Shanghai Clearing House becomes fifth in Asia to start OTC clearing
First CNY interest rate swaps cleared in China
Shanghai Clearing House (SCH) started clearing CNY interest rate swaps on January 2 with a mandate expected in June but the clearing house is unlikely to apply for Esma recognition according to lawyers.
Within Asia, China is the latest country to start over-the-counter clearing after Australia, Hong Kong, Singapore and Japan. As a G-20 member China is keen to comply with the commitment laid out at the Pittsburgh summit in 2009 to clear all standardised derivatives and as its young derivatives
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