HSBC has adopted Nasdaq Calypso for its exchange-traded derivatives clearing platform, adding integrated clearing capabilities.
HSBC has adopted Nasdaq Calypso for its exchange-traded derivatives (ETD) clearing platform as part of its partnership with Nasdaq. The move brings ETD clearing onto the same platform HSBC already uses for other clearing activities. HSBC’s Derivatives Clearing Services executes ETD transactions for institutional clients across 40 global futures exchanges and clears both ETDs and over-the-counter (OTC) derivatives through central counterparties (CCPs). HSBC has used Nasdaq Calypso since 2011 for clearing OTC derivatives, including interest rate, inflation, and credit default swaps.
HSBC expands Calypso clearing capabilities
HSBC also uses Nasdaq Calypso for repo clearing and plans to extend its use to US Treasury cash transactions by the end of 2026. The move is intended to support the bank’s preparations for mandatory clearing requirements affecting US Treasury transactions.
The wider use of Calypso brings HSBC's clearing activities across multiple products onto a common platform and supports cross-margining across eligible positions. HSBC’s Real Clear offering provides clients with visibility of clearing activity, margin, collateral, and risk exposure, as well as tools for margin forecasting, intraday monitoring, and scenario analysis.
Platform supports ETD and OTC clearing
Nasdaq Calypso provides clearing workflows across ETD and OTC derivatives within a single platform. Its clearing capabilities include connectivity with exchanges and CCPs, margin and collateral management, position management, reconciliation, and risk monitoring. The platform also supports HSBC’s broader clearing operations as market participants move towards longer operating hours and increased use of digital and tokenised assets.
Nasdaq Calypso is designed to adapt to new asset classes, markets, and client requirements, supporting changes in clearing operations while maintaining connectivity across different markets and clearing workflows.
The adoption builds on HSBC’s existing use of Calypso across multiple products rather than introducing the platform solely for ETD clearing. The expanded use brings ETD processing together with existing OTC and repo clearing workflows within the same technology environment.
