Options clearing on the rocks
Requiring complex foreign exchange options to be cleared through central counterparties (CCPs) and traded on swap execution facilities was never going to be a simple process, but the latest spanner in the works appears to be heavily lodged.
In a set of principles for financial market infrastructures issued for consultation in March, the Committee on Payment and Settlement Systems and the technical committee of the International Organization of Securities Commissions (CPSS-Iosco) suggested
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