Tuesday March 10 2015
News Source: Global Exchanges
Focus: Other
Type: General
Country: Australia
On 10 March 2015, ASX released a Response to Consultation on proposed amendments to the Operating Rules of the ASX Group central counterparties, ASX Clear and ASX Clear (Futures) (ASX CCPs), which will enable excess customer collateral for derivatives to be held directly with the ASX CCPs and attributed to an individual client account.
The Response document summarises the feedback received from stakeholders on ASX’s December 2014 consultation paper and ASX’s response to that feedback.
ASX has made several minor amendments to the ASX Clear (Futures) Operating Rules and Procedures to clarify that:
- A client does not have proprietary rights in the assets attributed to its Individual Client Account;
- ASX’s undertaking to port or return “equivalent assets” to those attributed to an Individual Client Account refers to securities, cash or other assets (as applicable) which are of an identical type, nominal value, description and amount to the specific assets attributed to the Individual Client Account; and
- ASX may amend the record of attribution of an Individual Client Account to reflect any amendments in the nature or characteristics of the cash or non-cash assets attributed to that account following a corporate action, takeover or similar event with respect to such assets.
ASX will formally lodge the amended Operating Rules for ASX Clear and ASX Clear (Futures) with ASIC for regulatory
clearance. Subject to regulatory clearance, the amended rules and procedures for the ASX CCPs are expected to take
effect in mid-2015.
clearance. Subject to regulatory clearance, the amended rules and procedures for the ASX CCPs are expected to take
effect in mid-2015.
Click on the link above for further details.