Regional clearing houses push for third-country equivalence

China, India, Korea CCPs upgrade infrastructure to clear 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 international standards, the capital costs being punitive and a lack of recognition from European and US regul