CFTC’s Stump: new talks needed on offshore client clearing
Demise of Libor should spur rethink on US customer access to foreign clearing providers such as Japan’s JSCC, says commissioner
A senior regulator has called for fresh talks on allowing US customers to clear swaps at foreign clearing houses that are currently accessible only to US dealers.
Dawn Stump, a member of the US Commodity Futures Trading Commission, said she would push fellow commissioners to consider a proposal to remove restrictions on swap clearing by US clients at utilities such as the Japan Securities Clearing Corporation (JSCC).
Stump argued there was a pressing need for a review of the rules on foreign
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