Corporates should not be exempt from clearing over-the-counter derivatives through central counterparties (CCPs), says Stephen Cecchetti, head of monetary and economic policy at the Bank of International Settlements.

"Corporate derivatives users should be required to rely on central clearing houses. If we are to fully reap the benefits of having CCPs, central clearing houses will have to cover large swaths of the derivatives market, both in terms of counterparties and volume," said Cecchetti