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.
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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