Taking stock of 2011: Regulation and clearing

Roger Rutherford

It is now two years since the Group of 20 (G-20) leaders agreed at their Pittsburgh summit that all standardised over-the-counter derivatives should be cleared through central counterparties (CCPs) by the end of 2012. The regulatory landscape has become a lot clearer since then – and the questions derivatives users are asking are a lot more detailed – but there are still a lot of outstanding issues that need to be resolved.

For foreign exchange market participants, the most obvious question is

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