Out of wedlock
Western dealers and their Chinese counterparts have fundamentally different views on how the use of collateral agreements should underpin repurchase agreements and financial derivatives transactions. This culture clash is causing acute problems for China’s nascent derivatives market.
Chinese banks and their international counterparts were invited by the National Association of Financial Market Institutional Investors (Nafmii) to a three-day event prior to a planned signing ceremony for China’s new over-the-counter derivatives master agreement in June 2009. The aim was for the parties to spend time negotiating the terms and conditions required to sign new Nafmii bilateral master agreements. And their reward was to join a collective signing ceremony on July 2 in Beijing.
For
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