South Africa still unsure about onshore CCP
After years of waiting, and heated debate, South Africa recently unveiled its draft clearing rules, but they duck the biggest question of all – whether to require use of an onshore clearing house. By Fiona Maxwell
Five years on from the start of South Africa's clearing debate, the country's Treasury finally delivered a first stab at its domestic rules on July 4. Market participants say there are few surprises in the document – apart from an apparent drafting error that would shut international clearing houses out of the domestic market if left unchanged (see box, My way or the highway). It's what is missing from the proposals that is causing the angst.
As with many other members of the Group of 20 (G-20)
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