China sets scene for credit derivatives
The National Association of Financial Market Institutional Investors published new guidelines last year that pave the way for the launch of a credit derivatives market in China. What are the hurdles to growth? By Benjamin Liu, Chin-Chong Liew, Simon Zhang and Chris Zhao
After months of anticipation, the National Association of Financial Market Institutional Investors (Nafmii) published the Guidelines for interbank market credit risk mitigation instruments (pilot scheme) on October 29, 2010. This is a major milestone in the China interbank market and paves the way for the launch of an onshore credit derivatives market.
The instruments introduced under the pilot scheme are relatively simple. At this stage, only two types of products are allowed: credit risk
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