Asia most advanced in forex clearing, Europe and US lagging

Onshore mandates give Asian economies the edge in developing forex clearing

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India, China and South Korea are the most advanced economies in terms of clearing FX contracts such as non-deliverable forwards, in contrast with Europe, where the timetable for clearing mandates is vague, and the US, where 2017 has been pencilled in for kicking off the new regime.

At the annual FX Week Asia conference in Singapore, Siddhartha Roy, chief risk officer at the Clearing Corporation of India (CCI) said daily average settled volumes in USD/INR normally hover around $20 billion and can

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