MF Global demonstrates the need to keep collateral onshore says ASX chief

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The problems faced by non-US futures clearing clients of MF Global in accessing their collateral following the broker-dealer's insolvency in 2011 highlight the benefits of clearing in a firm's local market, according to Elmer Funke Kupper, chief executive of the Australian Securities Exchange (ASX). ASX launched a direct Australian dollar interest rate swap (IRS) clearing service in July 2013 and is set to start client clearing in 2014. The move into the AUD IRS clearing market has brought th