CCPs raise alarm on South African OTC reform
South African regulators want domestic banks to clear through a local CCP but global clearing houses are against the idea
CME and LCH.Clearnet have hit out at plans to require foreign clearing houses to have a standalone presence in South Africa.
Phil Atkinson, head of member sales and relationship management at LCH.Clearnet, said the firm was not interested in establishing a new central counterparty (CCP) in South Africa to serve the local market.
"Building domestic CCPs in multiple jurisdictions is not something that LCH at the moment would consider," he said, adding the firm prefers to operate its global CCP out
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