The International Swaps and Derivatives Association, Inc. (ISDA) today published the ISDA Australian Single-Sided Reporting Letter, which allows certain market participants to take advantage of the Australian single-sided reporting regime for Phase 3 Entities.
The letter allows market participants to provide counterparties with status representations that can be used to help determine whether single-sided reporting is applicable for those entities with total gross notional outstanding positions of less than A$5b (Phase 3 Entities), provided they engage in derivatives transactions with counterparties that are already required or agree to report.
ISDA published the letter following an extensive consultation process with a diverse group of market participants in the Australian derivatives market. The letter provides necessary representations to allow Phase 3 Entities to take advantage of an exemption from reporting. The ISDA Australian Single-Sided Reporting Letter is available on the ISDA website at http://www2.isda.org/regions/asia-pacific/.