LCH.Clearnet model ‘not appropriate’ for Australian market, say two domestic banks

Australia

Despite the absence of a location requirement for central clearing in recent legislation put forward by the Australian government, local market players Westpac and ANZ are heavily in favour of using a domestic central counterparty (CCP), arguing the current structure of LCH.Clearnet's service is too focused on the needs of international banks.

At the end of July, the Australian government released an exposure draft of the Corporations Legislation Amendment (Derivatives Transactions) Bill 2012

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