Agreement has been reached between the US Treasury, and the European Commission to a December 2011 implementation date for the Basel trading book rules. They also re-affirmed a strong determination to continue cooperating closely in strengthening the global financial system and in promoting and putting place the G20 Financial Reform agenda. They also re-affirmed their commitment to continue their strong and close bi-lateral cooperation on regulatory reform in the OTC derivatives market. This cooperation has allowed for the proposed new rules regarding the clearing of over-the-counter derivatives and the development and supervision of derivatives infrastructure to be consistent and implemented in an open, and non-discriminatory matter.