Repositories
Central Clearing Requirements
Central Clearing Requirements Information Repository
Notes (Australia-Australian Securities and Investments Commission)
(Last Updated: 18 November 2020)
Authority: | Australia-Australian Securities and Investments Commission |
Jurisdiction: | Australia |
Note 1 | Australia
Definition of types of Clearing Entities The Australian clearing regime applies to the following types of Clearing Entities: * Australian Clearing Entity (in a representative capacity): the scheme or trust is incorporated or formed in Australia, the financial entity is incorporated or formed in Australia or is a foreign company, and meets the clearing threshold (AUD$100bn) in that representative capacity. * Foreign Clearing Entity (in a personal capacity): A financial entity that is a foreign company and meets the clearing threshold (AUD$100bn) in its personal capacity. Source: ASIC Derivative Transaction Rules (Clearing) 2015. Exemptions to central clearing requirements: 1. Exemption where no licensed or prescribed CCP 2. Exemption for intra group trades where the counterparty to the clearing transaction is a related body corporate of the clearing entity. 3. Exemption for multilateral portfolio compression if the clearing transaction is entered into as a result of the clearing entity modifying or terminating and replacing derivatives under a multilateral portfolio compression cycle. 4. Exemption for transactions entered into as a result of a party exercising an option granted under a swaption, where the swaption was entered into before the commencement of the Clearing Rules (4 April 2016) Source Exemptions 1-3: ASIC Derivative Transaction Rules (Clearing) 2015 Source Exemption 4: ASIC Corporations (Derivative Transaction Clearing Exemption) Instrument 2016/258. |