This note provides a summary of responses received from jurisdictions to the FSB Chairman's 28 August 2012 letter about their approaches to central clearing.

The letter asked jurisdictions to indicate their approach to central clearing, and specifically requested information on whether the approach to central clearing would be based on the use of domestic clearing infrastructure or of infrastructure located in other jurisdictions (or some combination of both). It also asked whether authorities will impose mandatory clearing requirements or intend to rely initially on economic incentives, reserving the introduction of a mandatory requirement as a potential backstop measure. The letter also asked jurisdictions to outline the timeframe for implementation.

Responses with declared approaches have been received from all national authorities and the European Commission.1 The responses are summarised in the attached table.

Jurisdictions’ declared approaches to central clearing of OTC derivatives