OTC clearing: a post-crisis panacea?
Five years after the collapse of Lehman Brothers, central clearing services are appearing for over-the-counter derivatives in Asia Pacific, but challenges remain.
Soon after Lehman Brothers collapsed in September 2008, several Asia-Pacific jurisdictions pledged at the G20 2009 Pittsburgh Summit to bring over-the-counter derivative transactions onto a central clearing and reporting platform by the end of 2012.
G20 finance ministers and central banks view the mandatory central clearing, trading and reporting of OTC transactions as a solution to the risks brought on by structural deficiencies and opaqueness of the OTC universe.
Five years on…
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