King & Wood Mallesons

Asia-Pacific 100 position: 2

Certainty for portability in Australia

Portability is fundamental in the new FMI (financial market infrastructure) world of global derivatives. It is the ability to move transactions and collateral away from a defaulting participant in a clearing system in order to preserve the system and the market. In many countries, legal certainty is still an issue for this process. However, in Australia, legislative certainty is now on its way.

The Corporations and Financial Sector Legislation Amendment Bill 2013 (Cth) (a link is here) was introduced into the House of Representatives today. Amongst other things, the Bill proposes to amend the Payment Systems and Netting Act (PSN Act) to protect portability and security in clearing systems under Australian law. It is an important improvement in robustness of the legal framework supporting the operations and stability of financial markets clearing in Australia…

If you are registered and logged in to the site, click on the link below to read the rest of the King & Wood Mallesons briefing. If not, please register or sign in with your details below.


Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Analysis from The Lawyer

View more analysis from The Lawyer


Level 61, Governor Phillip Tower
1 Farrer Place
NSW 2000

Jurisdiction: PRC/Australia
No. of offices: 19
No. of qualified lawyers: 1,634