The Financial Stability Board (FSB) published today its eighth progress report on implementation of OTC derivatives market reforms.
G20 Leaders agreed in 2009 to a comprehensive reform agenda for these markets, to improve transparency, mitigate systemic risk, and protect against market abuse.
To achieve these objectives, the G20 agreed that:
- all OTC derivatives contracts should be reported to trade repositories (TRs);
- all standardised contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties (CCPs);
- non-centrally cleared contracts should be subject to higher capital requirements and minimum margining requirements should be developed.
The report published today finds that, although implementation of reforms to meet these commitments is not yet complete, progress has continued to be made in reform areas across the FSB member jurisdictions and further progress is anticipated for 2015. The main findings are: