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OTC Derivatives Regulators Issue Report Regarding Cross-Border Issues

On September 10, 2014 the Over-the-Counter Derivatives Regulators Group (ODRG) issued a report providing an update to the Group of 20 (G20) on its progress in resolving over-the-counter (OTC) derivatives cross-border implementation issues. The ODRG stated it will continue to develop approaches to address potential gaps and duplications in regulating branches and affiliates and the treatment of organized trading platforms and implementation of the G20 commitment that all standardized OTC derivatives contracts be traded on exchanges or electronic trading platforms.

The ODRG also described its progress toward implementing previously reached understandings in areas of:

  1. equivalence and substituted compliance between jurisdictions,
  2. clearing determinations,
  3. margin requirements for non-centrally cleared derivatives, and
  4. trade repository data access and reporting.

Finally, the ODRG reported that it has requested that the Financial Stability Board take steps to facilitate the removal of barriers to the reporting of counterparty-identifying information to trade repositories. 

The ODRG Report is available here

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About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

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