Q&A: Jae-Joon Lim, KRX
G-20 member South Korea made a firm commitment to meet the January 2013 deadline to clear OTC derivatives – it’s going to miss it but the Korea Exchange expects to have operations underway in the near future
Asia Risk: Will Korea meet the Group of 20 (G-20) deadline for clearing over-the-counter derivatives?
Jae-Joon Lim, director of business development, KRX: We are building the IT system for OTC clearing and are currently testing with banks and securities companies. We need to get approval for the final clearing rules from the Financial Services Commission and for the legislature to pass the bill. We expect to start voluntary clearing of Korean won interest rate swaps (IRSs) from April. Korean won
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