Setting new standards

The publication of a new master agreement governing over-the-counter derivatives trading activity onshore in China in mid-March will go a long way towards improving the legal operating environment. But several important elements are unresolved and present risks for banks and their counterparties. Kathleen Kearney reports


China's National Association of Financial Market Institutional Investors (Nafmii), a trade association set up by the People's Bank of China (PBOC), published a new master agreement for the trading, settlement and netting of onshore over-the-counter (OTC) derivatives traded in the Chinese interbank market in mid-March - nearly 10 months ahead of some predictions.

The new agreement is much more than an amalgamation of its Nafmii predecessor published in 2007 and a master agreement published by

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