OTC Derivatives Reports
Since 2012, the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC) and the Bank (jointly ‘the Regulators’) have been working towards implementing the G20 over-the-counter (OTC) derivatives reforms in the Australian market. As these reforms cut across the responsibilities of all of the Regulators, the process has been coordinated through the Council of Financial Regulators (CFR). In particular, the Regulators have carried out periodic assessments of the Australian OTC derivatives market, and produced reports based on the results. From 2012, these reports contain the Regulators' advice to the Minister on the case for applying mandatory obligations. The most recent report was published in November 2015.
Before the G20 commitments were made, in 2009, the Regulators also conducted a survey of OTC derivatives market participants in Australia focusing particularly on risk management and post-trade processing practices. The key findings of the survey were summarised in a report: Survey of the OTC Derivatives Market in Australia.
Prior to the January 2013 amendments to the Corporations Act the CFR consulted with industry on how to promote and increase use of centralised infrastructure in the Australian OTC derivatives market. To support this consultation the CFR issued a discussion paper. The CFR's findings were published in a report released in March 2012.