Core Points - The Shanghai Clearing House has launched an online bilateral clearing service for credit derivatives to enhance market participation convenience and support market expansion [1][2] - The first batch of institutions to complete the online application includes China Construction Bank, Changsha Bank, Southwest Securities, and Zhongyu Guarantee [1] - The clearing services provided cover various aspects such as cash flow calculation, fund settlement, credit event settlement, valuation management, and counterparty credit risk management [1] - Currently, there are 47 participants in the credit derivatives clearing, accounting for 96% of the trading scale in the interbank market for contract-based credit derivatives [1] Future Plans - The Shanghai Clearing House plans to continue enhancing clearing service capabilities and product offerings under the guidance of the People's Bank of China [2] - The aim is to support various institutions in managing risks with credit derivatives and to improve the effectiveness of credit derivatives in serving the real economy [2] - The initiative is part of efforts to effectively prevent and resolve financial risks, thereby supporting high-quality development of the real economy [2]