First Trade Cleared by ASX OTC Derivatives Clearing Service
David Farr, Chief Operating Officer Global Markets of Commonwealth Bank of Australia, said: “The successful launch of ASX’s OTC Clearing Service represents an important step in the delivery of key financial markets infrastructure for Australian OTC market participants. ASX’s engaging and collaborative approach in developing its OTC service has ensured that key domestic market requirements have been met, alongside delivering international best practice in OTC Clearing.” Peter Connor, Co-Head of Markets Prime Finance, Asia Pacific, of Deutsche Bank, said: “We have long supported a domestic OTC service as a way to ensure that the Australian OTC markets continue to function in an orderly way.
Over the past two years we’ve worked hard to bring this vital risk-management infrastructure to life in a way that benefits international institutions, local participants and end-users.” Peter Hiom, Deputy CEO of ASX, said: “ASX is very grateful for the support we are receiving from our clients. We recognise the significant work all our foundation customers are undertaking to ready themselves for the ASX OTC Derivatives Clearing Service, and we look forward to admitting all of them as participants over the coming months. “We believe the investments ASX is making in post-trade services, such as OTC derivatives clearing, are critical for the ongoing competitiveness and relevance of Australia’s financial markets. Having these services based in Australia is important for Australian asset managers who are seeking to retain their collateral onshore and access the capital efficiency of clearing OTC and exchange-traded derivatives together.”