Revamping of Korea's clearing model up for parliamentary vote
Pressure mounts to push through a crucial bill needed for CCP equivalence
Fears are growing that Korea could be left out of the second wave of European Union decisions to grant equivalence status to third-party central counterparties (CCPs) as Korea grapples with a change to its default risk waterfall model.
This could make the cost for European derivative dealers more expensive than in those jurisdictions that are deemed to be equivalent. The deficiencies in Korea's clearing model were highlighted when HanMag Securities collapsed in December 2013 with losses of $45
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