India‘reluctant’ to apply for Esma recognition under current rules

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India is "reluctant" to apply for third-country equivalence for the Clearing Corporation of India (CCIL) from the European Commission (EC), while it is also planning to mandate the central clearing of rupee foreign exchange derivatives, a scenario that could potentially force European banks to exit the most profitable part of their derivatives business in the country.

On June 15, the European Securities and Markets Authority (Esma) is due to provide advice for the EC over whether India's central

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