All clear to clear… and a report on reporting in Australia

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Australia’s financial regulators have released their recommendation that clearing of certain OTC derivatives be required as a matter of Australian law. This follows closely on the recent finalisation of the Australian rules for the reporting of derivative transactions. With issues of substituted compliance with overseas jurisdictions arising, it seems that Australia’s laws are being adjusted to conform. For Australians, this means that the post-crisis G20 derivatives reforms are not going to be a matter of foreign law only any more…

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