Trading & Clearing Mechanism

Swap Connect refers to an arrangement which will enable investors to participate in the financial derivatives markets in the Mainland and Hong Kong through a connection between Infrastructure Institutions in both places.

At the initial stage, Northbound Trading will commence first, allowing investors from Hong Kong and other countries and regions (Overseas Investors) to participate in the Mainland interbank financial derivatives market through mutual access between Hong Kong and Mainland Infrastructure Institutions in respect of trading, clearing and settlement. Southbound Trading, which allows Mainland investors to access the Hong Kong financial derivatives market through mutual access between Infrastructure Institutions in both places, will be explored in due course.

International investors who are participants in the China Interbank Bond Market (CIBM) Direct or Bond Connect.

CNY IRS
Fixed-to-floating interest rate benchmarks option*:

• 7-day Repo (FR007)
• SHIBOR 3-Month (Shibor3M)
• SHIBOR Overnight (ShiborO/N)

*Identical to CFETS & SHCH eligibility

Trading hours: 09:00 – 12:00; 13:30 – 17:00 (China Standard Time)
Clearing hours: 09:00 – 12:00; 13:00 – 17:30 (China Standard Time)
(Standard CFETS trading time)

Swap Connect trading calendar will follow the onshore interbank operating calendar, including special working weekends in China. Please refer to: Trading Calendar