Giancarlo speech drives LCH-JSCC basis fall

CFTC chief backs US swap clearing on foreign CCPs, sparking 46% move in basis

Giancarlo yen drop

A speech by the head of a key US regulator is believed to be one of the main drivers of a near halving of the basis between yen interest rate swaps cleared at LCH and the Japan Securities Clearing Corporation.

Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, gave a speech in London on September 4 where for the first time he suggested US clients would be able to clear swaps on non-US central counterparties (CCPs) that aren’t fully registered with the regulator but

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