The first part of a new series on the unasnwered questions on OTC clearing.
The move to clearing of standardised over-the-counter
derivatives represents the most significant overhaul of the
industry since the advent of electronic trading. For clearing
houses it is the largest opportunity to expand their businesses
in history. However, the mandate is fraught with challenges
that must be addressed if the market is to function without
disruption. In this series, William Mitting
looks at some of the key questions in the market concerning the
implementation of the OTC clearing mandate.
he G20 2009 mandate to clear all standardised derivatives
"where appropriate" has led to three years of debate and
deliberations from regulators, governments and market
authorities across the world. But as the European Markets
Infrastructure Regulation has been passed to Esma, the
European markets regulator, for implementation and the
Securities and Exchange Commission and the Commodity Futures
Trading Commission grapple with the rules laid down under the
Dodd-Frank Act there are many unanswered questions from the
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