INDIA’s Stand under ESMA in the OTC market

I am re-posting one of my old post with the intention that many of my fellow mates wanted to know the implications of the European

Esma (Photo credit: SphotoE)

Securities and Markets Authority ESMA on India.

“The RBI and CCIL have expressed reservations and said they would be reluctant to apply for registration under Esma.”

India is “reluctant” to apply for third-country equivalence for the Clearing Corporation of India (CCIL) from the European Commission (EC), while it is also planning to mandate the central clearing of rupee foreign exchange derivatives, a scenario that could potentially force European banks to exit the most profitable part of their derivatives business in the country. Continue reading “INDIA’s Stand under ESMA in the OTC market”