Clearing and Settlement Facilities
Consultation Documents and Other Publications
Central Clearing of Over-the-counter (OTC) Derivatives in Australia (June 2011)
The Reserve Bank of Australia, on behalf of the Council of Financial Regulators (comprising the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission and the Treasury, and chaired by the Reserve Bank), has issued this discussion paper as part of its consideration of Australia's response to the substantial international reform efforts underway in global OTC derivatives markets. The paper discusses the evolving global landscape for OTC derivatives and central clearing, the Australian market for OTC derivatives, and a range of considerations that need to be weighed if central clearing in the domestic market is to be established.
Submissions on Central Clearing of Over-the-counter (OTC) Derivatives in Australia
Survey of the OTC Derivatives Market in Australia (May 2009)
This report summarises the findings of a survey of the Australian OTC derivatives market landscape carried out by the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, and the Reserve Bank of Australia in early 2009. The report identifies several areas in which operational and risk-management practices might be enhanced.
Consultation on Assessing Sufficient Equivalence (May 2009)
The Financial Stability Standard for Central Counterparties was varied in February 2009 to establish a framework for regulation of overseas central counterparties that are subject to a sufficiently equivalent regulatory regime. This consultation document seeks views from interested parties on the Reserve Bank’s proposed approach to assessing the sufficient equivalence of an overseas regime.
Submissions on Assessing Sufficient Equivalence
Review of Participation Requirements in Central Counterparties (March 2009)
Further to the announcement by the Australian Clearing House of its intention to increase the minimum ‘core liquid capital’ requirement for participants, the Minister for Superannuation and Corporate Law asked the Reserve Bank and the Australian Securities and Investments Commission to provide advice on what is an appropriate ‘core liquid capital’ requirement for Australia’s licensed clearing facilities. This review contains the advice provided to the Minister on 13 March 2009 in accordance with this request.
Disclosure of Equities Securities Lending (February 2009)
The Reserve Bank has varied the Financial Stability Standard for Securities Settlement Facilities to require that data on equities securities lending be collected and published. This document sets out the final form of the variation and some details on implementation.
Consultation on Oversight of Overseas Facilities (October 2008)
The Reserve Bank is proposing to vary the Financial Stability Standard for Central Counterparties to establish a framework for regulation of overseas central counterparties that are subject to a sufficiently equivalent regulatory regime. This consultation document seeks views from interested parties on the Reserve Bank’s proposed variation.
Submissions on Oversight of Overseas Facilities
Consultation on Disclosure of Equities Securities Lending (October 2008)
The Reserve Bank is proposing to vary one of the measures underpinning the Financial Stability Standard for Securities Settlement Facilities to require that data on equities securities lending be collected and published. This consultation document seeks views from interested parties on the Reserve Bank’s proposed modification.
Submissions on Disclosure of Equities Securities Lending
Review of Settlement Practices for Australian Equities (26 May 2008)
On 29 and 30 January 2008, there were significant delays in the settlement of Australian equities. As a result of these delays, the Reserve Bank has undertaken an extensive review of settlement practices in the Australian equity market. This review sets out some possible modifications to current arrangements which might improve both the robustness of the settlement process and broader market functioning.
Regulation Impact Statement for the Financial Stability Standards [PDF 132K] (May 2003)
