Market welcomes ‘pragmatic’ approach to central clearing by MAS
Singapore regulator wants central clearing but is agnostic over where it takes place
Derivatives market participants have welcomed the decision by the Monetary Authority of Singapore (MAS) not to insist on the use of a specific clearing house for OTC derivatives where at least one leg is booked in Singapore, with one senior banker in Singapore describing the stance as “pragmatic and clever”.
In a consultation paper issued last week, the MAS said it would require central clearing of trades where “both parties to the contract are resident or have presence in Singapore or one party
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