Page 37 - 期貨和衍生品行業監管動態（2025年7月）
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期貨和衍生品行業監管動態
電郵（frr_consultation@sfc.hk）、郵寄或傳真（2523 4598）的方式，就本次公開
征求意見提交反饋。
SFC Consults on Financial Resources Rule Enhancements to Foster Market
Developments for OTC Derivatives and Other Products (2025/7/14)
The Securities and Futures Commission (SFC) today launched a public
consultation on draft amendments to the Securities and Futures (Financial Resources)
Rules (FRR) and related guidelines for implementing a set of internationally
comparable capital requirements for licensed corporations (LCs) engaging in
over-the-counter derivative activities (OTCD capital requirements).
Under the proposal, the OTCD capital requirements previously proposed have
been fine-tuned with reference to recent changes to Hong Kong’s Banking (Capital)
Rules and the Basel Framework. The capital requirements for inter-dealer brokers will
also be significantly lowered and transfer pricing treatments for LCs will be
simplified to reflect the comments received during the SFC’s 2017 consultation.
In addition, the SFC proposed various other FRR changes to support LCs’
business development and diversification. These include measures to facilitate LCs’
trading of stocks in Mainland China and emerging markets, commodities and carbon
products, as well as digital asset futures and options on licensed virtual asset trading
platforms. Also, to drive Hong Kong’s development as a regional fixed income and
currency hub, the SFC proposed to exempt the capital requirements for
centrally-cleared repurchase transactions (repos) to promote their central clearing in
Hong Kong and the development of the city’s inter-dealer repo market.
“To reinforce Hong Kong’s status as an international financial centre, it is crucial
to align our OTCD capital requirements with global standards,” said Dr. Eric Yip, the
SFC’s Executive Director of Intermediaries. “We are confident that these
forward-looking and inclusive proposals will facilitate innovation and boost the
sustainable development of Hong Kong’s offshore RMB, FICC, and digital asset
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