13 Feb '12, 10am

MAS reviews OTC derivatives:

SINGAPORE : The Monetary Authority of Singapore (MAS) has proposed to regulate the over-the-counter (OTC) derivatives market by the end of this year. The central bank is seeking public comments on its plan to introduce central clearing and electronic-platforms for OTC trades. Its aim is to reduce systemic risk arising from past crises such as the 2008 collapse of Lehman Brothers. Chia Woon Khien, head of local markets strategy and emerging Asia at the Royal Bank of Scotland, said: "This came about (during) the G20 summit in September 2009 after the Lehman crisis, where the finance ministers from the G20 group came together and proposed a central clearing system to minimise this counterparty risk when...one major party - like Lehman - collapsed and it caused a domino effect, caused a near collapse of the entire system." MAS said the new regulation will also improve price tr...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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