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:
- equivalence and substituted compliance between jurisdictions,
- clearing determinations,
- margin requirements for non-centrally cleared derivatives, and
- 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.