To support the continued operation of Australia’s over-the-counter (OTC) derivatives central clearing regime, ASIC is seeking feedback on its proposal to remake the ASIC Derivative Transaction Rules (Clearing) 2015 (the 2015 Rules), which are scheduled to sunset on 1 April 2026.
ASIC proposes to remake the 2015 Rules in substantially the same form, except for:
- minor administrative updates to modernise the 2015 Rules, and
- to support post-trade risk reduction exercises, extend exemptive relief to clearing derivative transactions resulting from these exercises, consistent with existing relief in relation to multilateral portfolio compressions.
ASIC also proposes to let transitional relief from the 2015 Rules, in relation to certain swaptions, expire on 1 April 2026.
For more information, visit the Central clearing of OTC derivatives webpage.
Providing feedback
ASIC welcomes feedback from industry on the proposed changes by 5pm AEDT on 28 November 2025. Submissions should be sent to otcd@asic.gov.au.
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CS 33 Proposed remake of the ASIC Derivative Transaction Rules (Clearing) 2015
Background
Following the 2008 global financial crisis, the Leaders of the Group of Twenty (G20) nations, including Australia, committed to reforming OTC derivatives markets. A key element of this commitment was the requirement for all standardised OTC derivative transactions to be cleared through central counterparties. These reforms aimed to improve transparency, mitigate systemic risk, and protect against market abuse in OTC derivatives markets.
On 3 January 2013, legislation establishing a framework to implement the G20 commitments in Australia came into effect. Subsequently, on 3 December 2015, ASIC made the ASIC Derivative Transaction Rules (Clearing) 2015 (the Rules) under section 901A of the Corporations Act 2001.
The Rules set out clearing requirements that apply to certain Australian and foreign financial entities (clearing entities). The Rules require clearing entities to centrally clear transactions in certain OTC interest rate derivative products with certain specifications. In particular, the currency of denomination, floating rate index, and termination date range subject to meeting a clearing threshold in either a personal or representative capacity. Alternatively, entities may voluntarily opt in to comply with the Rules to benefit from substituted compliance arrangements in respect of equivalent clearing requirements in key foreign jurisdictions.
