A global CCP makes the financial system more robust to shocks and allows derivatives users to appropriately manage their risk.6 The result though is that, globally, there will likely be a concentration of transactions in a small number of CCPs – these are truly becoming international systemically important financial institutions.
Since then other countries with significant diaspora populations such as South Africa, Sri Lanka, Ghana, Kenya and the Philippines have either issued or announced plans to issue these financial instruments. Ladies and Gentlemen, almost a decade ago Jamaica considered tapping into the wealth of its diaspora but unfortunately did not proceed with this bold initiative.