Divergent approaches to derivatives reform since the 2008
financial crisis have created headaches for the industry and
are prompting some to exit from certain markets over a lack of
clarity, according to panellists at the International Swaps and
Derivatives Association’s (Isda) AGM in Hong Kong
While significant progress has been made on rules for
clearing, reporting, capital and margin for non-cleared
derivatives and trade execution to meet the post-crisis G20
reforms, major fragmentation remains. Now is the time to
fine-tune and create harmonisation across jurisdictions.
"Market fragmentation is a dangerous road. Now is the time
to assess," said Rostin Benham, commissioner of the US
Commodity Futures Trading Commission (CFTC)....