HKEX Clearing Houses to Accept China Government Bonds as Non-Cash Collateral from Nov 2026
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Hong Kong Exchanges and Clearing Limited (HKEX) announced on Friday, September 25, that its wholly-owned subsidiaries, Hong Kong Futures Exchange Clearing Corporation and the Options Clearing House of the Stock Exchange of Hong Kong, will accept Chinese government bonds and policy financial bonds held via the Bond Connect 'Northbound' channel, as well as offshore bonds issued by the Ministry of Finance of the People's Republic of China, as eligible non-cash collateral to meet margin requirements starting November 2026, pending regulatory approval. HKEX Chief Operating Officer Betty Liu stated that the optimization will increase the use scenarios of Chinese government bonds in the Hong Kong market, providing market participants with more flexible collateral management options, improving capital efficiency, and promoting the sustainable development of Hong Kong's fixed income and renminbi ecosystem.
Source report
Hong Kong, September 25 – Hong Kong Exchanges and Clearing Limited (HKEX) announced today (Friday) that its wholly-owned subsidiaries, Hong Kong Futures Exchange Clearing Corporation Limited (HKCC) and The SEHK Options Clearing House Limited (SEOCH), will accept certain Chinese government bonds as eligible non-cash collateral for margin requirements from November 2026, subject to regulatory approval.
The eligible bonds include:
- China government bonds and policy bank bonds held through the Bond Connect "Northbound" channel (collectively referred to as Bond Connect Bonds)
- Bonds issued offshore by the Ministry of Finance of the People's Republic of China (Ministry of Finance Bonds)
Wilfred Yiu, Chief Operating Officer of HKEX, said: "The implementation of this enhancement will increase the use cases for China government bonds in the Hong Kong market. By accepting these bonds as collateral for meeting clearing house margin requirements, we aim to provide market participants with more flexible collateral management options, improve capital efficiency, and support the continued development of Hong Kong's fixed income and renminbi ecosystem."
Source
金十数据Neutral / independent
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HKEX to Accept Chinese Government Bonds as Collateral for Derivatives Margin from November 2026