OSTTRA triReduce Completes First USD/CNH Cross Currency Swap Compression via HKEX

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2025-09-17 09:07:01

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OSTTRA's triReduce portfolio compression service has executed its inaugural compression run for USD/CNH cross currency swaps through HKEX's OTC Clear platform. The August 28th pilot involved five institutions including Bank of China (Hong Kong) and Crédit Agricole CIB, compressing $5.8bn in notional value.

HKEX remains the sole central counterparty for these swaps, with outstanding cleared volume reaching $255.2bn in July 2025. The compression service addresses growing demand for capital efficiency in Asia's expanding FX derivatives market, where APAC currency contract volumes have more than doubled year-over-year to exceed $33.1tn in 2025.

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