Regulators have been in talks with the ASIFMA over the past five months.
According to a report from Reuters, Hong Kong and Singapore are seeking to snare a bigger share of the $540 trillion global derivatives business, taking advantage of tough new UK and European banking rules and uncertainty created by Britain’s plans to leave the European Union.
Over the past five months, regulators from the two Asian financial centers have been separately holding talks with the Asia Securities Industry and Financial Markets Association (ASIFMA), which represents global lenders in Asia, five people with direct knowledge of the matter told Reuters.
"At the center of the discussions is what kind of regulatory changes would be needed in Hong Kong and Singapore to get more banks to book their derivatives business in one of the two places," Reuters said.
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