South Africa plays catch-up on clearing
The Group of 20 nations have pledged to clear standardised over-the-counter derivatives through central counterparties by 2012. But progress in South Africa so far has been slow. By Matt Cameron
The US and Europe have been virtually neck and neck in the race to draw up comprehensive reform of the over-the-counter derivatives market. In the event, US legislators pipped their peers to the post, passing the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21. The European Commission (EC) eventually published its proposals on OTC derivatives on September 15, which must now be approved by the European Council and the European Parliament before they come into law.
Given all
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