Chile's first Central Clearing Counterparty (CCP), ComDer, has cleared half of the country's non-deliverable forwards on its Swift messaging platform, according to a press release from the Society for Worldwide Interbank Financial Telecommunication. Since becoming operational on 30 July 2015, ComDer has cleared USD$100 billion in NDF derivatives contracts
ComDer is part of an initiative by Chile's financial community and regulatory authorities to establish the country as an international financial hub. Seventeen banks have collaborated on the project together with regulators. The goal is to attract foreign investment and establish a regulatory environment in line with regulations such as the Dodd-Frank Act and the European Market Infrastructure Regulation (Emir).
CEO of ComDer Felipe Ledermann said: “We knew that by choosing SWIFT as our advisory partner three years ago we would immediately earn the trust of the international community. SWIFT continues to help us build a world class CCP, an instrumental part of Chile's plans to become a financial hub.”
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