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OTC Clear gets approval to clear cross-currency swaps

Hong KongExchanges & Clearing Ltd. unit OTC Clearing Hong Kong Ltd., orOTC Clear, received approval from the city's Securities and Futures Commissionto clear cross-currency swaps.

The bourse operator said July 21 that OTC Clear expects tobegin clearing cross-currency swaps in August. The clearing house willinitially provide clearing for swaps in the U.S. dollar/offshore yuan currencypair.

In addition, Hong Kong Exchanges appointed Jacky Mak asmanaging director and head of OTC Clearing, effective July 25. Mak replacesKelvin Lee, who has retired.