trading facilities, including financial futures exchanges, stock exchanges, commodity futures exchanges and equity or fixed income trading facilities. An expanded definition of ATS to include not only services for the trading or clearing of securities or futures contracts, but also services for the trading or clearing of OTC derivatives. The SFC also proposes to include a new section to clarify the key differences between the regulatory requirements applicable to an REC and those applicable to an authorised ATS provider. Any persons proposing to provide services or facilities tc2000 fixed y axis on bittrex trading futures contracts may apply to become an REC or an authorised ATS provider, but should take into account the differences between the two regimes when deciding which to pursue. Once the clearing threshold is crossed, the clearing obligation will start to apply to those transactions entered into after the prescribed day. They include among others :. The above will be implemented in phases. While certain exemptions forex broker info basic forex terminology in respect of listed products, these apply only to products listed on an REC and do not cover products listed on overseas markets. Amendments in light of the new OTC derivatives regulatory regime. The second phase Phase 2 Reporting is targeted for 1 July
A prescribed person ie, authorised institution, licensed corporation or approved money broker is required to clear a specified OTC derivative transaction with a designated CCP within 1 Hong Kong business day after that transaction is entered into, if the counterparty is: also a prescribed person; or a financial services provider. On 1 September , the first phase of mandatory clearing of over-the-counter OTC derivative transactions Phase 1 Clearing will be implemented. The SFC aims to review the comments received during the consultation and finalise the guidelines within the first quarter of the year. The Regulators have agreed that with respect to transactions with private individuals, only internal code references relating to such persons and no other counterparty identifying particulars, including their names should be provided, due to privacy concerns and legal restrictions on disclosure of personal data. The definition of automated trading services under the SFO was expanded to include services for the trading or clearing of OTC derivatives. Core standard 2 on risk management will focus on requiring an ATS provider to ensure that risks associated with its business and operations are managed prudently. Phase 1 Clearing will cover transactions in certain standardised interest rate swaps IRSs only — plain vanilla basis swaps, fixed-to-floating swaps and overnight index swaps. Under the SFAO , amongst other things:. The primary reason for the time gap between November and July is to allow the prescribed persons sufficient time to prepare themselves and be ready for the clearing obligation. In the past decade, the design, operation and use of ATS have evolved.
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Charltons is not responsible for uninvested cash etrade trading selling short third party content which can be accessed through the website. Hong Kong August 29 Under the Amendment Ordinance, there are also plans to introduce a mandatory clearing obligation and a mandatory trading obligation. Having regard to the time required to work out the details and prepare the necessary subsidiary legislation, implementation of all remaining stages of the regulatory regime will continue to be ongoing intraday commodity trading methods stock research vanguard is not expected to be completed until after Amendments to improve alignment with international standards and best practices. The SFC proposes to further expand the guidance to clarify that: Persons proposing to provide services or facilities for trading securities should take into account the restrictions on who may operate a stock market under section 19 of the SFO. Given Phase 2 Reporting will not be implemented until 1 JulyATS-CCPs will, in the meantime, only be required to report transactions and transaction information falling within the narrower product scope and information scope applicable under Phase 1 Reporting. The SFC will continue to make reference to international standards and best forex retracement strategy free signal forex live. Access live webinars, videos and audio recordings all in one place with our enriched media hub. Overview Phase 1 Clearing will cover transactions in certain standardised interest rate swaps IRSs only — plain vanilla basis swaps, fixed-to-floating swaps and overnight index swaps. The SFC considers this standard to be critical given automated trading services guidelines means a member of upcoming implementation of mandatory clearing - ATS providers serving as designated CCPs will have to have definition of forex broker equity meaning in forex, risk-based and transparent criteria for participation, and requirements which permit fair and open access. The first transactions to be potentially subject to mandatory clearing will be those entered into on or after 1 July Back Forward. Why are amendments required? The above will be implemented in phases. Valerie Tao, Herbert Smith Freehills.
Implementation of the mandatory clearing and trading obligations for OTC derivative transactions in Hong Kong A global reform of the OTC derivatives market began as a result of the global financial crisis. Rachel Yu, Herbert Smith Freehills. Mandatory clearing will be implemented first and will apply only to a limited scope of persons and products. Phase 1 Clearing will come into effect on 1 September If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries lexology. The Amendment Ordinance introduced several changes, including: An expanded definition of ATS to include not only services for the trading or clearing of securities or futures contracts, but also services for the trading or clearing of OTC derivatives. They may be required to provide a legal analysis as to why their proposed operations do not contravene such restrictions. Advocated by the G20 leaders, the reform recommended that standardised OTC derivative contracts should be traded on exchanges or electronic trading platforms and cleared through CCPs. If you do not wish to receive this newsletter please let us know by emailing us at: unsubscribe charltonslaw. The second phase Phase 2 Reporting is targeted for 1 July Since the publication of the ATS Guidelines, there have been major changes in the international regulatory standards and best practices.
It is typically obtained by intermediaries which provide dealing services and offer ATS as an additional service to their clients. The proposed amendments to the ATS Guidelines are timely given the planned implementation of the initial phase of the OTC derivatives clearing obligation in mid For further information, day trading app android best annual return stock last 20 years contact:. The SFC proposes to further expand the guidance to clarify that: Persons proposing to provide services or facilities for trading securities should take into account the restrictions on who may operate a stock market under section 19 of the SFO. Share Facebook Twitter Linked Joint account day trading stock replacement strategy with options. If you do not wish to receive this newsletter please let us know by emailing us at: unsubscribe charltonslaw. Amendments in light of the new OTC derivatives regulatory regime. It will cover all Firstrade navigator account minimum td ameritrade account number length derivative transactions in five key asset classes, ie, interest rate, foreign exchange, equity, credit and commodity derivatives. In the meantime, the HKMA is preparing for the next phase of system enhancements for the Hong Kong Trade Repository, which is expected to be available for testing by market participants in the first quarter of Rachel Yu, Herbert Smith Freehills. Accordingly, the provisions applicable to intermediaries generally apply. The first transactions to be potentially subject to mandatory clearing will be those entered into on or after 1 July Implementation of the mandatory clearing and trading obligations for Automated trading services guidelines means a member of derivative transactions in Hong Kong. The SFC will continue to make reference free nse intraday data day trading with firstrade international standards and best practices. The aspects of the OTC derivatives regulatory regime which remain to be implemented include the following amongst others :. The following were published in the Gazette on 26 August The SFC has added a definition of "independent assessment", being any formal review, assessment or examination conducted by a party which is independent from the relevant ATS provider and possesses the necessary skills and expertise to conduct such assessment. A mandatory clearing obligation is also introduced under the descending triangle ta swing trading cloud indicator for OTC derivatives. They included the following amongst others :.
Register now for your free, tailored, daily legal newsfeed service. I find Lexology a helpful and enjoyable update on current issues and would like to continue reading it. Implementation of the revised guidelines is set to commence concurrently with the subsidiary legislation for mandatory clearing, currently expected to be mid The proposed updates to the core standards of practice reflect the need to align local regulation with current international standards. Core standard 5 is also a new standard on "access and participation". The calculation period is used to determine if one's position in the relevant OTC derivative transaction has crossed the clearing threshold. Charltons is not responsible for any third party content which can be accessed through the website. The data fields on days, periods and pricing will only need to be completed if they are relevant to the product type. Type 9 regulated activity asset management is expanded to include the management of portfolios that include OTC derivatives; and. I often print out articles or otherwise note them for bringing to the attention of my colleagues.
Mandatory clearing for Hong Kong OTC derivatives transactions
Hong Kong is one of the many jurisdictions working to implement the G20 recommendations. The Regulators have agreed that with respect to transactions with private individuals, only internal code references relating to such persons and no other counterparty identifying particulars, including their names should be provided, due to privacy concerns and legal restrictions on disclosure of personal data. Phase 1 Clearing will come into effect on 1 September Two new regulated activities are introduced: Type 11 regulated activity dealing in and advising on OTC derivative products and Type 12 regulated activity providing client clearing services for OTC derivative transactions. A large number of them are based overseas. They include among others :. An expanded definition of ATS to include not only services for the trading or clearing of securities or futures contracts, but also services for the trading or clearing of OTC derivatives. If you do not wish to receive this newsletter please let us know by emailing us at: unsubscribe charltonslaw. The calculation period is used to determine if one's position in the relevant OTC derivative transaction has crossed the clearing threshold. Accordingly, the provisions applicable to intermediaries generally apply.
The proposed amendments to the ATS Guidelines are timely given the planned implementation of the initial phase of the OTC derivatives clearing obligation in mid Under the Amendment Ordinance, there are also plans to introduce a mandatory clearing obligation and a mandatory trading obligation. They included the following amongst others :. It will cover all OTC derivative transactions in five key asset classes, ie, interest rate, foreign exchange, equity, credit and commodity derivatives. This newsletter is for information purposes. Core standard 3 on "operational integrity" will be renamed "system integrity" to better reflect the features of ATS. The definition of automated trading services under the SFO was expanded to include services for the trading or clearing of OTC derivatives. Mandatory trading, and the expanded licensing regime, are set to be introduced later. Follow Please login to follow hot biotech stocks may cant sell crypto on robinhood. In the draft revised Guidelines, the SFO includes a new section highlighting the need to ensure such coinbase user data what is the best alternative to coinbase A level playing field will be sought so that similar regulation is applied in respect of similar functions.
Legal News & Analysis – Asia Pacific - Hong Kong – Regulatory & Compliance
They include among others :. Having said that, for the transaction to be subject to clearing, it also has to exceed a specified clearing threshold. This follows the implementation of the first phase of mandatory reporting of OTC derivative transactions Phase 1 Reporting on 10 July The next phase will involve the implementation of the mandatory clearing obligation initially for limited persons and products and the clearing leg of the expanded ATS definition, targeted for mid The second phase Phase 2 Reporting is targeted for 1 July For further information, please contact:. If you do not wish to receive this newsletter please let us know by emailing us at: unsubscribe charltonslaw. The proposed revised ATS Guidelines provide more specific guidance on the application requirements and procedures for entities seeking Part III authorisation to provide OTC derivatives clearing services, as well as those that are also seeking CCP designation for the purposes of mandatory clearing. A Part V licence or registration is appropriate where the provision of ATS is incidental to the performance of a dealing function. Back Forward.
The SFC has added a definition of "independent assessment", being any formal review, assessment or examination conducted by a party which is independent from the relevant ATS provider and possesses the necessary skills and expertise to conduct such assessment. Having said that, for the transaction to be subject to clearing, it also has to exceed a specified clearing threshold. This newsletter is for information purposes chainlink link hackernoon ark btc bittrex. There have been global efforts to reform the OTC derivatives market. The proposed amendments cater for the expanded definition and provide guidance for those seeking authorisation. The SFC is likely to require more time to examine the OTC derivatives information collected from the market and the relevant international standards before formulating suitable proposals to implement the mandatory trading obligation and regulation of SIPs. It will cover all OTC derivative transactions in five key asset classes, ie, interest rate, foreign exchange, equity, credit and commodity derivatives. Phase 1 Reporting buy cryptocurrency paypal electrum cash coinbase covered certain IRSs and non-deliverable forwards. Accordingly, the provisions applicable to intermediaries generally apply. Advocated by the G20 leaders, the reform recommended that standardised OTC derivative contracts should be traded on exchanges or electronic trading platforms and cleared through CCPs. Any persons proposing to provide services or clearing facilities similar to those of a CCP should note that the SFO's insolvency override protections generally apply only to RCHs. The first transactions to be potentially subject to mandatory clearing will be those entered into on or after 1 July Phase 2 Reporting will be implemented on 1 July Overview Phase 1 Clearing will cover transactions in certain standardised interest rate swaps IRSs only — plain vanilla basis swaps, fixed-to-floating swaps and overnight index swaps. Type 9 regulated activity asset management is expanded how do binary options brokers make money renko charts fxcm trading station include the management of portfolios that include OTC derivatives;. The scope of transaction information to be reported is expanded as a result of the expanded product scope. Transmission of this information is not intended to create and receipt does not constitute a lawyer-client relationship between Charltons and the user or browser. Why are amendments required? Once the clearing threshold is crossed, automated trading services guidelines means a member of clearing obligation will start to apply to those transactions entered into after the prescribed day. A large number of them are based overseas. The illustrative examples on how the guidelines would apply in practice have been updated and expanded, with examples in relation to the trading or clearing of OTC derivatives, interests in collective investment schemes and structured products.
Consequently, amendments are required to provide guidance on the regulation of ATS providers that also serve as designated CCPs. Core standard 5 is also a new standard on "access and participation". The Amendment Ordinance introduced several changes, including:. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries lexology. They are a key focus of the present consultation. Amendments in light of the new OTC derivatives regulatory regime. The Government and the SFC envisage that the licensing regime will be put in place in the earliest. It will then work towards implementing the revised guidelines at the same time as the implementation of the subsidiary legislation for mandatory clearing, currently targeted for mid I find Lexology a helpful and enjoyable update on current issues and would like to continue reading it. Phase 2 Reporting will be implemented on 1 July Phase 1 Clearing 1. Overview Phase 1 Clearing will cover transactions in certain standardised interest rate swaps IRSs only — plain vanilla basis swaps, fixed-to-floating swaps and overnight index swaps. Security finance Hong Kong Derivatives. A prescribed person ie, authorised institution, licensed corporation or approved money broker is required to clear a specified OTC derivative transaction with a designated CCP within 1 Hong Kong business day after that transaction is entered into, cash dividend on bankcommon stock penny stock quote list the counterparty is: also a prescribed person; or a eqsis intraday trade signals oil and gas trading courses in london services provider. The SFC intends to implement the revised ATS Guidelines at the same time as the implementation of the subsidiary legislation for mandatory clearing of OTC derivative transactions, which is targeted for mid Key Changes Proposed A. Please contact customerservices lexology. Register now for your free, tailored, daily legal newsfeed service. The OTC derivatives regime is intended to be implemented in phases. Having said that, for the transaction to be subject to clearing, it also has to exceed a specified clearing threshold.
Transmission of this information is not intended to create and receipt does not constitute a lawyer-client relationship between Charltons and the user or browser. Core standard 2 on risk management will focus on requiring an ATS provider to ensure that risks associated with its business and operations are managed prudently. They include among others :. Since the publication of the ATS Guidelines, there have been major changes in the international regulatory standards and best practices. The proposed amendments cater for the expanded definition and provide guidance for those seeking authorisation. Rachel Yu, Herbert Smith Freehills. The data fields on days, periods and pricing will only need to be completed if they are relevant to the product type. A new section has been proposed to highlight the need for an ATS provider to ensure that it and its members comply with the offers of investments regime under Part IV of the SFO. Overview Phase 1 Clearing will cover transactions in certain standardised interest rate swaps IRSs only — plain vanilla basis swaps, fixed-to-floating swaps and overnight index swaps. Amendments in light of the new OTC derivatives regulatory regime. The Amendment Ordinance introduced several changes, including: An expanded definition of ATS to include not only services for the trading or clearing of securities or futures contracts, but also services for the trading or clearing of OTC derivatives. Implementation of the mandatory clearing and trading obligations for OTC derivative transactions in Hong Kong. It may include an assessment conducted by the ATS provider's home regulator. Join the discussion. Implementation of the revised guidelines is set to commence concurrently with the subsidiary legislation for mandatory clearing, currently expected to be mid Video Analysis. These differences are fairly significant and fundamental to the set-up of an operation, thus their inclusion in the ATS guidelines should help prospective applicants better assess which of the two regimes is more suitable for their intended business models. Access live webinars, videos and audio recordings all in one place with our enriched media hub. The Government and the SFC envisage that the licensing regime will be put in place in the earliest. Core standard 4 will be a new standard on "governance", which incorporates the earlier standard on "fitness".
Phase 1 Crack amibroker 6.00 2 candlestick chart vs box plot 1. The SFC proposes to further expand the guidance to clarify that: Persons proposing to provide services or facilities for trading securities should take into account the restrictions on who may operate a stock market under section 19 of the SFO. Type 9 regulated activity asset management is expanded to include the management of portfolios that include OTC derivatives;. It will then work towards implementing the revised guidelines at the same time as the implementation of the subsidiary legislation for mandatory clearing, currently targeted for mid The first transactions to be potentially subject to mandatory clearing will be those entered into on or after 1 July It is typically obtained by intermediaries which provide dealing services gemini bitcoin exchange app coinbase coinloading offer ATS as an additional service to their clients. The illustrative examples on how the guidelines would winning strategies for iq option como hacer copy trading forex mt4 in practice have been updated and expanded, with examples in relation to the trading or clearing of OTC derivatives, interests in collective investment schemes and structured products. There have been global efforts to reform the OTC derivatives market. Follow Please login to follow content. Law Firms. Please contact customerservices lexology. Phase 1 Reporting only covered certain IRSs and non-deliverable forwards.
The SFC intends to implement the revised ATS Guidelines at the same time as the implementation of the subsidiary legislation for mandatory clearing of OTC derivative transactions, which is targeted for mid William Hallat, Herbert Smith Freehills. Implementation of the revised guidelines is set to commence concurrently with the subsidiary legislation for mandatory clearing, currently expected to be mid A Part V licence or registration is appropriate where the provision of ATS is incidental to the performance of a dealing function. In the meantime, the HKMA is preparing for the next phase of system enhancements for the Hong Kong Trade Repository, which is expected to be available for testing by market participants in the first quarter of A global reform of the OTC derivatives market began as a result of the global financial crisis. The calculation period is used to determine if one's position in the relevant OTC derivative transaction has crossed the clearing threshold. Please contact customerservices lexology. They are a key focus of the present consultation. Rachel Yu, Herbert Smith Freehills. The SFC aims to review the comments received during the consultation and finalise the guidelines within the first quarter of the year. Valerie Tao, Herbert Smith Freehills. The proposed amendments to the ATS Guidelines are timely given the planned implementation of the initial phase of the OTC derivatives clearing obligation in mid Law Firms. Hong Kong August 29 The next phase will involve the implementation of the mandatory clearing obligation initially for limited persons and products and the clearing leg of the expanded ATS definition, targeted for mid The SFC proposes to further expand the guidance to clarify that: Persons proposing to provide services or facilities for trading securities should take into account the restrictions on who may operate a stock market under section 19 of the SFO. The SFC considers this standard to be critical given the upcoming implementation of mandatory clearing - ATS providers serving as designated CCPs will have to have objective, risk-based and transparent criteria for participation, and requirements which permit fair and open access. The SFC also proposes to include a new section to clarify the key differences between the regulatory requirements applicable to an REC and those applicable to an authorised ATS provider. The Amendment Ordinance introduced several changes, including: An expanded definition of ATS to include not only services for the trading or clearing of securities or futures contracts, but also services for the trading or clearing of OTC derivatives.
Also on 1 September , mandatory reporting of OTC derivative transactions will apply to central counterparties CCPs which are authorised to provide automated trading services ATS for clearing such transactions. The following four reasons are highlighted as driving forces behind the proposed amendments:. Its contents do not constitute legal advice and it should not be regarded as a substitute for detailed advice in individual cases. Background: Hong Kong regulation of automated trading services. A new section has been proposed to highlight the need for an ATS provider to ensure that it and its members comply with the offers of investments regime under Part IV of the SFO. Type 9 regulated activity asset management is expanded to include the management of portfolios that include OTC derivatives; and. Revisions to the ATS Guidelines were proposed in November , and aimed to take into account the following: the implementation of the regulation of OTC derivative transactions; international standards and best practices since the publication of the current ATS Guidelines in ; and the SFC's experience in regulating ATS since Hong Kong August 29 The SFC is likely to require more time to examine the OTC derivatives information collected from the market and the relevant international standards before formulating suitable proposals to implement the mandatory trading obligation and regulation of SIPs. The SFC proposes to further expand the guidance to clarify that: Persons proposing to provide services or facilities for trading securities should take into account the restrictions on who may operate a stock market under section 19 of the SFO. The data fields on days, periods and pricing will only need to be completed if they are relevant to the product type.
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