Emerging markets

Special report

Regulators in the US and Europe are drawing up detailed new rules that will, among other things, require a large share of the over-the-counter derivatives market to be cleared through central counterparties (CCPs) and reported to trade repositories. It will be a massive change for the market – but it is not an entirely new idea. In Brazil, local participants have been clearing listed and some OTC derivatives trades via a CCP for some time, while OTC transactions between domestic counterparties a