Plans to force over-the-counter (OTC) trading of derivatives on to exchanges to reduce counterparty risk need to be rethought by regulators, according to the Asia head of one of the world's biggest brokers.
Pierre Gay, Asia-Pacific chief executive of futures broker Newedge, said the creation of a central clearing house to act as counterparty to OTC transactions on exchanges could be dangerous because it would transfer risk from banks to the clearer.
Mr Gay's comments add weight to concerns that a regulatory move to force OTC contracts into central clearing mechanisms could create unforeseen risks for the financial system.
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