South Africa still unsure about onshore CCP

Long-awaited proposals do not address market's hottest debate

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Five years on from the start of South Africa's clearing debate, the country's Treasury finally delivered a first stab at its domestic rules on July 4. Market participants say there are few surprises in the document – apart from an apparent drafting error that would shut international clearing houses out of the domestic market if left unchanged (see box, My way or the highway). It's what is missing from the proposals that is causing the angst. As with many other members of the Group of 2