“Market participants were probably expecting the [RBI] to be slightly lax on that, but the regulator has stuck to its guns. If you don’t have the system in place then you can’t enter into these transactions at all.”

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“Market participants were probably expecting the [RBI] to be slightly lax on that, but the regulator has stuck to its guns. If you don’t have the system in place then you can’t enter into these transactions at all.”

—Wadia Hoshedar, partner at law firm Juris Corp. in Mumbai, on how the creation of India specific collateral pools is presenting teething problems for the Indian credit default swap market.

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