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Cross-border OTC rules will impact liquidity in Asia
Howard Lee, executive director at the HKMA, delivers keynote address at ISDA conference highlighting extra-territorial impact of OTC rules.

Oct 29, 2013 | Mobasher Kazmi

The annual Asia-Pacific gathering of the International Swap & Derivatives Association (ISDA) was held in Hong Kong on October 21st. On the agenda was a host of important issues confronting market participants ranging from: the future of benchmarks in the aftermath of the LIBOR crisis, implications of the G-20 commitments on OTC regulation of the industry to the margin and capital requirements as they related to non-cleared products.

In his keynote address, Howard Lee, executive director at the Hong Kong Monetary Authority (HKMA) raised the central issue of how cross-territorial OTC derivatives rules have the potential to undermine liquidity in Asia. Regulators across key markets have already begun the process of introducing new rules designed to engender greater transparency in the industry by requiring mandatory clearing and trade reporting of derivatives. Such stringency is understandable given the scale of the global financial crisis and the role played by derivatives.

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Categories: Clearing & Settlement, Markets & Exchanges, Risk & Compliance, Trading & Data
Keywords: ISDA, OTC Derivatives, CCPs, Trade Reporting, Common Path Forward, HKMA, Howard Lee
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