KWM works with ASX to clear Australia's first OTC interest-rate swap
King & Wood Mallesons has worked with the Australian Securities Exchange (ASX) to clear Australia’s first interest-rate swap.
The King & Wood Mallesons derivatives team worked as the ASX’s legal adviser, advising on all legal and regulatory aspects of its new legal framework, including designing the structure for Australian and regional market needs, working with market participants and regional industry bodies, liaising with regulators and assisting with new facilitating legislation.
The creation of the Australian over-the-counter (OTC) derivatives clearing facility is a significant milestone for the ASX and a key plank of Australia’s commitment to the G20 reform of the OTC derivatives market.
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Principals and contractors need to be aware that in not registering security interests under the PPSA 2009, they may risk serious consequences.
The New Companies Ordinance (NCO) will come into effect on 3 March 2014. It includes changes that affect the way documents may be executed.
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