Clifford Chance
Proposed mandatory central clearing rules for Australia
6 July 2015
The Australian Securities & Investments Commission (ASIC) has proposed draft rules to implement mandatory central clearing requirements. ASIC's draft rules will implement the Australian Government's proposed central clearing mandate, which was also released for comment at the same time.
Under the draft ASIC Derivative Transaction Rules (Clearing) 2015 (Draft Clearing Rules), a clearing entity must ensure that each of its clearing transactions is cleared through a clearing facility as soon as practicable after the clearing transaction is entered into, but in any event by no later than the end of the first business day after the day on which the clearing transaction is entered into.
