Indonesia eyes netting changes to enable derivatives CCP
Central bank says legal amendments will pave way for locally cleared NDFs and interest rate swaps
Indonesia’s central bank is pushing for a legal change that would allow banks to apply close-out netting on derivatives trades.
Bank Indonesia says it would also spur the development of a new derivatives clearing house in the country within the next few years that would focus initially on clearing local currency non-deliverable forwards (NDFs) and interest rate swaps. Foreign banks say this should help the onshore market, and would help them trade more with local counterparties.
“During this
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