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HKMA Reporting Regulation

What is HKMA Reporting?

HKMA Reporting refers to the requirement put in place by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) of Hong Kong for firms to submit details of their derivatives transactions to the HKMA trade repository.

Who is impacted by the regulation?

The reporting obligation is double-sided, with all of the following firm types are required to report:

  • Authorised institutions (see the HKMA Register of Authorised Institutions for this)
  • Approved money brokers (see the latest HKMA list of approved money brokers)
  • Licensed Corporations (see the SFC public register of licensed persons & registered institutions)
  • Recognised clearing houses

There is an exemption for firms with under USD 30 million of aggregate gross notional for the product class in question.

Which trades need to be reported?

Only OTC interest rate swaps and FX non-deliverable forwards (NDFs) needed to be reported under Phase 1. However, Phase 2 includes OTC derivatives in the following asset classes:

  • Credit
  • Commodities
  • Equities
  • FX (reportable forwards are those with delivery over 7 days in the future)
  • Rates

These instruments are only reportable where they involve or reference a currency, or rate or yield denominated in that currency where that is in a predetermined list set by the HKMA. This list comprises 176 currencies, including all the majors. It is included alongside a list of specified floating interest rate indices for which interest rate swaps are reportable. Intra-branch and inter-branch trades are not reportable.

When is the deadline for reporting?

T+2, two business days after the trade is executed.

How can UnaVista help?

When harnessed, regulation can be powerful. Through years of expertise and trusted data accuracy, UnaVista can help you reframe regulation, so it’s no longer a hindrance, but an opportunity. To find out we can help you meet your HKMA reporting obligations, visit our G20 Reporting solution page.

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Disclaimer

Content on this page is not intended as an exhaustive or definitive guide to the regulations, and is not the views of LSEG, but for general information purposes only. For detailed and up to date guidance on regulation you should always seek specialist advice and/or consider the actual regulation itself.