Submissions on Central Clearing of Over-the-counter (OTC) Derivatives in Australia

In 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), issued a discussion paper ‘Central Clearing of OTC Derivatives in Australia’. The paper was released as part of the Council agencies' consideration of Australia's response to the substantial international reform efforts being undertaken in global OTC derivatives markets. Submissions and comments in response to this paper were invited from interested stakeholders. The following submissions have been received.

Received by 1 September 2011

ANZ Global Markets, Institutional Division; Commonwealth Bank of Australia Markets; Macquarie Bank Limited; Westpac Institutional Bank Financial Markets
1 September 2011
Joint Response 520KB

ASX Clearing Corporation
1 September 2011
Response 390KB

Barclays Capital
29 August 2011
Response 252KB

CLS Bank International
30 August 2011
Response 35KB

Mr Satyajit Das
1 July 2011
Extract from ‘Wilmott Magazine’ - Central Counterparties, Part 1 590KB
Extract from ‘Wilmott Magazine’ - Central Counterparties, Part 2 143KB

1 September 2011
Response 130KB

Deutsche Bank AG Australia and New Zealand
31 August 2011
Response 516KB

Global Foreign Exchange Division
1 September 2011
Response 778KB

International Swaps and Derivatives Association, Inc.
26 August 2011
Response 1.1MB

1 September 2011
Response 383KB

LCH.Clearnet Group Limited
1 September 2011
Response 178KB
Response - Annex 206KB

Mallesons Stephen Jaques
1 September 2011
Response 58KB

National Australia Bank, Wholesale Banking
29 August 2011
Response 1.5MB, Inc.
5 August 2011
Response 78KB

Mr Manmohan Singh - International Monetary Fund
12 July 2011
IMF Working Paper 10/99, ‘Collateral, Netting and Systemic Risk in the OTC Derivatives Market’ 534KB
IMF Working Paper 11/66, ‘Making OTC Derivatives Safe – A Fresh Look’ 1.2MB

RBC Capital Markets
1 September 2011
Response 2.5MB

Vanguard Investments Australia Ltd
31 August 2011
Response 874KB

Received after 1 September 2011

Australian Bankers' Association Inc.
12 September 2011
Response 118KB

Australian Bureau of Statistics
2 September 2011
Response 53KB

Australian Financial Markets Association
9 September 2011
Response 212KB

Colonial First State Global Asset Management
9 September 2011
Response 1.5MB

Finance and Treasury Association
15 September 2011
Response 229KB