各位同仁： 华金证券率先在自营业务中引入挂钩同业存单发行利率的标准利率互换，针对同业存单等资产利率波动 可能带来的风险，精准匹配自身资产负债管理需求，通过灵活的交易策略构建风险对冲机制。这一举措 不仅丰富了华金证券的投资交易品种与风险管理手段，也为后续进一步拓展利率衍生品业务、提升综合 金融服务能力奠定了坚实基础。 标准利率互换业务：精准对冲风险，赋能市场主体发展 标准利率互换业务的推出与推广，为金融市场各类参与主体提供了高效、精准的风险管理工具，具备显 著的市场价值与业务优势。对于商业银行而言，该业务可精准对冲因短期利率变动导致的资产负债价值 波动，帮助银行稳定净息差，提升资产负债管理的精细化水平；对于券商、基金等投资机构，标准利率 互换为其持有的同业存单相关资产提供了专属的风险对冲手段，可有效降低利率波动对投资组合收益的 影响，增强组合抗风险能力。 此次中信证券与华金证券的成功合作，是证券公司在银行间创新衍生品业务领域优势互补、协同发展的 生动实践。未来，双方将继续在上海清算所与中国外汇交易中心的指导下，秉持互利共赢、探索创新的 精神，持续深化在标准利率互换及更多银行间衍生品领域的合作，不断拓展业务边界与 ...

Core Insights - Bank of China (Hong Kong) has become the first overseas clearing member of Shanghai Clearing House, successfully launching RMB interest rate swaps, standard bond forwards, and standard interest rate swap self-clearing services [1][2] - This initiative marks a historic step in the internationalization process of Shanghai Clearing House, enhancing the offshore RMB market and providing more risk hedging tools for overseas institutions [2][3] Group 1 - The introduction of overseas clearing members for interest rate derivatives self-clearing is a significant milestone for Shanghai Clearing House [2] - The initiative aims to create a new offshore RMB asset pool and leverage Bank of China (Hong Kong)'s strategic advantages as a global custodian and RMB clearing bank [2] - The new model allows direct trading and clearing, enabling overseas institutions to manage interest rate risks effectively [1][2] Group 2 - Shanghai Clearing House plans to accelerate its international development and expand its network of overseas clearing members [3] - The goal is to establish itself as a key hub for connecting to international financial markets during the 14th Five-Year Plan period [3] - This initiative is expected to enhance the competitiveness and influence of Shanghai as an international financial center [3]

Group 1 - The core viewpoint of the news is the successful merger of the RMB interest rate swap contracts between Guotai Junan Securities and Haitong Securities, facilitated by the Shanghai Clearing House, marking the largest scale of derivative contract consolidation in the interbank market to date [2] - The Shanghai Clearing House formed a working group within two weeks to develop a consolidation plan for the derivative positions, completing the internal processing within four days, and successfully merging nearly 3,000 centralized clearing contracts worth several hundred billion yuan [2] - Since 2014, the Shanghai Clearing House has launched a series of derivative products, including RMB interest rate swaps and standard interest rate swaps, effectively meeting diverse risk management needs and enhancing clearing efficiency [2] Group 2 - In 2024, the volume of interest rate derivatives reached a record high, with a total clearing scale of 36.5 trillion yuan, an increase of 16.5% year-on-year [3] - In the first quarter of 2025, the clearing scale of interest rate derivatives exceeded 13 trillion yuan, with a year-on-year growth rate of 70%, demonstrating their role as a "safe haven" amid adjustments in the bond market [3] - The maximum single-day clearing volume for interest rate derivatives surpassed 410 billion yuan, indicating significant growth in clearing activity [3]