India adds its angle to clearing debate

Discussions on whether central clearing of forex products should be mandated typically draws to a halt on account of the absence of an opinion from regions outside the US and Europe, chiefly Asia. That’s now changed.

The Clearing Corporation of India’s (CCIL) introduction of a clearing and settlement facility for forex forwards and soon to be added interest rates swaps sends a strong signal that there’s a real requirement for central clearing in some markets, but that multiple models can also co