King & Wood Mallesons

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Reporting back: Australia’s rules on derivatives trade reporting released

Mandatory reporting of over-the-counter derivatives contracts will start this year for Australians. Even those who have managed to escape the reach of Dodd-Frank and EMIR will need to understand the draft derivative transaction rules proposed by the Australian Securities and Investments Commission (ASIC). End users need to care too.

Trade reporting is one of the key G20 derivatives reforms following the global financial crisis. It is also one of the least controversial. The need for regulators to have access to information on the derivatives transactions which connect financial market participants is generally recognised and understood. For example, reporting requirements are already imposed, or in train, under Dodd- Frank in the US and under EMIR in Europe. Accordingly it makes sense that reporting is the first of the G20 obligations to be implemented in Australia and today ASIC released a consultation package on the new Derivative Transaction Rules (DTRs) that will effect that implementation…

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