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CMU Newsletter Issue 15 - CMU OmniClear marks first anniversary with robust performance in 2025
CMU OmniClear Limited (CMU OmniClear) is pleased to announce today (30 January) robust performance for 2025, having achieved record-breaking growth across key business metrics in celebration of its first anniversary.
AUC scaled new heights and diversified further
By the end of 2025, the assets under custody (AUC) of the Central Moneymarkets Unit (CMU) grew 9% year-on-year to a record HK$5.2 trillion equivalent, while outstanding debt securities surged 19% to HK$4.1 trillion equivalent. Diversification also advanced significantly, with the value of non-HKD-denominated debt securities growing nearly fivefold over the past six years and now accounting for 48% of total outstanding securities in value terms.
Primary issuance hit record high
New issuance activities through CMU continued to thrive in 2025 and hit an all-time high of a total new issuance size of HK$1,723.3 billion equivalent, which was a 10% increase from 2024, with 1,902 new issues being lodged throughout the year, excluding Exchange Fund Bills and Notes and Government Bonds.
CMU OmniClear sustained its market-leading position with 824 new dim sum bond issuances in 2025, occupying 95% market share in new issuances (as of Q3 2025) of the offshore RMB (CNH) bond market. Additionally, its share in the outstanding dim sum bond market continued to expand and reached a new height of 87% by Q3 2025.
Meanwhile, non-HKD-denominated issuances constituted 85% of all new lodgements through CMU in 2025, with a rising trend of USD and EUR-denominated bond issuances – USD-denominated bond issuances grew 16% year-on-year to a total of HK$281.9 billion equivalent whereas EUR-denominated bond issuances grew more than double to HK$51.9 billion equivalent, establishing the latter as the fastest-growing bond type in 2025 in CMU. Further contributing to the confidence in CMU OmniClear’s multi-currency capability was the issuance of an AUD-denominated bond in November. Throughout the year, CMU OmniClear successfully onboarded a diverse range of new issuers, expanding its geographic reach to cover public and private entities from regions such as Central Asia, the Middle East, and North America.
CMU OmniClear pioneers financial innovation to drive market efficiency, specialising in digital bond issuances which is essential for developing the digital securities market. Since its establishment, the company has facilitated an equivalent of HK$21.3 billion in fundraising by supporting multi-currency digital bond issuances for a diverse range of local and international issuers.
New repo services gained solid traction
Following the Hong Kong Monetary Authority’s (HKMA) enhancements to the CNH bond repurchase (repo) business, CMU OmniClear began to provide various repo services for Northbound Bond Connect investors to facilitate their participation in repo businesses.
Since its launch in late August 2025, the expanded settlement arrangement on using Bond Connect securities as collateral for offshore bond repo transactions has gained consistent traction. Notably, 56% of these transactions were settled in USD.
Similarly, the Cross-Boundary Bond Repo Transaction Settlement Service has also met with steady demand following its launch in late September 2025. By the end of 2025, it recorded a total of 185 transactions with a total turnover of RMB60.3 billion, facilitating global investors to obtain onshore RMB liquidity for their offshore use.
Separately, Southbound Bond Connect activities remained stable in its fourth year, with the annual volume reaching HK$688.6 billion equivalent across 3,034 transactions in 2025. Meanwhile, Northbound Bond Connect remained robust, with total trading value hitting RMB9.7 trillion. In December 2025, the Northbound channel accounted for 60% of total overseas investor trading value in China Interbank Bond Market (CIBM).
Incorporated in October 2024, CMU OmniClear took forward the operations and business development activities of CMU on behalf of the HKMA. Key milestones in its inaugural year included the HKMA establishing CMU OmniClear Holdings Limited (CMU OmniClear Holdings) as its parent company in October 2025, followed by the introduction of Hong Kong Exchanges and Clearing Limited (HKEX) as a strategic shareholder of CMU OmniClear Holdings.
“On our first anniversary, we are proud to have broken records across our key performance indicators by diversifying our services, expanding connectivity, and broadening membership eligibility. We are thrilled to have HKEX onboard which will significantly enhance our post-trade asset servicing capabilities,” said Mr Stanley Chan, Group Chief Executive Officer of CMU OmniClear Holdings and Chief Executive Officer of CMU OmniClear. “We sincerely thank our members and partners for their trust and support. Together, we will ascend to new heights, enriching Hong Kong’s bond market and solidifying its role as a global fixed-income and currencies hub.”
For more details of CMU OmniClear’s 2025 performance, please refer to the latest CMU Newsletter issue 15 “A Strong Start, A Record First Year: Our 2025 Review” published today.
CMU OmniClear Limited
30 January 2026
About CMU OmniClear
CMU OmniClear, established in October 2024, is a market infrastructure operator. CMU OmniClear is responsible for the operations and business development activities of Hong Kong’s central securities depository infrastructure, the Central Moneymarkets Unit (CMU) system, on behalf of the HKMA. By the end of 2025, assets under custody of CMU stood at around HK$5.2 trillion equivalent.
CMU OmniClear drives efficiency and innovation to serve issuers and investors in the Hong Kong market, while facilitating cross-border investment between the Chinese Mainland and international capital markets through world-class securities safekeeping, settlement, asset servicing and collateral management.
www.CMUOmniClear.com
For media enquiries, please contact the press office of CMU OmniClear at cmuoc_press@hkma.gov.hk
AUC scaled new heights and diversified further
By the end of 2025, the assets under custody (AUC) of the Central Moneymarkets Unit (CMU) grew 9% year-on-year to a record HK$5.2 trillion equivalent, while outstanding debt securities surged 19% to HK$4.1 trillion equivalent. Diversification also advanced significantly, with the value of non-HKD-denominated debt securities growing nearly fivefold over the past six years and now accounting for 48% of total outstanding securities in value terms.
Primary issuance hit record high
New issuance activities through CMU continued to thrive in 2025 and hit an all-time high of a total new issuance size of HK$1,723.3 billion equivalent, which was a 10% increase from 2024, with 1,902 new issues being lodged throughout the year, excluding Exchange Fund Bills and Notes and Government Bonds.
CMU OmniClear sustained its market-leading position with 824 new dim sum bond issuances in 2025, occupying 95% market share in new issuances (as of Q3 2025) of the offshore RMB (CNH) bond market. Additionally, its share in the outstanding dim sum bond market continued to expand and reached a new height of 87% by Q3 2025.
Meanwhile, non-HKD-denominated issuances constituted 85% of all new lodgements through CMU in 2025, with a rising trend of USD and EUR-denominated bond issuances – USD-denominated bond issuances grew 16% year-on-year to a total of HK$281.9 billion equivalent whereas EUR-denominated bond issuances grew more than double to HK$51.9 billion equivalent, establishing the latter as the fastest-growing bond type in 2025 in CMU. Further contributing to the confidence in CMU OmniClear’s multi-currency capability was the issuance of an AUD-denominated bond in November. Throughout the year, CMU OmniClear successfully onboarded a diverse range of new issuers, expanding its geographic reach to cover public and private entities from regions such as Central Asia, the Middle East, and North America.
CMU OmniClear pioneers financial innovation to drive market efficiency, specialising in digital bond issuances which is essential for developing the digital securities market. Since its establishment, the company has facilitated an equivalent of HK$21.3 billion in fundraising by supporting multi-currency digital bond issuances for a diverse range of local and international issuers.
New repo services gained solid traction
Following the Hong Kong Monetary Authority’s (HKMA) enhancements to the CNH bond repurchase (repo) business, CMU OmniClear began to provide various repo services for Northbound Bond Connect investors to facilitate their participation in repo businesses.
Since its launch in late August 2025, the expanded settlement arrangement on using Bond Connect securities as collateral for offshore bond repo transactions has gained consistent traction. Notably, 56% of these transactions were settled in USD.
Similarly, the Cross-Boundary Bond Repo Transaction Settlement Service has also met with steady demand following its launch in late September 2025. By the end of 2025, it recorded a total of 185 transactions with a total turnover of RMB60.3 billion, facilitating global investors to obtain onshore RMB liquidity for their offshore use.
Separately, Southbound Bond Connect activities remained stable in its fourth year, with the annual volume reaching HK$688.6 billion equivalent across 3,034 transactions in 2025. Meanwhile, Northbound Bond Connect remained robust, with total trading value hitting RMB9.7 trillion. In December 2025, the Northbound channel accounted for 60% of total overseas investor trading value in China Interbank Bond Market (CIBM).
Incorporated in October 2024, CMU OmniClear took forward the operations and business development activities of CMU on behalf of the HKMA. Key milestones in its inaugural year included the HKMA establishing CMU OmniClear Holdings Limited (CMU OmniClear Holdings) as its parent company in October 2025, followed by the introduction of Hong Kong Exchanges and Clearing Limited (HKEX) as a strategic shareholder of CMU OmniClear Holdings.
“On our first anniversary, we are proud to have broken records across our key performance indicators by diversifying our services, expanding connectivity, and broadening membership eligibility. We are thrilled to have HKEX onboard which will significantly enhance our post-trade asset servicing capabilities,” said Mr Stanley Chan, Group Chief Executive Officer of CMU OmniClear Holdings and Chief Executive Officer of CMU OmniClear. “We sincerely thank our members and partners for their trust and support. Together, we will ascend to new heights, enriching Hong Kong’s bond market and solidifying its role as a global fixed-income and currencies hub.”
For more details of CMU OmniClear’s 2025 performance, please refer to the latest CMU Newsletter issue 15 “A Strong Start, A Record First Year: Our 2025 Review” published today.
CMU OmniClear Limited
30 January 2026
About CMU OmniClear
CMU OmniClear, established in October 2024, is a market infrastructure operator. CMU OmniClear is responsible for the operations and business development activities of Hong Kong’s central securities depository infrastructure, the Central Moneymarkets Unit (CMU) system, on behalf of the HKMA. By the end of 2025, assets under custody of CMU stood at around HK$5.2 trillion equivalent.
CMU OmniClear drives efficiency and innovation to serve issuers and investors in the Hong Kong market, while facilitating cross-border investment between the Chinese Mainland and international capital markets through world-class securities safekeeping, settlement, asset servicing and collateral management.
www.CMUOmniClear.com
For media enquiries, please contact the press office of CMU OmniClear at cmuoc_press@hkma.gov.hk
