HSBC has selected Nasdaq Calypso for exchange-traded derivatives (ETD) clearing operations, expanding its use of the capital markets technology platform as financial institutions look to consolidate clearing infrastructure and prepare for always-on markets.
The move will bring ETD clearing onto the same platform HSBC already uses for several other clearing activities, creating a more unified infrastructure across its derivatives operations.
HSBC’s Derivatives Clearing Services business executes ETD trades for institutional clients across 40 futures exchanges worldwide. The bank also clears ETDs and over-the-counter (OTC) derivatives through major central counterparties (CCPs).
HSBC has used Nasdaq Calypso for client OTC derivatives clearing since 2011, covering products including interest rate swaps, inflation swaps and credit default swaps. The bank also uses the platform for repo clearing. Before the end of the year, HSBC plans to extend Nasdaq Calypso to US Treasury cash transactions, ahead of mandatory clearing requirements.
The broader use of a single platform forms part of HSBC Real Clear, the bank’s client offering that provides real-time visibility across clearing activity, margin, collateral and risk.
The service includes margin forecasting, intraday monitoring and scenario analysis, giving institutional clients tools to assess their positions and make funding, risk and operational decisions throughout the trading day.
By bringing more products onto the same infrastructure, HSBC said the approach can support cross-margining and give clients a more consolidated view of their collateral and market exposures.
The expansion also reflects wider changes taking place across financial market infrastructure. As trading moves towards an increasingly continuous, or “always-on”, model, banks and other market participants are facing greater requirements for real-time risk management, connectivity and operational resilience.
Nasdaq Calypso provides capital markets and treasury technology to banks, brokers, asset managers and central banks. Its expansion into ETD clearing is designed to give financial institutions a scalable infrastructure that can support multiple asset classes and markets without creating additional operational complexity.
HSBC global head of OTC clearing and ETDs Najib Lamhaouar said, “Using Nasdaq Calypso on a multi-product basis is an enabler for cross-margining that enhances our clients’ ability to manage their collateral and market risk within the HSBC Real Clear product suite.”
He added that real-time visibility of clearing activity, margin, collateral and risk exposure helps clients make more informed funding and risk decisions.
Nasdaq head of capital markets technology Magnus Haglind also commented, “The pace of market evolution and technology innovation is placing new demands on clearing infrastructure.”
He said firms are seeking modern systems that can support always-on risk management, AI adoption and greater ecosystem connectivity, with the flexibility to adapt to new asset classes, markets and client requirements.
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