South African banks will struggle with CCP default fund requirements, say participants

Yellow human figure standing on pile of fake money

South African dealers will struggle to adapt to the mandatory clearing of over-the-counter derivatives, particularly any requirement to contribute to a central counterparty (CCP) default fund, according to panellists at the Risk and Return South Africa conference in Cape Town last week.

As a member of the Group of 20 nations, South Africa is committed to clear standardised OTC derivatives by the end of 2012. The South African Reserve Bank has not indicated whether it will require rand-denominate

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