Indian CCP equivalence push hits data protection roadblock

mumbai-traffic-jam — Gridlock: CFTC's demands have run up against India's strict data privacy laws

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Attempts by India's central bank to seal an equivalence deal with the US for the only Indian central counterparty (CCP) are being stymied by a dispute over data protection, potentially deterring US banks from trading in Indian derivatives markets.

"It is very difficult to give up data pertaining to US persons without also handing over data about other clearing members. This isn't something you can strait-jacket and say it is only for US persons," says one clearing expert on the Indian market.

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