New standard CSA too dollar-centric, say Asian banks

Currency compass

Banks in Asia-Pacific, and in particular Australia and Japan, have raised concerns about the perceived dominance of the US dollar in the new standard credit support annex (CSA) – something they claim could cause a funding squeeze for non-US-dollar funded banks.

Industry participants, led by the International Swaps and Derivatives Association, have been working to develop a new standard CSA for more than a year, in an attempt to eliminate the embedded optionality in the current document that has

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