Countdown to the G-20 deadline

Just 12 months to go until all standardised OTC derivatives are supposed to be cleared through CCPs – but meeting that deadline everywhere looks unlikely

It’s now just 12 short months until the end-2012 deadline set by the Group of 20 (G-20) nations for all standardised over-the-counter derivatives to be cleared by central counterparties (CCPs). That may have seemed ample time when the G-20 made the commitment in September 2009, but as regulators and market participants have delved into the detail, the issues have become more and more complex.

Concerns have been raised about the lack of eligible initial and variation margin held by end-users, the