FSB: OTC derivatives reports

FSB has published two reports concerning implementation of the reforms to the OTC derivatives market agreed by the G20. The first of these (“Thematic review of OTC derivatives trade reporting”) considers the progress of FSB member jurisdictions in implementing trade reporting requirements. It notes that further work needs to be undertaken to ensure that the data collected by trade repositories can be effectively used by regulators and notes widespread legal and regulatory barriers to reporting complete transaction information. FSB members have agreed that all jurisdictions should have legal frameworks in place to facilitate trade repository data access for both domestic and foreign authorities by no later than June 2018. FSB member jurisdictions will be asked to report by June 2016 on their planned actions to address remaining barriers to full reporting. The second report is the tenth progress report on implementation which provides an update on key developments in OTC derivatives reforms since the previous report published in July 2015. Feedback is invited for the progress report, to be received by 4 December 2015.