Australia mandates OTC clearing to ensure substituted compliance

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The recent about-turn by Australian regulators from relying purely on market-based incentives for central clearing to mandating the clearing of certain non-Australian dollar interest rate swaps is to ensure the country's regulatory regime meets the substituted compliance requirements of the US Commodity Futures Trading Commission (CFTC).

Last week the Australian Council of Financial Regulators – comprising the Reserve Bank of Australia, the Australian Prudential Regulation Authority and the Aust

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