5.2: Develop clearing house infrastructure

Measurement
CMA, National Treasury and Parliament to review the currently proposed regulations and other legislation to ensure they cover all the requirements of a derivatives clearing regime, including support for novation, netting, segregation of client assets and default management.
Working Group
Achievement

The Capital Markets (Derivatives Markets ) Regulations 2015 is in place to address derivatives clearing.

Status
Completed
Measurement
CBK should construct questionnaire to be sent to all banks active in the market, collate responses and publish results.
Working Group
Achievement

Preliminary studies conducted by CMA and NSE in 2016.
The TORs developed have been harmonized with the Derivatives consultancy TORs to capture the survey.
Survey to be conducted by June 2018.

Status
Time bad
Measurement
Potentially the new commodity derivatives exchange.
Working Group
Achievement

The Authority is in the process of developing policy paper to guide requirements for establishment of a CCP.

Status
Time bad
Measurement
CMA and industry to review development and structure of derivatives markets to determine appropriate ownership and governance structure for clearing house(s) for commodity and financial derivatives.
Working Group
Achievement

The current derivatives framework prescribes the structure.

Status
Completed
Measurement
Operator of the underlying exchange for financial derivatives CCP for financial derivatives in place.
Working Group
Achievement

NSE Clear approved as a CCP for Financial Derivatives.

Status
Completed
Measurement
Clearing house appoints independent experts to conduct review.
Working Group
Achievement

Licensed derivatives exchanges’ settlement infrastructure is expected to follow a CCP model. Assessment for compliance will be carried out once market is launched.

Status
In Progress

Key

No Progress
Behind Schedule
Ahead of Schedule