Banks face up to fragmented clearing landscape in Asia

Reform of the over-the-counter derivatives markets in Asia has always been a step behind Europe and the US and, while its main financial centres are subject to the same G-20 reform deadlines as London and New York, there is less political pressure to rush the process, given the region's banks didn't suffer as badly during the crisis.

The result is that the key regulators in the region have so far refrained from setting stringent deadlines for central clearing to begin, preferring to wait until