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The paper details recommendations on issues such as: the process for determining which OTC derivatives should be subject to mandatory CCP clearing; the regulation and governance of CCPs; clearing member access; and risk management. “The importance of bringing central clearing to OTC markets has been recognised by the G20 as one of the reform elements in the ongoing effort to reduce systemic risk in the financial markets”, said Bill Rice, Chairman of the CSA and Chairman and CEO of the Alberta Securities Commission. “This paper is part of the CSA’s commitment to creating a Canadian solution to the question of central clearing,”
The paper is part of a series of papers by the CSA outlining policies designed to reduce systemic risk and improve the regulatory framework for OTC derivatives in Canada. Market participants are invited to submit their comments until September 21, 2012.