The HK$180m ($23m) venture will clear interest rate swaps, non-deliverable forwards and possibly equity derivatives, and will be separate from HKEX’s existing cash and derivatives clearing house.

It will also complement the OTC trade repository being implemented by the Hong Kong Monetary Authority.

Charles Li, HKEX’s chief executive, said he would deepen ties with mainland China by developing more renminbi products. “While this is a relatively low volume market in Hong Kong at the moment, it has tremendous potential for growth, particularly with the wider use of renminbi in international transactions,” Li said.

“We aim to be at the forefront of that growth by providing a stable, transparent and efficient platform for the clearing of OTC derivatives.”

HKEX’s will be the second OTC clearing house in Asia. Singapore Exchange launched its offering in November.