Migration of FX derivatives away from a bilateral market to clearing houses is taking a long route to adoption but significant interest is picking up, said panellists at the Futures Industry Association’s International Derivatives Expo this week.
The post-financial crisis reforms have now pushed 74% of dollar end euro interest rate contracts into central clearing, along with 84% and 81% of yen and sterling contracts. Nearly 49% of single name credit default swaps are also now held at CCPs, according to Bank for International Settlements
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