FSB has published its fifth six-monthly report on how its members are progressing OTC derivatives regulatory reform. It is disappointed that, despite significant progress, no jurisdiction had fully implemented requirements by the end of 2012, and less than half of the FSB member jurisdictions currently have legislative and regulatory frameworks in place to implement the G20 commitments. It wants to see faster progress, and has asked jurisdictions to confirm their plans. It also notes key challenges the reforms should address, including:

  • applying the requirements in a cross-border context;
  • trade reporting and data access;
  • central clearing and incentives; and
  • organised platform trading.

FSB will publish a further progress report ahead of the G20 Leaders Summit in St Petersburg in September 2013 and welcomes comments on the current report by 15 May. (Source: FSB Reports on OTC Derivatives Reform)