ISDA has commented on the Financial Stability Board's (FSB) report on reforming OTC derivatives markets. It calls for a much greater degree of convergence and wants FSB to discourage particular jurisdictions from implementing changes that will lead to gaps in oversight or regulatory overlap. Its other main concern is that access to Central Counterparties (CCPs) should never be put above the need to ensure financial and operational soundness of the CCP. (Source: ISDA views on OTC reform 13 May)