Swap Connect Marks Three Years of Steady Growth with 100 International Institutions Onboarded
10 July 2026
Launched in May 2023, Swap Connect is an innovative mutual market access scheme that enables international investors to participate directly in onshore interest rate derivatives market through cross-border infrastructure connectivity. Since launch, the scheme has seen steady growth in both participation and trading volumes. As of July 2026, 100 overseas institutions have participated in the scheme. Trading volume in the first quarter of 2026 reached RMB 1.78 trillion, up 26% year over year.
Tony Wang, General Manager of Bond Connect Company Limited (“BCCL”), said: “Promoting Swap Connect and supporting the further opening up of China’s derivatives market remain key priorities for BCCL. Since launch, Swap Connect participants has grown threefold to 100 institutions, including overseas sovereign entities, banks, asset managers, and securities firms. Banks account for approximately 70%, followed by asset managers and securities firms. Geographically, market participants span 17 jurisdictions, covering the Hong Kong SAR, the Asia-Pacific region, the United Kingdom, continental Europe, and the Middle East. The scope of market participation continues to broaden."
Zhang Chengdong, Deputy General Manager of Global Markets and Head of Trading at Bank of China (Hong Kong) said: "Swap Connect is the world's first Connect scheme for derivatives, establishing an innovative clearing link between Shanghai Clearing House and OTC Clearing Hong Kong Limited. The scheme adopts internationally recognised central clearing practices, where counterparty risk is transferred through contract novation and standardised margin settlement. Since 2023, the product offering has expanded and international investors can participate through clearing broker banks with ease. In addition, international investors can now use China Government Bonds and Policy Bank Bonds held through Bond Connect as collateral for initial margin, providing greater flexibility and enhancing capital efficiency. Bank of China (Hong Kong), as one of the scheme's active clearing broker, remains closely involved in Swap Connect's ongoing enhancement, facilitating efficient market access for clients and contributing to the broader growth of RMB interest rate derivatives market."
Henry Hung, Managing Director, Offshore CNY Rates Trading, Standard Chartered, said: " Swap Connect has significantly strengthened international investors’ access to China’s onshore bond market in a convenient and secure manner. By enabling our interest rate risk management through Hong Kong’s well-established clearing infrastructure, the programme has streamlined operational and compliance processes, facilitating greater participation in the financial derivatives markets in both the Chinese Mainland and Hong Kong with confidence. This has enhanced our ability to manage risk prudently, support the expansion of our RMB fixed-income investments and offer richer solutions to our clients. As Swap Connect marks its third anniversary, it underscores Hong Kong’s unique role as a super-connector between global capital and China’s deepening financial markets, and further accelerating the internationalisation of Renminbi.”
Going forward, BCCL will further refine its services to assist overseas investors participate in China’s derivatives market with greater efficiency and convenience.
© 2026 Bond Connect Company Limited. All rights reserved.
Disclaimer: The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any securities or to provide any investment advice or service of any kind. This document is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject any of Bond Connect Company Limited ("BCCL") and/or its affiliates to any registration requirement within such jurisdiction or country.
No section or clause in this document may be regarded as creating any obligation on BCCL and/or its affiliates. Rights and obligations with regard to the trading and settlement of any securities effected on the CFETS, including through the Bond Connect, shall be set out solely in the applicable rules of the Entities, as well as the applicable laws, rules and regulations of Mainland of China and Hong Kong in effect from time to time.
Although the information contained in this document is obtained or compiled from sources believed to be reliable, BCCL and/or its affiliates assume no responsibility or liability for any errors, omissions or other inaccuracies in the information or for the consequences thereof. **It should not be used as a substitute for investment, accounting, tax, legal or other professional advice. If you are in any doubt about the contents of this document, you should seek independent professional advice.**BCCL and/or its affiliates assume no responsibility or liability for any cost, expense, loss or damage, directly or indirectly, howsoever caused, of any kind, arising from the use of or reliance upon any information provided in this document, or in the presentation given.
**Forward-looking statements: This document may contain forward-looking statements, including but not limited to projections, estimates, forecasts, and opinions. These statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. BCCL and/or its affiliates do not undertake any obligation to update these statements in light of new information or future events.**
Disclaimer: The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any securities or to provide any investment advice or service of any kind. This document is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject any of Bond Connect Company Limited ("BCCL") and/or its affiliates to any registration requirement within such jurisdiction or country.
No section or clause in this document may be regarded as creating any obligation on BCCL and/or its affiliates. Rights and obligations with regard to the trading and settlement of any securities effected on the CFETS, including through the Bond Connect, shall be set out solely in the applicable rules of the Entities, as well as the applicable laws, rules and regulations of Mainland of China and Hong Kong in effect from time to time.
Although the information contained in this document is obtained or compiled from sources believed to be reliable, BCCL and/or its affiliates assume no responsibility or liability for any errors, omissions or other inaccuracies in the information or for the consequences thereof. **It should not be used as a substitute for investment, accounting, tax, legal or other professional advice. If you are in any doubt about the contents of this document, you should seek independent professional advice.**BCCL and/or its affiliates assume no responsibility or liability for any cost, expense, loss or damage, directly or indirectly, howsoever caused, of any kind, arising from the use of or reliance upon any information provided in this document, or in the presentation given.
**Forward-looking statements: This document may contain forward-looking statements, including but not limited to projections, estimates, forecasts, and opinions. These statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. BCCL and/or its affiliates do not undertake any obligation to update these statements in light of new information or future events.**