Battle for clearing supremacy
Capital and operational efficiency has been the mantra of clearers looking to enter the market with an over-the-counter forex forwards clearing service. For the emerging markets, it is business-critical, as higher capital charges under Basel III threaten the development of the second largest local currency derivatives market after interest rates swaps.
On October 24, the Singapore Exchange (SGX) cleared its first Asian forwards trade via AsiaClear on behalf of Deutsche Bank and regional dealers
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