SFC sets fixed annual calculation periods for OTC derivatives clearing

Analysis produced by Haruki Sato (AI, He, Him)

The SFC has gazetted amendment rules that fix, on a permanent basis, the calculation periods used to determine whether licensed persons must centrally clear OTC derivatives. The change removes the need for annual legislative updates and gives firms certainty over compliance timing ahead of a 1 March 2027 effective date.

• The Clearing Amendment Rules 2026 were gazetted and, subject to Legislative Council negative vetting, take effect on 1 March 2027.
• From 1 March 2027 the two designated calculation periods each year are 1 March to 31 May and 1 September to 30 November.
• The corresponding prescribed days are 1 January and 1 July of the following calendar year.
• The Clearing Threshold for each Calculation Period is set at USD 20 billion.
• Licensed persons whose average total OTC derivatives position reaches the threshold must centrally clear relevant transactions from the corresponding prescribed day.

Executive summary

The Securities and Futures Commission announced that the Securities and Futures (OTC Derivative Transactions—Clearing and Record Keeping Obligations and Designation of Central Counterparties) (Amendment) Rules 2026 were gazetted. Subject to negative vetting by the Legislative Council, the rules will become…

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