South Korea is set to miss the deadline to start clearing derivatives through a central counterparty (CCP) by the start of 2013, because of delays in passing new legislation to formalise central clearing through parliament.
At the Pittsburgh summit in 2009, Group of 20 leaders first announced that "all standardized OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end-2012 at the latest". This
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