Singapore Exchange has said in a circular to its members that its central counterparty (CCP), AsiaClear, will suspend its service for clearing over-the-counter US dollar interest rate swaps due to lack of demand.
SGX was the first CCP in Asia to offer OTC derivatives clearing in 2011. While its main product is Singapore dollar interest rate swaps, it has also been offering US dollar rate swaps, the second most traded hedging tool among financial institutions in the city-state.
However, with low
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