For instance, around 80% of the total notional outstanding on euro-denominated interest rate swaps is cleared outside the EU[5]. And around 50% of EU clients active in euro-denominated interest swaps do not clear these trades in the EU. EU authorities have less direct insight into – and ability to control – the risk management of CCPs located outside the EU.
Well …, if the practitioners in our trust and fund management industry are celebrating, then we at the Bangko Sentral are here to congratulate you. TOAP has been … and continues to be… a dependable partner of the Bangko Sentral in promoting the development of our financial system…and in upgrading the quality and variety of financial services to the public.