Clearing of Chilean NDFs hampered by netting uncertainty

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Restrictive Chilean laws on close-out netting - the process by which derivatives contracts can be legally terminated in the event of a default - could hinder progress to establish foreign exchange clearing in the Chilean peso, singled out by two central counterparties (CCPs) as a currency in which they plan to launch clearing of non-deliverable forwards (NDFs) this year.

In May, the Chicago Mercantile Exchange (CME) Group launched clearing for US dollar/peso NDFs through its ClearPort platform

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