The Monetary Authority of Singapore issued proposed regulations related to the mandatory clearing of swaps. MAS proposes to mandate clearing by asset class, beginning with Singapore dollar and US dollar interest rate swaps. Only banks that have booked in Singapore SGD 20 billion or more (approximately US $14.9 billion) gross notional value of over-the-counter derivatives in each of the prior four quarters will be subject to mandatory clearing obligations. MAS does not expect cross-border conflicts as a result of its new rules as it expects to recognize clearinghouses that meet Commodity Futures Trading Commission and European Securities and Markets Authority requirements. MAS expects to finalize its rules by year-end, with compliance being required in 2016. Comments will be accepted by MAS through July 31. In May, the Australian Securities and Investments Commission also issued a consultation paper proposing to require the mandatory clearing of certain classes of over-the-counter interest rate swaps.