Dealers braced for Taiwan swaps clearing mandate

Expected FSC directive on TWD interest rate swaps could spur growth in FX clearing, say bank execs

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International banks are rushing to become clearing members at Taiwan Futures Exchange (Taifex) ahead of an expected directive from Taiwan’s financial regulator that will make it mandatory for banks to centrally clear their New Taiwan dollar (TWD) interest rate swap trades. Some dealers also predict it could lead to an expansion of foreign exchange derivatives clearing in the country. 

Market participants expect Taiwan’s Financial Supervisory Commission to make a formal announcement establishing a

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