Swiss regulator fast-track key to cleared Saron swaps launch
Ice warns against rushing new products into clearing, however
Swiss regulators have been praised for quickly establishing a cleared market in swaps linked to an alternative reference rate, but the Intercontinental Exchange (Ice) has warned against compromising risk management standards in the race to get new products into clearing.
An industry working group selected the secured Swiss average rate overnight (Saron) in early 2016 to replace the unsecured tomorrow/overnight index swap rate (Tois), which will cease on December 29. A separate working group
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