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Australia – Will Single-Sided Reporting Relief Help OTC Derivative Issuers? 

August 24, 2015

Patricia Tsang, Finance Magnates

Australian issuers of OTC derivatives (with less than A$5 billion gross notional outstanding positions as at 30 June 2014) will need to report for the first time from 12 October 2015.

Draft regulations in relation to single-sided reporting relief have been published which will assist those issuers – but only to a limited extent in relation to some transactions/ positions.

Therefore, issuers will still need to understand the extent of the relief, in relevant cases negotiate with counterparties, and ready themselves for reporting in view of the October deadline.

What is single-sided reporting?

Single-sided reporting is where only one party is required to report under the ASIC Derivative Transaction Rules (Reporting) (Reporting Rules). Without single-sided reporting relief, the Reporting Rules require both parties to report.

Read more: Finance Magnates

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