Core Viewpoint - The Shanghai Clearing House has launched an online bilateral clearing service for credit derivatives to enhance the quality of the interbank credit derivatives market and improve the convenience of market participants [1][2]. Group 1: Service Launch and Features - The new online service allows market institutions to apply for entry through the Credit Default Swap (CDS) clearing system after signing a bilateral clearing agreement with the Shanghai Clearing House [1]. - This service provides a "one-stop" online processing for the entire lifecycle of credit derivatives, including business entry, clearing and settlement, collateral management, and valuation management [1]. Group 2: Market Coverage and Efficiency - Since its introduction in 2017, the Shanghai Clearing House has achieved full coverage of contract-based credit derivatives, capturing approximately 89% of the market share [2]. - The online clearing service has increased the efficiency of clearing and settlement, reduced disputes, and improved market transparency [2]. Group 3: Future Developments - The Shanghai Clearing House plans to continue collaborating with the People's Bank of China, the Trading Association, and various market institutions to enrich the product spectrum of credit derivatives and enhance clearing service quality [3]. - The focus will be on promoting reasonable pricing in the bond market, supporting financing for real enterprises, and improving risk management efficiency [3].