2013年-FSB全球金融稳定委员会_Thematic_Review_on_Resolution_Regimes_112页_1mb

OTC Derivatives Market Reforms: Fifth Progress Report Summary

Core Content Overview

This document is the fifth progress report by the Financial Stability Board (FSB) on the implementation of reforms to global over-the-counter (OTC) derivatives markets, published in April 2013, just after the end-2012 deadline set by G20 Leaders. It outlines the status of reforms, including central clearing, exchange and electronic platform trading, trade reporting, capital requirements, and standardisation, as well as the challenges and next steps for achieving the G20 commitments.

Main Objectives of the G20 Commitments

• Standardised OTC derivatives should be traded on exchanges or electronic platforms and cleared through central counterparties (CCPs) by the end of 2012.
• Reporting to trade repositories (TRs) is required for all OTC derivative contracts.
• Non-centrally cleared contracts should be subject to higher capital requirements.
• International standards are to be developed for margining and risk management of non-centrally cleared OTC derivatives.

Key Progress and Challenges

1. Trade Reporting

• About half of FSB jurisdictions have implemented or plan to implement reporting requirements for some asset classes by mid-2013.
• Challenges include:
  • Legal barriers (privacy laws, confidentiality provisions) limiting the reporting of counterparty information.
  • Data fragmentation across TRs due to differing data formats and fields.
  • Need for clear international guidance on authorities' access to TR data, expected by September 2013.

2. Standardisation

• Only a few jurisdictions have placed obligations on market participants for non-centrally cleared transactions.
• Standardisation is important for increasing the number of products eligible for central clearing or trading on platforms.
• FSB encourages further work on standardisation, including building on the OTC Derivatives Supervisors Group (ODSG) efforts.

3. Exchange and Electronic Platform Trading

• Very few jurisdictions have enacted requirements for trading on exchanges or electronic platforms.
• Most focus first on reporting and clearing requirements, with some awaiting market liquidity analysis before moving to trading requirements.
• Jurisdictions should not delay legislation that could enable trading requirements once deemed appropriate.

4. Central Clearing

• Half of FSB jurisdictions have established legislative frameworks for central clearing.
• Some jurisdictions have adopted specific rules for clearing interest rate and credit derivatives.
• Challenges include:
  • Insufficient standardisation of OTC derivatives products.
  • Lack of accessible CCPs in some jurisdictions.
  • Regulatory uncertainty and potential for regulatory arbitrage.

5. Capital and Bilateral Risk Management

• Most jurisdictions have adopted Basel III capital requirements for non-centrally cleared transactions.
• Few have implemented margin requirements for non-centrally cleared transactions.
• FSB urges jurisdictions to implement additional international standards once finalised.

Cross-Border Issues and Regulatory Cooperation

• Regulatory uncertainty and inconsistencies across jurisdictions remain significant obstacles.
• Cross-border conflicts, duplication, and gaps in rules may hinder the effective implementation of reforms.
• The Regulators Group is working to address these issues, with a target to resolve them by September 2013.
• FSB stresses the importance of cooperation and alignment to prevent regulatory arbitrage and ensure consistent application of reforms.

Progress of Market Participants

• As of end-2012, central clearing of interest rate and credit derivatives has increased significantly, particularly among G15 dealers.
• Reporting to TRs has also seen notable progress, with over 90% of gross notional amounts reported for interest rate and credit derivatives.
• Central clearing of commodity, equity, and FX derivatives remains limited, though uptake and new product offerings are increasing.

International Standards and Guidance

• Most international guidance for reforms has been issued, including:
  • Principles for Financial Market Infrastructures (FMI)
  • TR data reporting requirements and aggregation
  • Legal Entity Identifier (LEI) system
  • Mandatory central clearing standards
  • Capital standards for exposures to CCPs
• Remaining guidance to be finalised by September 2013 includes:
  • Margining standards from BCBS and IOSCO.
  • Capital treatment standards for banks' exposures to CCPs.
  • Final guidance on authorities' access to TR data.
  • Draft guidance on FMI recovery and resolution planning.

Conclusions and Next Steps

• Despite progress, no jurisdiction had fully implemented the G20 commitments by end-2012.
• FSB urges accelerated implementation in 2013, particularly for jurisdictions that have not completed their legislative and regulatory frameworks.
• FSB Chairman has requested confirmation from member jurisdictions regarding the status of their TR reporting legislation and timetables for completing OTC derivatives reforms.
• Key areas for attention include:
  • Resolving cross-border inconsistencies.
  • Removing barriers to trade reporting and data access.
  • Establishing clear criteria and monitoring processes for central clearing incentives.
  • Enacting legislation to support trading on organised platforms.

Summary of Jurisdictional Progress (Table 1)

Key:

• A: Adopted
• P: Proposed
• C: Consultation
• PA: Proposed and in consultation
• PE: Proposed and effective
• N/A: Not applicable

Recommendations

• Accelerate implementation of reforms, especially for jurisdictions not yet in compliance.
• Resolve cross-border inconsistencies and ensure regulatory equivalence.
• Remove legal and technical barriers to trade reporting and access to TR data.
• Clarify criteria and monitoring for central clearing incentives.
• Enact legislation to enable trading on organised platforms.