The Financial Stability Board (FSB) has published its fifth progress report on the global implementation of OTC derivative markets reforms. The reports charts the regulatory reform progress across all 19 FSB member jurisdictions. In respect of trade reporting
it outlines that reporting for at least some asset classes will have come into force for mid 2013. Issues remain in respect of:
The report includes useful summaries on the national progress of reforms detailing, by country, the status of each country’s legislative and implementation actions. The details of the availability of Trade Repositories are also reported by asset class and
location together with their current operating status.
Progress in meeting the G20 commitments is expected to accelerate over the remainder of 2013 as jurisdictions finalise their legislative and regulatory frameworks.
The FSB calls for regulators when preparing legislation to preserve a sufficient degree of flexibility to allow for the uncertainties of application of requirements on cross-border trades to be resolved without unnecessary market disruption.
How stupid that they have not done the obvious and used XBRL with ISO20022! It makes my blood boil with some much industry stupidity when solutions are right in front of them
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