【大宗周刊】海南国际清算所：依托海南自贸港政策红利筑牢场外衍生品市场“底座”

Core Viewpoint - The development of the over-the-counter (OTC) derivatives market in China is accelerating, with the Hainan International Clearing House emerging as a key player in providing clearing services for OTC swaps, thereby supporting the healthy development of the commodity derivatives ecosystem [1][2]. Group 1: Market Development - The OTC derivatives market has historically developed faster and is larger than the exchange-traded market, with significant growth potential remaining in China [2]. - The Hainan International Clearing House was established to fill the gap between the futures and spot markets, enhancing the multi-tiered commodity market system [2][3]. - The OTC market offers tailored risk management solutions, effectively supporting enterprises in improving operational resilience and quality of development [2]. Group 2: Achievements - Since its establishment in October 2022, the Hainan International Clearing House has made significant progress, including the launch of OTC swap clearing services in October 2023 [3][4]. - The number of products available for clearing has expanded to 45, covering various commodities such as steel, iron ore, and methanol [4]. - Over 250 institutional clients are now participating in the OTC swap business, with a total clearing volume exceeding 200 million tons and a contract value surpassing 4 billion yuan [4]. Group 3: Risk Management - The Hainan International Clearing House has established a comprehensive risk management system to prevent large-scale risk events, including specific rules for risk management and default handling [5][6]. - The organization has successfully navigated market volatility without any risk incidents, demonstrating the effectiveness of its risk control measures [6]. Group 4: Future Plans - The Hainan International Clearing House aims to expand its clearing product offerings based on the needs of the real economy, particularly in sectors where China is a leading importer [7][8]. - Plans include enhancing innovative business models, exploring cross-border clearing services, and optimizing the equity structure to create an international clearing house [8][9]. - The upcoming closure of the Hainan Free Trade Port is expected to provide significant opportunities for international development and cross-border business facilitation [9].