Foreigners resist Tokyo’s rules for clearing
International dealers are resisting the need to accept full liability in order to join a Japanese clearing house, arguing that this goes against practise in Europe and the US. The divide needs to be resolved before the Tokyo Stock Exchange is supposed to start clearing credit derivatives by June.
Disagreements between the Tokyo Stock Exchange (TSE) and international dealers over the level of liability that clearing members should have to a central clearing counterparty (CCP) could impact the bourse’s plans to start clearing credit default swaps, a senior executive at the TSE has told asiamoney.com.
Japanese dealers are
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