Hong Kong lawmakers to enforce mandatory CCP for NDFs by the end of 2012
Hong Kong will require financial institutions incorporated in the territory to clear all their interest rate swaps (IRS) and non-deliverable forwards (NDF) at an authorised central counterparty (CCP) clearing house and report them to a local trade repository run by the city's central bank by the end of 2012.
The move makes Hong Kong the second jurisdiction in Asia to mandate central clearing of OTC derivatives after Japan, which passed a similar law last year. Both jurisdictions are demanding
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