ESMA: Meeting of the Principals of the OTC Derivative Regulators Group

03 October 2013

Principals and senior representatives of authorities responsible for the regulation of the OTC derivatives markets in Australia, Brazil, the EU, Hong Kong, Japan, Ontario, Québec, Singapore, Switzerland and the US met on 20 September at ESMA headquarters.

The Principals discussed generally: 

• the application of clearing requirements to foreign branches and affiliates;
• risk mitigation techniques for non-centrally cleared derivatives transactions, such as timely confirmation, portfolio reconciliation, portfolio compression, valuation and dispute resolution;
• the need to co-operate in the implementation of internationally agreed standards on margin for non-centrally cleared derivatives transactions;
• cooperation on equivalence and substituted compliance assessments among the relevant authorities; and
• cooperation between authorities in the supervision of registered foreign entities;

The Principals agreed to meet again in February to continue the discussion of the above points.

Press release

Summary

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