The OTC Derivatives Regulators Group has issued an update on cross-border implementation issues related to the rollout of worldwide over-the-counter derivatives reform. Two areas where ODRG continues to try to resolve cross-border issues are the handling of guaranteed affiliates and the treatment of organized trading facilities in light of the trading commitment made by the G20 leaders in Pittsburg in September 2009. Four areas where ODRG is trying to implement previously agreed understandings are the use of equivalence and substituted compliance; mandatory clearing determinations; risk reduction measures for non-centrally cleared derivative trades; and trade repositories’ data and barriers to reporting. ODRG consists of representatives from select regulators of OTC derivatives markets worldwide including the Commodity Futures Trading Commission and the Securities and Exchange Commission in the US.