13 Feb '12, 9am

MAS wants derivatives trades to get green light from clearing houses

MAS wants derivatives trades to get green light from clearing houses

To further protect the banking system from any risks triggered by the collapse of a big bank or financial institution, the Monetary Authority of Singapore wants the trading of derivatives contracts to go through a central clearing house. -- THE BUSINESS TIMES PHOTO: JOSEPH NAIR By Goh Eng Yeow To further protect the banking system from any risks triggered by the collapse of a big bank or financial institution, the Monetary Authority of Singapore (MAS) wants the trading of derivatives contracts to go through a central clearing house. Trading of such contracts amount to about $9.8 billion a year, making Singapore a major derivatives market in Asia. Currently, the bulk of derivatives contracts is traded over the counter by the banks. This means that if bank A trades with bank B, it will have to shoulder the risk of bank B failing to honour its payment if it fails. With a cent...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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