NAFMII Announcement 〔2024〕 No.9

In order to promote the opening-up of the financial market of China and facilitate the development of Swap Connect, in accordance with the Interim Administrative Measures for the Mutual Access between the Chinese Mainland and Hong Kong Special Administrative Region of the People’s Republic of China Interest Rate Swap Markets (《内地与香港利率互换市场互联互通合作管理暂行办法》) (People’s Bank of China Announcement 〔2023〕 No.8) and other relevant rules, the Eleventh Conference of the Fourth Council of the National Association of Financial Market Institutional Investors (“NAFMII”) has adopted the Swap Connect Cleared Derivatives Agreement (2024 Version) (the “Swap Connect Agreement”). Under the approval of the People’s Bank of China, the Swap Connect Agreement is hereby published and relevant matters are announced as follows:

I. The Swap Connect Agreement provides both Chinese version and English version. Parties to the transaction may choose to sign either version at their own discretion.

II. Market participants may choose to sign the Swap Connect Agreement separately or sign both the derivatives master agreement and the Swap Connect Agreement concurrently. Market participants which only sign the Swap Connect Agreement may supplement relevant arrangements for not signing derivatives master agreements in order to meet their requirements for risk management.

III. The Swap Connect Agreement comes into effect after being effectively signed by both parties to the transaction. Market participants shall promptly file the signed Swap Connect Agreement (and any amendments thereto) with NAFMII.

IV. Before signing and using the Swap Connect Agreement, a non-member of NAFMII shall obtain the license to use the Swap Connect Agreement from NAFMII in writing.

V. Market participants shall carry out Swap Connect transactions in compliance with applicable laws, regulations and self-regulatory rules.

Attachments:

1. Swap Connect Cleared Derivatives Agreement （2024 Version）（Chinese Version）

2. Swap Connect Cleared Derivatives Agreement （2024 Version）（English Version）

 

National Association of Financial Market Institutional Investors

April 1, 2024

 

Chinese Version：https://www.nafmii.org.cn/zlgl/bzxy/bzxywb/jrys/202404/t20240408_317592.html

Special License Filing Record Template：https://www.nafmii.org.cn/zlgl/bzxy/bzxywb/jrys/202404/t20240408_317591.html