Apec finance chiefs affirm commitment to Basel III and central clearing

Attendees at the Apec meeting 2011

Asia-Pacific Economic Cooperation (Apec) finance ministers reiterated their commitment to the implementation of Basel III and committed to continue to undertake regulatory reforms related to central counterparty (CCP) clearing of OTC derivatives at the 18th Apec finance ministers' meeting in Honolulu, Hawaii, on November 10.

Chairing the meeting, US treasury secretary Timothy Geithner and other Apec finance ministers issued a joint statement pledging to "take co-ordinated actions to strengthen t