This Report by IOSCO has been prepared in response to a request from the Financial Stability Board to evaluate the benefits and challenges associated with the implementation of measures to increase exchange and electronic trading of OTC derivative products. The Report concludes that it is appropriate to trade standardised derivatives contracts with a suitable degree of liquidity on "exchanges or electronic trading platforms," provided that a flexible approach encompassing a range of platforms that would qualify as "exchanges or electronic trading platforms" for derivatives trading is taken. The Report also identifies seven characteristics of organised platforms such as registration of the platform with a competent regulatory authority, pre and post transparency arrangements appropriate to the products and active market surveillance capabilities.