Regional clearing houses push for third-country equivalence

Clearing houses across Asia have been working to meet global standards for CCPs in order to make themselves eligible for non-domestic trade flow. This article looks at how three clearing houses – in China, India and Korea – have upgraded their infrastructure to enable them to start clearing OTC derivatives

Just four months ago Asia's smaller clearing houses – those in China, India and Korea – were like a series of unfinished stadiums in the lead-up to hosting a major international sporting event with the participants fretting about the risk of injury caused by playing in an incomplete infrastructure.

Dealers at foreign banks were expressing concerns about systems and processes not meeting