Editorial: Clearing the way

Aaron Woolner

Setting up the infrastructure for clearing over-the-counter derivatives is not a simple task. Witness the lack of global co-ordination of whether to apply Basel III's collateral valuation charge to sovereigns and corporates – an argument with dramatic implications for the capital charge payable for uncleared swaps. Similarly, creating the infrastructure to support clearing requires an extensive period of consultation and research by regulators over the market shape and what actual instruments to

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