Clearing of physical FX in China and India a concern, says GFXD’s Ngai

Global forex division managing director David Ngai warns of the challenges associated with centrally clearing physically delivered foreign exchange products

Chinese currency

Plans by central counterparties (CCPs) in India and China to clear physically delivered foreign exchange products, including spot and forwards, are a concern for banks that could be hit with punitive capital charges if those CCPs do not meet international standards, a major foreign exchange lobby group has warned.

Speaking at the FX Week Asia conference in Singapore last week, David Ngai, Hong Kong-based managing director of the global forex division of the Global Financial Markets Association

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