How Asia is progressing towards OTC clearing deadline
With the end-2012 deadline imposed by global political leaders fast approaching, Keith Noyes of Isda examines specific issues around the Asian CCPs being set up to meet G-20 commitments and how Basel III may drive certain market trends
Six jurisdictions in the Asia-Pacific region have now committed to building over-the-counter derivatives clearing houses, despite collectively accounting for less than 8% of global OTC derivatives volume, according to statistics from the Bank for International Settlements. If Japan is excluded, then five clearing houses will share just over 4% of global volume (actually less after subtracting un-clearable transactions).
Clearing is a volume business with economies of scale required to reduce per
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