The CCP race is on down-under

Australia’s financial regulators are leaning towards mandatory clearing for the local interest rate derivatives market – and may conclude that any central counterparty that serves the market has to be based locally. Two firms are vying to be the dominant CCP presence.

On your marks...LCH.Clearnet and ASX in CCP contest

Locals of a certain vintage might call it a blue. Or a barney. In other countries, it would just be called a fight – LCH.Clearnet and the Australian Securities Exchange (ASX) are going head-to-head to be the central counterparty (CCP) for Australia’s domestic over-the-counter derivatives market, subject to the outcome of a consultation process launched by Australia’s Council of Financial Regulators (CFR) in June, which proposes mandatory clearing for Australian dollar-denominated interest rate

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As uncertainty surrounding Brexit continues and the impacts of Covid-19-driven market volatility are analysed, it is essential for banks and their end-users to understand their clearing options, and how they can achieve greater capital and cross…

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