Asian clearing houses waiting for CFTC to outline DCO exemption process
SGX still the only Asian exchange with US regulatory approval
Several Asian clearing houses are waiting for the Commodity Futures Trading Commission (CFTC) to outline its proposals to allow non-derivatives clearing organisations (DCOs) to serve US clients – a situation with potentially serious business implication given the imminent start of client clearing in the region.
Under US rules, central counterparties (CCPs) must either apply to the CFTC to become a DCO or obtain a possible exemption in order to serve US persons. In effect this would be like a
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