Abstract

Market Structure Partners was asked to conduct a report for The Banking Association of South Africa (BASA) on South Africa’s central counterparty clearing model.

In this Study, MSP analyses the central counterparty clearing model in South Africa, and compares it against those of leading models in major international markets (Australia, Canada, EU, UK and US). It makes recommendations for the future of central clearing with the evolution of the South African market amidst changes in the domestic and global regulatory landscapes.

The Study draws a number of conclusions and recommends changes that would improve the existing South African clearing arrangements and some related aspects of market structure, as well as better position the market to expand centralised clearing to other instruments and asset classes.

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