On February 12, 2015, the CSA released for public comment a proposed rule on the subject of mandatory central counterparty (CCP) clearing of over-the-counter (OTC) derivatives in Canada. The Clearing Rule sets out the requirements for implementing in Canada the G20 commitment to require that all standardized OTC derivatives be cleared through CCPs.

The Clearing Rule is in the form of a National Instrument that will be applied across all jurisdictions in Canada, in contrast to the trade reporting rules which are different across the country and are in various stages of implementation. The Clearing Rule has been shaped by comment letters received by the CSA in response to the draft model rule that was previously published in 2013.