ESMA unable to recognize equivalence of Hong Kong's clearing

10/14/2013 | Risk.net (subscription required)

Because the laws implementing Hong Kong's over-the-counter clearing scheme haven't been adopted, Hong Kong is falling behind other Asian markets in gaining equivalency recognition from the European Securities and Markets Authority. "While it is unclear when the primary legislation in Hong Kong will be passed, we anticipate this will take place at earliest the end of this year but more likely early next year," said Terry Yang, a senior associate at Clifford Chance in Hong Kong.

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