3 The greater familiarity and past experience with the federal funds rate also weighed in favor of this instrument  3  See, for example, Board of Governors of the Federal Reserve System (2015), “Federal Reserve Issues FOMC Statement,” press release, December 16, https://www.federalreserve.gov/newsevents/pressreleases/monetary20151216a.htm; and Brainard (2015b). -3initially.
To the extent that financial institutions headquartered in other jurisdictions are required to centrally clear by their local regulators, they are likely to – or, in some cases, may have to – also centrally clear transactions executed in the Australian market. 2.