The Canadian Securities Administrators on Monday issued a news release to update stakeholders on efforts to reform Canada's OTC derivatives market to conform with G-20 commitments.

As we discussed earlier this year, the CSA released a consultation paper in June that proposed making central counterparty clearing of eligible OTC derivatives mandatory. While today's release reiterated Canadian regulators' commitment to CCP clearing, the CSA stated that market participants would be able to do so through any CCP that was recognized by Canadian authorities, including global CCPs. According to the CSA, "global CCPs will provide a safe, robust and resilient environment for clearing OTC derivatives" provided that they comply with appropriate international safeguards.