Australia mandates OTC clearing to ensure substituted compliance


The recent about-turn by Australian regulators from relying purely on market-based incentives for central clearing to mandating it for certain non-Australian dollar interest rate swaps is to ensure the country's regulatory regime meets the substituted compliance requirements of the US Commodity Futures Trading Commission (CFTC), according to market participants.

Last week the Australian Council of Financial Regulators – comprising the Reserve Bank of Australia, the Australian Prudential

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