On the backburner

Special Report: Credit derivatives

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The Reserve Bank of India (RBI) has slammed the brakes on credit derivatives deregulation in the country, following a wave of derivatives scandals in the Indian subcontinent. It hasn't helped that credit derivatives have earned themselves a bad name as a result of the global subprime crisis. "Credit derivatives are not under our active consideration at this stage," an RBI spokesperson in Mumbai tells Asia Risk.

The central bank had announced in May 2007 that the use of over-the-counter (OTC) cred