Isda AGM: Gensler confident clearing location requirements will not be imposed
Regulators are unlikely to insist local currency trades be cleared domestically, says CFTC chair
National regulators in the major financial markets are unlikely to insist local currency trades are cleared domestically, and instead will likely recognise overseas central counterparties (CCPs) that meet a set of principles published by the Committee on Payment and Settlement Systems (CPSS) and the technical committee of the International Organization of Securities Commissions (Iosco), according to Gary Gensler, chair of the Commodity Futures Trading Commission (CFTC).
His comments came during
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