Under the mandatory clearing requirement of the Dodd-Frank Act, clients will have to clear a large proportion of their over-the-counter derivatives transactions. Yet not all derivatives are available to be cleared – cross-currency swaps, swaptions and credit default swap (CDS) tranches, to name a few – and many commonly used, but customised, derivatives may never be listed for clearing at all. Once clearing becomes mandatory, many clients will find themselves with portfolios that are split
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