Australian OTC derivatives reform: central clearing and single-sided reporting

The Australian Treasury recently announced that the Corporations Amendment (Central Clearing and Single-Sided Reporting) Regulation 2015 (Cth) (the Regulation) has now been promulgated. The Regulation will come into effect on 1 October 2015. The purpose of the Regulation is to implement central clearing of prescribed classes of over-the-counter interest rate derivatives and to confirm the long-awaited "single-sided trade reporting relief" for certain entities. The issue of the Regulation follows months of extensive consultation with key industry stakeholders and provides the final building block before the trade reporting regime becomes fully operational in October 2015. Participants in the Australian OTC derivatives market, particularly those that are able to avail themselves of the single-sided reporting exemption, will now be able to make concrete plans regarding compliance with the derivatives trade reporting regime and how they will be able to rely on any relevant