FSB's fourth half-yearly report on OTC derivatives market reform delivers several key messages:

  • market infrastructure is in place and its development does not appear to be stopping further progress towards the G20 goals for trading, clearing and reporting of OTC derivatives;
  • international work on the four safeguards for global clearing is virtually complete and national implementation has started;
  • there is still significant regulatory uncertainty, so jurisdictions should promptly put in place their legislation and regulation. Regulators should identify conflicts, inconsistencies and gaps in their national structures by the end of the year.

FSB now urges jurisdictions that have not yet set out their cross-border approach to do so urgently. It welcomes comments on its conclusions by 30 November. (Source: Fourth Progress Report on Implementation of OTC Derivatives Reform)