Reuters: Regulatory News: Bank of Canada to allow global derivatives clearing

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Bank of Canada to allow global derivatives clearing Oct 1st 2012, 13:20 TORONTO | Mon Oct 1, 2012 9:20am EDT TORONTO Oct 1 (Reuters) - Canada will allow its market players to use either a global or local central counterparty (CCPs) to clear standardized over-the-counter derivatives, its central bank said on Monday. Central counterparties guarantee against default should one party in a contract, trade or investment be unable to pay. The Bank of Canada has been studying for more than a year whether to have traders use a domestic CCP or work with an offshore player.

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