HKMA and SFC jointly consult on standard calculation periods under OTC derivative Clearing Rules
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) today (January 29) issued a joint consultation on standardising the calculation periods (Note 1) for each year under the Clearing Rules (Note 2) for the over-the-counter (OTC) derivatives regulatory regime.
HKMA, Photo source: reference image
Under the current approach that requires the central clearing of OTC derivative transactions, the existing list of calculation periods specified in the Clearing Rules needs to be updated regularly. In a move to further increase the efficiency of the operation of the Clearing Rules, the HKMA and the SFC propose to designate, once and for all, standard calculation periods for each year with effect from March 1, 2027 (Note 3).
As part of the regulators' ongoing efforts to enhance the OTC derivatives regulatory regime in Hong Kong, the proposed change would also offer greater certainty to derivative dealers in identifying future calculation periods to ensure compliance.
SFC, Photo source: reference image
Interested parties are invited to submit comments to the HKMA or the SFC by February 27, 2026. The joint consultation paper can be downloaded from the HKMA and SFC websites.
Note 1: Under the Clearing Rules, a calculation period is used to determine whether a person is subject to mandatory clearing obligation, based on the size of its applicable position in OTC derivative transactions for a calculation period as calculated in accordance with the Clearing Rules.
Note 2: The Securities and Futures (OTC Derivative Transactions – Clearing and Record Keeping Obligations and Designation of Central Counterparties) Rules.
Note 3: Under the proposed approach to be effective from March 1, 2027 onwards, the Clearing Rules will be amended to designate two calendar periods, i.e., March 1 to May 31 and September 1 to November 30, in each year as calculation periods.
CHP urges public to remain vigilant as cases of acute gastroenteritis increase in institutions and schools
In view of the recent surge in local acute gastroenteritis (AGE) activity, including AGE outbreaks in institutions and schools, the Centre for Health Protection (CHP) of the Department of Health today (January 29) urged the public to remain vigilant, and maintain good personal, environmental and food hygiene to minimise the risk of infection.
"The CHP's surveillance data shows that AGE outbreaks in institutions and schools have been steadily increasing over the past few weeks. During the first two weeks of January (January 4 to 10 and January 11 to 17), the CHP recorded three cases (involving 18 persons) and seven cases (involving 46 persons) respectively. Last week (January 18 to 24), another 11 cases were recorded, with the number of persons affected surging to 86. The first four days of this week (January 25 to 28) have already seen three outbreaks, involving 23 persons. Furthermore, according to the CHP's sentinel surveillance data, the AGE activity level has also shown an upward trend recently in Family Medicine Clinics, private medical practitioner clinics and child care centres/kindergartens," the Controller of the CHP, Dr Edwin Tsui, said.
"AGE outbreaks occur throughout the year, but are generally more common in the winter. It is anticipated that the local AGE activity level in Hong Kong will continue to rise in the short term. Members of the public must maintain good personal, environmental and food hygiene to minimise the risk of infection," he added.
AGE can be caused by various viruses, with the norovirus being the most common one. It is highly infectious, and susceptible individuals can be infected by exposure to even a small amount of the norovirus. The virus can be transmitted through various channels such as eating contaminated food, contact with vomitus or faecal matter of infected persons, and contact with contaminated objects, which may lead to a large-scale outbreak. Vomiting in a confined space with suboptimal ventilation poses a potential risk for an outbreak. Therefore, it is of utmost importance to properly and promptly clean up vomitus, and thoroughly disinfect the environment.
The CHP will issue letters to doctors, institutions, schools, kindergartens and child care centres to update them on the latest AGE situation and reminded management of institutions to follow theGuidelines on Prevention of Communicable Diseaseson preventive and control measures. In case there are AGE outbreaks, they should report them to the CHP as soon as possible for immediate follow up.
Dr Tsui reminded members of the public that alcohol-based handrub should not substitute hand hygiene with liquid soap and water, as alcohol does not effectively kill some viruses frequently causing AGE, e.g. norovirus. Members of the public should take heed of the following preventive measures against gastroenteritis:
Ensure proper personal hygiene;
Wash hands thoroughly before handling food and eating, after using the toilet or after changing diapers;
Wear gloves and wash hands after handling vomitus or faecal matter;
Clean and disinfect contaminated areas or items promptly and thoroughly with 1:49 diluted household bleach (by adding one part of bleach containing 5.25 per cent sodium hypochlorite to 49 parts of water). Wash hands thoroughly afterwards;
Stay home from work or school, and seek medical advice if suffering from vomiting or diarrhoea;
Maintain good indoor ventilation;
Pay attention to food hygiene;
Use separate utensils to handle raw and cooked food;
Avoid food that is not thoroughly cooked;
Drink boiled water; and
Do not patronise unlicensed food premises or food stalls.
Members of the public may visit the CHP's webpages for more information and preventive advice on Viral Gastroenteritis andnorovirus infection.
Source: AI-found images
