The main findings are:
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Implementation of reforms is most advanced for trade reporting and for higher capital requirements for non-centrally cleared derivatives.
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There has been further incremental progress to promote central clearing of standardised OTC derivatives: at present five jurisdictions have central clearing requirements in effect for one or more specific product types, and over the next year further progress is anticipated in many jurisdictions for assessing if certain products should be required to be centrally cleared.
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Few jurisdictions have regulatory frameworks in place to promote execution of standardised contracts on organised trading platforms. It continues to be important for jurisdictions to have frameworks in effect for assessing when it is appropriate for transactions to be executed on organised trading platforms.
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Most jurisdictions are only in the early phases of implementing the BCBS–IOSCO framework for margin requirements for non-centrally cleared derivatives (internationally agreed phase-in periods were recently delayed, and now begin in September 2016).
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Availability and use of centralised infrastructure to support OTC derivatives reforms continues to expand.
Authorities continue to note a range of implementation issues, though international workstreams that aim to address most of these issues are underway, including: steps to harmonise transaction reporting and to agree to a framework for uniform trade and product identifiers; further coordinated consideration of CCP resilience, recovery and resolution, and central clearing interdependencies; and ongoing multilateral and bilateral discussions to address cross-border regulatory issues (with several additional steps recently taken by authorities in this regard).
The FSB will continue to monitor and report on OTC derivatives reform implementation progress, including the effects of OTC derivatives reforms over time.
Feedback should be submitted by 24 August 2015.
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