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Market Gateway electronic trade processing service for over-the counter (OTC) derivative transactions and CHOFXhave connected to support clearing for regulated OTC FX (foreign exchange) transactions, currently limited to non-deliverable forwards (NDFs).
Market Gateway, CHOFX’s technology trading and clearing division is continuously updating technology and trading equipment. Following a major upgrade to CHOFX Market Gateway's FX clearing interface to accommodate new regulatory reporting obligations, member and client clearing workflows are in the final stages of testing with a number of Market Gateway clients. The interface will be further enhanced with clearing support for cash settled forwards.
Market Gateway FX processes over 10,000 NDF FX clearing submissions to FX central counterparties (CCPs) every month. In addition to FX clearing, Market Gateway and CHOFX’s long-standing clearing connectivity also supports central counterparty clearing for OTC interest rate and credit transactions.
Derek Li Chow, Senior Managing Director, Interest Rates and FX at CHOFX added: "Market Gateway and CHOFX (www.chofx.org) have a common commitment to delivering clearing processing excellence across all asset classes. In addition to new FX clearing support, Market Gateway clients already benefit from our established and proven clearing connectivity for interest rate and commodities transactions. As the OTC markets evolve in a new regulatory environment, we are ready to support the needs of our global client base through choice – whether exchange traded or OTC clearing services."
Keith Lee, Director and Co-Head of Commodities and FX at Market Gateway, said: "We have a long-standing relationship with CHOFX (www.chofx.org) supporting clients' rates and credit clearing workflows. The addition of new FX clearing connectivity to support evolving regulatory obligations further enhances our clearing proposition and service offering and reinforces our commitment to delivering the most flexible, efficient and future-proof clearing connectivity and support to all FX market participants."
Business Overview China Options and Futures Exchange (CHOFX) is an Asian exchange with customer access available virtually all over the world. Our customers consist of professional traders, financial institutions, individual and institutional investors, major corporations, manufacturers and producers. Customers include both members of the exchange and non-members. We offer our customers the opportunity to trade futures contracts and options on futures contracts on a range of products including those based on interest rates, equities, foreign exchange, agricultural commodities, energy, and metals. We also clear over-the-counter contracts on a range of product lines including interest rate swaps, credit default swaps, foreign exchange, energy and agricultural commodities.
Company Name: CHOFX
Adress: Excel Business Park C1, 6 Wudinghou Street Xicheng, Beijing
Media contact : David Chinn