The Securities and Futures Commission and the Hong Kong Monetary Authority issued a joint consultation today on standardising the calculation periods for each year under the Clearing Rules for the over-the-counter derivatives regulatory regime.
The SFC and the HKMA proposed to designate, once and for all, standard calculation periods for each year with effect from 1 March 2027. Interested parties can now submit comments to the SFC or HKMA by 27 February 2026.
Under the current approach that requires the central clearing of OTC derivatives transactions, the existing list of calculation periods specified in the Clearing Rules needs to be updated regularly.
The proposed change would also offer greater certainty to derivative dealers in identifying future calculation periods to ensure compliance.
From 1 March 2027 onwards, the Clearing Rules will be amended to designate two calendar periods, 1 March to 31 May and 1 September to 30 November, in each year as calculation periods.
