ESMA has made a statement following the meeting of key global authorities responsible for the regulation of OTC derivatives markets in late November. ESMA recognises the benefits of global co-operation and consistency but says complete harmonisation is difficult to achieve. It has now identified various potential conflicts, inconsistencies and duplicative requirements between major regulators' rules and proposals and agreed a way forward. The regulators will meet frequently and consult with each other. The next meeting, in January 2013, will address the conflicts identified, discuss comparability of regulatory regimes and allow the regulators to tell each other of the planned timing of finalisation and implementation of their rules. (Source: ESMA Statement on OTC Derivatives)