Dealers move to secure derivatives clearing gateways in Asia
Major dealers and exchanges are on a charm offensive to attract clients as they position themselves to use regulatory change as a tail-wind to become dominant providers of central counterparty (CCP) clearing services in Asia
G-20 leaders' commitments made in Pittsburgh in September 2009 bound regulators of the six Asian G-20 nations – Australia, China, India, Indonesia, Japan and South Korea – to mandate OTC clearing by the end of 2012. The US then pressed to implement some of these rules earlier under the Dodd-Frank Act – although US implementation has been delayed. Initially, the dealer community opposed such moves. Subsequently, foreign exchange swaps and outright forwards were exempted from OTC clearing in the
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