The ASX said the platform is a dealer-to-dealer solution offering participants operational and capital efficiencies along with significant risk benefits.
The service is in line with Australia’s G20 commitments on central counterparty clearing.
After successfully applying to the clearing house to become OTC clearing participants, eight banks, including ANZ, CBA, Citi, Deutsche Bank, JP Morgan, NAB, UBS and Westpac are now qualified as customers.
Collectively this group accounts for around 80 to 90 per cent of the total OTC derivatives market.
ASX chief executive Peter Hiom said the ASX has been working with all its foundation partners and appreciates their efforts to become operationally ready.
“It is very encouraging to see that eight dealers have successfully cleared trades through ASX,” said Mr Hiom. “This represents an important milestone in the development of our service.”
The ASX is committed to providing the Australian market with a competitive clearing service that delivers capital and operational efficiencies, with the additional benefit of being in the local time zone, according to Mr Hiom.
“We are now focused on building liquidity, broadening the product offering, and extending our service to end-clients, which we are now on track to deliver by April 2014,” he said.
