Lack of local currency OIS markets problematic for Asia banks
The move towards OIS discounting is proving difficult enough for banks in US and European markets but firms in Asia are facing the added difficulty of a dealing with multiple currencies
Ever since regulators identified over-the-counter derivatives as posing a major systemic risk to the banking system, they have been attempting to make the markets more transparent by driving deals towards central clearing, and fortifying counterparty credit risk management by introducing capital penalties for uncollateralised trades. Meanwhile, in the US and European markets the rates for
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