Part V Basel III Requirements, 23 Basel III, Derivatives, Clearing, and Exposures to CCPS
- Basel 3 — Derivatives — International Organisation of Securities Commissions (IOSCO)
23.01 One of the primary policy responses to the crisis was the decision of the G20 leaders at the Pittsburgh summit in September 2009 to promote central clearing of derivatives, and legislation is now in place to provide a framework for compelling banks to do this. Thus although there is some disquiet about the logic of this policy, its implementation is now well under way. This will mean that in the bank of the future OTC exposures will comprise a significantly larger part of the asset book than at the moment, and for this reason the BCBS has decided that the...