Japan delays cross-border rules amid US and European uncertainty
Equivalence and substituted compliance issues must be resolved quickly, or financial markets will be affected, says Kono at Japanese FSA
Japan is delaying its cross-border clearing rules to avoid adding to the "tremendous uncertainty" created by US and Europe over this issue, according to Masamichi Kono, vice-commissioner for international affairs at the Japan Financial Services Agency (JFSA).
The JFSA wants to establish its own set of cross-border rules, and to extend clearing beyond the current interest rate swap and credit default swap remit, but is conscious of inconsistencies in the approaches of global regulators, says Kono
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