Red Flag Act

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• If your interest runs to traction engines, see the Locomotive Act
• If netting is your thing, you might be interested in the Bank for International Settlements’ monograph on the subject from 1989 which, this writer humbly submits, still operates like a man walking with a red flag in front of the three trillion dollar global derivatives industry.

Basel close-out netting requirements: systematically preferring the free allocation of capital among Western countries over developing countries. There are 27/27 netting jurisdictions in the European Union, 18/20 of the G20, but just 2/54 in Africa, on of which is in the G20 (South Africa) and the other of which is an Island (Mauritius).

Discuss.