HSBC Adopts Nasdaq Calypso ETD Platform
HSBC has expanded its long-running technology partnership with Nasdaq to bring exchange-traded derivatives clearing onto the same platform it has used for OTC clearing since 2011. The bank has adopted Nasdaq Calypso’s enhanced ETD clearing capability, giving it a single, integrated infrastructure spanning OTC derivatives, repo and, by year-end 2026, US Treasury cash transactions.
HSBC’s Derivatives Clearing Services already executes ETD transactions for institutional clients across 40 global futures exchanges, clearing both ETDs and OTC derivatives through the world’s largest central counterparties. Since 2011 the bank has used Nasdaq Calypso to clear clients’ interest rate, inflation and credit default swaps, and it also runs repo clearing on the platform. Extending that relationship to ETDs closes the last major gap in the multi-product setup.
By year-end 2026, HSBC will extend its use of Nasdaq Calypso to US Treasury cash transactions, ahead of mandatory clearing requirements for that market. Running OTC, ETD, repo and, shortly, UST cash clearing on one platform enables cross-margining across asset classes, a capability built into HSBC Real Clear, which gives clients real-time visibility of clearing activity, margin, collateral and risk through margin forecasting, intraday monitoring and scenario analysis.
Najib Lamhaouar, Global Head of OTC Clearing and ETDs at HSBC, said the multi-product use of Calypso underpins that offering.
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. With real-time visibility of clearing activity, margin, collateral and risk exposure, HSBC Real Clear helps clients make more informed funding and risk decisions to operate more efficiently. Our partnership with Nasdaq positions us well for changes in the clearing space, including the move to always-on markets and the increasing demand we are seeing from market participants for tokenised assets and collateral.
Najib Lamhaouar, Global Head of OTC Clearing and ETDs, HSBC
Nasdaq frames the expansion as reinforcing Calypso’s position as a modular, scalable platform for a more complex landscape. Magnus Haglind, Head of Capital Markets Technology at Nasdaq, said clearing infrastructure faces new demands from always-on markets, AI adoption and rising ecosystem connectivity, and that Calypso can adapt to new asset classes without added operational complexity.
HSBC Holdings plc reported assets of $3,438bn at 30 June 2026, from offices in 56 countries and territories. That scale is why the consolidation matters to rivals still running fragmented ETD and OTC clearing stacks, and to post-trade providers competing with Calypso for the same mandates.
