'Jury still out' on local currency clearing says CIMB
Asean OTC derivatives market is not big enough to warrant clearing
While local currency over-the-counter derivatives clearing has been actively pursued in north Asia, the size of the markets in Malaysia, Indonesia and Thailand means it doesn't make sense for those countries according to a senior executive at CIMB.
Following the G20 pronouncement in 2009 for standardised OTC derivatives to be cleared at central counterparties, jurisdictions from Japan and Korea to Hong Kong and Singapore have all started the process of clearing local currency interest rate swaps
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