TORONTO (Reuters) - Canada will allow market players to use either global or local central counterparties (CCPs) to clear standardized over-the-counter derivatives, the country's central bank said on Monday. Central counterparties guarantee against default should one party in a contract, trade or investment be unable to pay. There are no CCPs in Canada now for the over-the-counter (OTC) derivatives market, and the Bank of Canada spent more than a year studying whether to develop a domestic CCP or work with an offshore player to set one up for the market, which does estimated C$9 trillion ($9. ...