Regulators in Australia are assessing whether to require clearing of over-the-counter derivatives, but market participants are already clearing such products. "We have a market structure developing without the mandate in place," said Peter Connor, head of Asian-Pacific market clearing at Deutsche Bank. "The majority of major derivatives users are well advanced in their clearing programs, and overall the number of derivatives being cleared is increasing all the time, albeit via indirect clearing into offshore [central counterparties]."

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