Singapore’s MAS recently published a consultation on the mandatory clearing by banks in Singapore of vanilla interest rate swaps, to be introduced in mid 2016.  Here is a brief analysis of their consultation.  Their proposals are not controversial and will mostly affect the professional market who are very likely to be able to clear these contracts today.  The consultation also structures the rules to avoid any potential cross-border conflict with other regimes.  Interestingly they see a clear scope difference from their reporting requirement showing that market supervision and the management of systematic risk may naturally have different solutions.