Clearing of physical FX in China and India a concern, says GFXD’s Ngai

David Ngai at GFMA

Plans by central counterparties (CCPs) in India and China to clear physically delivered foreign exchange products, including spot and forwards, are a concern for banks that could be hit with punitive capital charges if those CCPs do not meet international standards, a major FX lobby group has warned.

Speaking at the FX Week Asia conference in Singapore last week, David Ngai, Hong Kong-based managing director of the global FX division of the Global Financial Markets Association, stressed the

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