CCP adoption in South Korea
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In 2009, the G20 agreed to set up CCP (central counterparty) settlement by the end of 2012. However, as of early December 2012, adoption of CCP settlement for OTC derivatives has not been passed by South Korea’s National Assembly. In other words, South Korea yet to keep its commitment to the G20 agreement which says that G20 countries should set up a CCP by the end of 2012. The adoption of CCP settlement is crucial to improving the transparency and stability of the OTC derivatives market. In order to prevent another KIKO incident in the future, the role of CCP is essential in South Korea. This would also help support Korea’s global credit standing.