The US and Europe may be making the most noise about the need to reduce systemic risk in the over-the-counter derivatives markets but regulators in Asia – a region not known for trading in such opaque instruments – are starting to blaze their own trails.
Having witnessed the turmoil that gripped OTC derivatives markets in the west during the financial crisis, Asian regulators are keen to prevent the same problems from appearing on their own turf.
But there is also a concern that Asia does not get left behind in the race to reform the vast OTC derivatives markets as the US and Europe co-ordinate on reforms of their own.
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