The move comes after the Asia Securities Industry & Financial Markets Association (Asifma) warned of the possible “chaos” that a default announcement made by the US Treasury before the Asian market opening on October 17 may cause.
“It has the potential to cause chaos and people may dump Treasuries because they won’t know whether they can exist the next day. They [Treasury] need to make that call early and not late,” said Mark Austen, chief executive of Asifma.
The Japan Securities Clearing Corporation (JSCC), the clearing house in Japan, said it was getting ready for “anything that might happen”.
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