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ARTICLE · 09 MARCH 2014

Mandatory central clearing of G4 IRDs proposed for 2015

Clayton Utz
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Stakeholder feedback on the "Proposals Paper: G4-IRD central clearing mandate" is expected to be in by 10 April 2014. .

AustraliaFinance and Banking
Louise McCoach
Louise McCoach
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Key Points:

Stakeholder feedback on the "Proposals Paper: G4-IRD central clearing mandate" must be in by 10 April 2014.

It now appears likely that mandatory central clearing of G4-denominated interest rate derivatives (IRD) will kick off next year.

The Government announced last week that it wants to give the Australian Securities and Investments Commission (ASIC) the necessary authorisation in the second quarter of this year, and released a consultation paper seeking stakeholder views by 10 April 2014.

This is the latest step in the Government's overall implementation of the G20 derivatives reform program.

Who, what, when?

Subject to any feedback on the proposals, the Government wants ASIC initially to mandate central clearing for a limited range of products and participants.

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