South African proposals cause offshore clearing flap

Draft clearing rules insist that all CCPs must follow South African regulation, but industry expects change

Johannesburg, South Africa

Dealers and clearing houses have raised concerns about South African proposals that could prevent local banks from using foreign central counterparties (CCPs) – something the industry hopes is an oversight and which the country's National Treasury admits is under review.

Recognition and authorisation of foreign CCPs has become a battleground in recent months, with the notion of equivalence at its heart. The idea is that foreign clearing houses can be approved for domestic use if they are

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