Dealers move to secure derivatives clearing gateways in Asia

Courting counterparties

network

G-20 leaders' commitments made in Pittsburgh in September 2009 bound regulators of the six Asian G-20 nations – Australia, China, India, Indonesia, Japan and South Korea – to mandate OTC clearing by the end of 2012. The US then pressed to implement some of these rules earlier under the Dodd-Frank Act – although US implementation has been delayed. Initially, the dealer community opposed such moves. Subsequently, foreign exchange swaps and outright forwards were exempted from OTC clearing in the U

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