South Africa’s financial watchdog is preparing new rules for the over-the-counter derivatives market that will require certain products to be cleared by a central counterparty to improve transparency and reduce risk, writes Bloomberg.
Those products may include interest-rate or foreign-exchange swaps, or repurchase agreements and forwards, Financial Sector Conduct Authority Commissioner Unathi Kamlana said in an interview reported by Bloomberg. “That work is on the way, and it’s going to be consulted on by the industry.”