Chin-Chong Liew

Chong is widely acknowledged as a leading practitioner in sophisticated derivatives and capital market products and heads the firm’s structured finance and derivatives practice in Asia. He has acted as counsel to ISDA in the Asia Pacific since 1997 and has been closely involved in the development of derivatives and capital market products in China since 1995. 

Chong has worked closely with Chinese financial institutions and the regulators on structural developments in China, including settlement finality and the enforceability of netting under the Futures and Derivatives Law, and on derivatives documentation for the National Association of Financial Market Institutional Investors (NAFMII) and the Securities Association of China (SAC). 

Chong regularly advises on matters relating to financial market infrastructures (FMI) such as exchanges, clearing houses, depository, and payment systems as well as digital assets (including tokenisation).

Work highlights

Chong has played a significant role in the development of the derivatives and structured product market in Hong Kong and China. His innovative work includes advising:

• Hong Kong Exchanges and Clearing Market (HKX) on China Connect Schemes, including the Shanghai-Hong Kong Stock Connect (November 2014) and the extension to the Shenzhen-Hong Kong Stock Connect (November 2016). 
• Bond Connect Company and HKX on the Bond Connect Scheme (July 2017), another milestone in mutual market access between Mainland China and the world.
• OTC Clearing Hong Kong (a subsidiary of HKX) and the Shanghai Clearing House on the Swap Connect Scheme (May 2023), which is the world’s first ever central clearing counterparty (CCP) link for clearing OTC swaps.
•  The introduction of OTC clearing by OTC Clearing Hong Kong and Shanghai Clearing House and the internationalisation programs of Shanghai International Energy Exchange (INE) and many futures exchanges from mainland China.
• 2011 ISDA Equity Derivatives Definitions and Pan Asia/AEJ Equity Derivatives MCA templates.
• International banks and funds on structured equity and innovative collar financing transactions. 
• International banks, offshore affiliates of Chinese banks and securities houses on the establishment of their structured notes and repackaging programs, as well as on their subsequent issuances.

Chong is admitted in England and Wales, Hong Kong SAR, Malaysia and New Zealand. 

Chong was an adjunct professor at the University of Hong Kong (2016-2020).

Chong writes and publishes extensively on subjects relating to derivatives products and financial market infrastructures. His external publications include:

• Hong Kong Derivatives - Law and Practice, Lexis-Nexis, 2010, with I-Ping Soong
• Linklaters’ Guide to China-Hong Kong Stock Connect, with a supplement on Bond Connect, Linklaters, November 2017
• Chapter 8 (China), Set-Off Law and Practice - An International Handbook, Oxford University Press, 2018

Articles

• “Beyond Swap Connect” International Financial Law Review, September 2023
• “Will Southbound Bond Connect be A Game Changer for Hong Kong SAR’s debt market?” International Financial Law Review, October 2021
• “Stock Connect - The Beneficial Ownership Conundrum”, Finance Asia, March 2015 
• “China - The New Netting Jurisdiction”, Global Capital, February 2014

Chong studied law at Victoria University of Wellington, New Zealand, and holds a Bachelor of Civil Law (a master’s equivalent) from Worcester College, University of Oxford.

Chong is a holder of the CFA Charter, a member of the PRIME Finance based in the Hague and a member of the Hong Kong Academy of Finance.

He speaks fluent English, Mandarin, Cantonese and Bahasa Malay.