Intro; Contents; List of Acronyms; Over-the-Counter Derivatives Regulation in Hong Kong and Singapore; Abstract; Keywords; Introduction; 1 Transnational OTC Derivatives Regulations; 1.1 Regulatory Background; 1.2 The Adoption of ISDA Master Agreement in the Practice; 2 Regulatory Scope: General Definition of Derivatives; 2.1 Singapore; 2.2 Hong Kong; 2.3 Summary; 3 The Reporting Mandate; 3.1 General Introduction; 3.2 Legal Mandate and Jurisdiction Scope; 3.3 Who-Reporting Parties; 3.3.1 Singapore; 3.3.2 Hong Kong; 3.3.3 Comparison; 3.4 What-Reportable Transactions; 3.5 Compliance Issues 3.5.1 Timing and Back-loading3.5.2 How to Report: Single-sided or Dual Reporting; 3.5.3 Information to be Reported; 3.5.4 Report to Whom and Substituted Compliance; 4 Clearing Mandate; 4.1 General Introduction; 4.2 Legal Mandate and Jurisdiction Scope; 4.3 Who-Clearing Parties and Clearing Threshold; 4.4 Transactions Subject to the Clearing Obligation and Exempted Transactions; 4.4.1 General; 4.4.2 Hedging or End-user Exemption; 4.4.3 Intragroup or Affiliate Exemptions; 4.4.4 Other Exemptions; 4.5 Some Compliance Issues; 4.5.1 Timing and Back-loading; 4.5.2 Substituted Compliance 4.5.3 Documentation Issues5 The Trading Mandate; 6 Convergence, Divergence or a Room for Arbitrage? An Evaluation of Positions in Hong Kong and Singapore; 7 Conclusions; Bibliography

In this work, Christopher Chen examines and compares the regulation of over-the-counter derivatives in Hong Kong and Singapore, the two largest international financial centres in Asia Pacific. Chen analyses current or proposed regulations on trade reporting, centralised clearing and mandatory exchange trading mandates regarding OTC derivatives against the backdrop of reforms of international financial regulatory structure after the global financial crisis. The article also relates the reforms in Asia to development in major Western markets such as the US, the UK or the European Union. Apart from technical comparison and dissecting of content of rules from different angles, his work also examines the rationale behind those reforms and policy concerns behind Asian adoption of the regulatory mandates prescribed by G20 as well as potential policy concerns (such as competition and extraterritoriality) in a market that is dominated by Western banks