CFTC’s cross-border clearing plan faces long haul
US clients warned not to expect access to foreign exempt CCPs for at least a year
The markets are already getting excited about Christopher Giancarlo’s plan to help US clients clear foreign swaps on overseas central counterparties (CCPs), but experts warn the champagne may have to stay on ice for a while yet.
“I would caution that, notwithstanding chairman Giancarlo’s push to get this done, this process will take some time, and the details will be really important in order to gain consensus among market participants and non-US regulators,” says Nihal Patel, a swaps
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