Clearing of Chilean NDFs hampered by netting uncertainty
Restrictive Chilean laws on close-out netting – the process by which derivatives contracts can be legally terminated in the event of a default – could hinder progress to establish foreign exchange clearing in the Chilean peso (CLP), singled out by two central counterparties (CCPs) as a currency in which they plan to launch clearing of non-deliverable forwards (NDFs) this year.
In May, the Chicago Mercantile Exchange (CME) Group launched clearing for USD/CLP NDFs through its ClearPort platform
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