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Mr. John Kiff, Alessandro Gullo, Mr. Cory Hillier, and Panagiotis Papapanagiotou
Back in 2009, G-20 leaders have called for all standardized over-the-counter (OTC) derivatives to be cleared through central counterparties (CCPs). By now, 18 of the 24 Financial Stability Board (FSB) member jurisdictions have provided for mandatory central clearing frameworks in place, covering at least 90 percent of all standardized OTC derivatives in their jurisdictions. However, the authorities in several countries remain confronted with the hows and wherefores of mandatory central clearing, also in light of the international dimension of OTC derivatives contracts. This paper examines the policy options available to countries that have yet to fully conform to the clearing mandate, centered on the setup of local CCPs or on the use of foreign CCPs, and elaborates on their feasibility, risks and benefits from an economic, legal and tax viewpoint.
Mr. John Kiff, Alessandro Gullo, Mr. Cory Hillier, and Panagiotis Papapanagiotou

. Margin Requirements on Non-Centrally-Cleared OTC Derivatives 2. Sound Legal Basis for CCPs—Private Law Considerations 3. U.S. and EU Approaches to Equivalence 4. Private Law and Public Law Considerations for Cross-border Clearing Services Tables 1. G-20 Jurisdiction Progress Towards Meeting the Clearing Mandate 2. Non-EU and Non-U.S. OTC Foreign Exchange and Interest Rate Derivatives CCPs 3. Taxonomy for Cross-Border provision of services 4. Pros and Cons of Different Central Clearing Configurations * The paper also benefited from comments

Mr. John Kiff, Alessandro Gullo, Mr. Cory Hillier, and Panagiotis Papapanagiotou

-EU/U.S. CCPs that clear FX and interest rate derivatives and their equivalence status in the European Union and United States. Table 2. Non-EU and Non-U.S. OTC Foreign Exchange and Interest Rate Derivatives CCPs . Location CCP Name Contracts Equivalence Australia ASX Clear FX,IR EU Australia ASX Clear (Futures) FX,IR EU,US Brazil BM&F BOVESPA (“B3”) FX,IR EU Chile ComDer FX,IR China Shanghai Clearing House FX,IR Colombia Cámara de Riesgo Central de Contraparte de Colombia FX