Lack of certainty over OTC clearing location a problem for Asia asset managers

Regulatory uncertainty

Uncertainty on whether to clear over-the-counter derivatives via a local or international clearing house is presenting challenges for Asia buy-side market participants.

In Japan, regulators have mandated that credit default swaps on iTraxx Japan should be cleared through a licensed domestic central counterparty (CCP) and that interest rate swap trades on yen Libor must be cleared through a licensed domestic, foreign or linked CCP.

In contrast, Australian regulators recommended in a paper

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