This conference is timely as it comes just two weeks after the commencement of the first of Australia’s G20 commitments to over-the counter (OTC) derivatives reform – the obligation for some Australian banks to begin reporting their OTC derivatives transactions to trade repositories.
It also comes at a time when the Australian Government and Australian regulators are gearing up to begin consultation and implementation of other key reforms – namely the mandatory clearing obligation and the international principles in relation to the margining of non-centrally cleared transactions.
This morning I’d like to cover four areas that are at the forefront of ASIC’s and the Australian regulators’ minds:
- first, I’ll talk briefly about the recently agreed international principles on margin requirements for non-centrally cleared trades
- second, I’ll give an update on implementation of trade reporting in Australia
- then I’d like to take a forward look on mandatory clearing requirements and requirements for the mandatory execution of trades on organised trading platforms
- finally, I’d like to provide an update on ASIC’s cross-border discussions and our perspective on how these are progressing.
