The main findings are:
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The adoption of legislation, where this has been a necessary first stage of the reform process, is nearing completion. While jurisdictions vary in their stage of implementation of detailed regulations, the greatest progress to date has been made in adopting regulations implementing higher capital requirements for non-centrally cleared derivatives and trade reporting requirements. Implementation in other reform areas is also proceeding, though timetables stretch well into 2015 and beyond. Measures to promote trading on exchanges or electronic trading platforms continue to take longer than those in other reform areas
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International standards and guidance in key areas (such as bank capital requirements for central clearing exposures, and recovery and resolution for financial market infrastructures) have been finalised over the course of 2014
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In addition, bilateral and multilateral discussions addressing outstanding cross-border issues have intensified over the course of 2014
Across jurisdictions, the availability of market infrastructure, and market participants’ use of that infrastructure, continues to gradually broaden.
It is important that jurisdictions take remaining steps to implement the G20 reform commitments and to help resolve implementation issues that are being identified by authorities as they move forward with their reforms. Full implementation of the reforms can help ensure that the objectives of the reforms set out by the G20 Leaders – improved transparency, systemic risk mitigation and protection against market abuse – are met.
The FSB will continue to report on OTC derivatives reform implementation in 2015, monitoring jurisdictional progress and considering the effectiveness of reforms in meeting the underlying G20 objectives.
The FSB welcomes feedback from the public on this report by 7 December 2014.
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