Global dealers are facing difficult choices as clearinghouses launch across Asia. Dealers are having to decide whether to sign up with all of the central counterparties or choose certain ones. Clearing requirements in different jurisdictions likely will factor into such decisions. "In Europe, you could argue that you could possibly put all your portfolios in one CCP across a number of different products and currencies and get your netting benefit that way," said Mark Croxon of Nomura. "But in Asia, that won't be possible. ... The fragmentation is more pronounced in Asia."