South Africa considers onshore mandate for OTC clearing

Like many smaller markets that have signed up to the Group of 20’s reform agenda, South Africa has no onshore clearing house for over-the-counter derivatives. The Johannesburg Stock Exchange is building one, but local banks have already started using offshore services – leaving all participants, including the regulators, with some tricky choices. By Michael Watt


South African regulators have a big decision to make – whether to let domestic dealers conduct all their over-the-counter derivatives business with overseas central counterparties (CCPs), or to insist certain trades are handled by a domestic clearer that does not currently exist.

The decision rests with the National Treasury, which says it currently has no preference, but some observers believe it is edging towards the second course of action. South African dealers have been allowed to start

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