India proposes tough uncleared swap margin rules
RBI underscores India's status as a non-netting jurisdiction
The Reserve Bank of India (RBI) has reinforced the country's status as a non-netting jurisdiction by insisting margining for non-centrally cleared derivatives must be done on a transaction-by-transaction basis rather than across the whole portfolio.
The RBI insists the legal position for netting in India is not "unambiguously clear", but this view is not shared by the International Swaps and Derivatives Association (Isda), which has already pronounced the country to be a clean netting
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