OREANDA-NEWS. The Bank of Russia has released for public discussion the consultation paper on mandatory central clearing of standardised OTC derivatives.

The proposals set forth in the consultation paper are based on the results of the research on the advanced international practices of the USA, the European Union, and Asia (Singapore, Hong Kong), taking into account the recommendations and standards developed by IOSCO and ISDA.  The consultation paper contains the Bank of Russia’s proposals with regard to the implementation of the decisions adopted by the G20 in 2009 on submitting standardised OTC derivatives for central clearing.

The Bank of Russia invites to discuss the economic rationales and potential barriers for the implementation of mandatory central clearing of  standardised OTC derivatives, approaches to classification of the standardised OTC derivatives subject to mandatory central clearing and their users for phasing in the requirement of mandatory central clearing (which should take effect no earlier than 2017), as well as the issues on reporting of such derivatives to a trade repository.

Comments on the consultation paper, including answers to the questions raised, as well as other relevant suggestions are welcome until September 15th 2016.