The Canadian Derivatives Clearing Corporation (CDCC) has signed a memorandum of understanding (MOU) with New York Portfolio Clearing (NYPC) to consider a link for the Canadian swap market. The move will help Canada meet its G20 commitment of clearing over-the-counter (OTC) derivatives by the end of next year.
The MOU will promote the development of a clearing solution designed to reduce systemic risk and provide Canadian swap market participants and their trading partners with an optimized solution for clearing. CDCC is owned by TMX Group, while NYPC is a venture of NYSE Euronext and The Depository Trust & Clearing Corporation, adds Financial Times.
Click here for the release from New York Portfolio Clearing.
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