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Pioneering Solution – Collateral Management - Clearstream

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Increase of transparency – advances to the current model<br />

Mandatory registration of offshore derivative<br />

transactions carried out by the financial<br />

institutions authorised to operate in Brazil<br />

Currently CETIP is the only centralised system<br />

authorized by the Brazilian Regulators for the<br />

registration of offshore derivatives transactions.<br />

OTC Derivatives – Quo vadis<br />

18

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