Banks weigh up CCPs as clearing deadline looms
In just a few months' time, foreign exchange traders will be faced with a new reality in which some products will need, by law, to be cleared through central counterparties (CCPs). The rules have been a long time coming, and there is clear variation in the preparedness of different firms, but market participants are stepping up a gear to make sure they are ready to clear through CCPs when required.
Clearing of non-deliverable forwards (NDFs) – the first FX product expected to be mandated for
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