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 the OTC market, thereby enhancing the health of the commodity derivatives ecosystem [1][2]. Group 1: Market Development and Achievements - The OTC derivatives market has historically developed faster and is larger than the exchange-traded market, indicating significant growth potential in China’s OTC market [2]. - Hainan International Clearing House has successfully launched its OTC swap clearing business, filling the gap between the futures and spot markets, and enhancing the multi-tiered commodity market system [2][4]. - As of October 2023, the clearing business has expanded to include 45 products across various commodities, with over 250 institutional clients participating, leading to a cumulative clearing volume exceeding 200 million tons and a contract value surpassing 4 billion yuan [4]. Group 2: Risk Management - The company has established a comprehensive risk management system to address the complexities and uncertainties of the OTC market, including preemptive measures and a multi-layered risk control framework [5][6]. - The company successfully managed market volatility during significant price fluctuations, ensuring the stability of all transactions without any risk incidents [6]. Group 3: Future Development Plans - The company plans to expand its clearing product offerings based on the needs of the real economy, particularly in sectors where China is a leading importer, such as crude oil, natural gas, and various agricultural products [7][8]. - There is a focus on innovating business models and enhancing collaboration with futures exchanges and industry leaders to better serve the high-quality development of the real economy [8]. - The upcoming closure of the Hainan Free Trade Port is expected to provide historical opportunities for international development, allowing for enhanced cross-border business operations and financial infrastructure [9].