ASX has seen a sharp increase in the volume of Australian dollar over-the-counter (OTC) interest rate swap clearing business in the first three months of 2015, with monthly notionals in this period six times higher than before it introduced a revamped clearing incentive scheme, and sixty times larger than in August.
Australia is the world's fifth largest OTC interest rate swap (IRS) market and has been the subject of a three-way battle for market share between global clearing houses LCH.Clearnet
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