In recent years, equivalence assessments of the Australian regimes in this area were undertaken by the European Securities and Markets Authority (ESMA). These assessments were used to determine whether the European authorities would allow Australian rules to apply, or would impose their own requirements on Australian institutions.
In the case of CCPs, the Australian regime was given an unconditional positive assessment of equivalence by ESMA in late 2013. This ultimately led to recognition for the two CCPs in the ASX Group under the European Market Infrastructure Regulation.