When the Group of 20 (G-20) nations committed themselves to over-the-counter derivatives clearing in September 2009, the most obvious beneficiaries were the market’s established, international players. But a crop of local OTC clearing houses is also springing up in markets such as Japan, Poland, Singapore and Sweden – to the dismay of some market participants, who fear the effects of fragmentation (Risk April 2011, pages 38–41, www.risk.net/2037531). They may just have to get used to it.
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