Disjointed OTC reforms 'could destroy Asia derivatives market'
Asifma chief executive Mark Austen says OTC reforms from the West have been expensive for Asia to implement and have the capacity to destroy the region's markets before they start to develop
An organised response to extraterritorial regulation is the aim of a new consultation underway at the International Organization of Securities Commissions (Iosco).
While some post-crisis reforms have been well synchronised – Basel III being one example – others such as over-the-counter derivatives reforms have been disjointed and are moving at different speeds.
Mark Austen, chief executive at the Asia Securities Industry & Financial Markets Association, explains how Asian regulators hope the consultation will create more cohesive global regulation.
The consultation closes on February 23.
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