A change for sovereign derivatives users?

Nick Sawyer

With the ink now drying on the Dodd-Frank Act in the US, and with similar regulation due in Europe later this year, attention is turning to how the various requirements will actually be implemented.

One of the more interesting questions is who will be subject to the clearing obligations – and, even more interesting, whether sovereigns and supranationals will be compelled to use central counterparties (CCPs). Many sovereigns would not qualify under the Dodd-Frank definition of a major swap partic

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