The Report outlines recommendations that authorities should follow in establishing a mandatory clearing regime within their jurisdiction. These are in relation to:
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determination of whether a mandatory clearing obligation should apply to a product or set of products;
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consideration of potential exemptions to the mandatory clearing obligation;
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establishment of appropriate communication among authorities and with the public;
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consideration of relevant cross-border issues in the application of a mandatory clearing obligation; and
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monitoring and reviewing the overall process and application of the mandatory clearing obligation.
The Report itself is targeted at authorities that are developing and implementing a mandatory clearing requirement pursuant to the G20 Commitments. Those stakeholders that may be affected by mandatory clearing requirements include: those engaged in OTC derivative transaction, such as financial and non-financial companies, sovereigns or other public-sector bodies; those bodies such as CCPs and other firms who centrally clear OTC derivatives or act as clearing members of CCPs on behalf of customers; and entities that facilitate trading or provide services to counterparties, clearing members, or CCPs in connection with trading, which may include trading platforms, trade repositories and information vendors.
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