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Regulators work on OTC cross-border implementation issues

The OTC Derivatives Regulators Group (ODRG) (which includes principals from regulators worldwide with responsibility for over-the-counter (OTC) derivatives regulation) has produced its first report (published on 31 March) which sets out the current list of remaining cross-border implementation issues and their current status, including:

  • treatment of branches and affiliates – work on gap identification and duplicative requirements continues with emphasis on the clearing obligation;
  • organised trading platforms and implementation of trading commitment – work on the differing jurisdictional approaches is underway.  Identification of differences in the timing and approach to implementation of trading obligations is being undertaken;
  • equivalence and substituted compliance – work continues to implement understandings;
  • clearing determinations – the ODRG members will contribute to International Organiization of Securities Committees (IOSCO) newly established repository of clearing requirements;
  • risk mitigation techniques for non-centrally cleared derivatives transactions (margin) – the work of the BCBS and the IOSCO working group (to be set up) will be basis for the ODRG discussions;
  • data in trade repositories – work is underway to develop practical solutions to trade repository data access as authorities in jurisdictions implement arrangements for the sharing of data held;
  • risk mitigation techniques for non-centrally cleared derivatives transactions (non-margin) – IOSCO is establishing a working group on this;
  • access to registrant’s books and records – ORDG members will engage as access issues arise; and
  • barriers to reporting to trade repositories – this is monitored by the Financial Stability Board which is to conduct a peer review on trade reporting to identify outstanding issues across jurisdictions.

 A timetable is set for reporting on these issues at both the September Finance and Central Bank Governors meeting and the November G20 Leaders Summit.

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