2010年-FSB全球金融稳定委员会_Implementing_OTC_Derivatives_Market_Reforms_3页_95kb

FSB Report on Improving OTC Derivatives Markets Summary

Core Content

The Financial Stability Board (FSB) has released a report titled "Implementing OTC Derivatives Market Reforms", aimed at enhancing the transparency, regulatory oversight, and stability of over-the-counter (OTC) derivatives markets. This report was developed in response to G20 commitments made during the Pittsburgh and Toronto Summits, focusing on systemic risk mitigation and market reform.

Main Recommendations

The report outlines 21 recommendations to implement the G20 commitments, covering four key areas:

1. Standardisation of Derivatives

• Increase the proportion of standardised derivatives in the market.
• Encourage authorities to collaborate with market participants to promote standardisation.
• Use incentives and, where necessary, regulation to achieve this goal.

2. Central Clearing

• All standardised derivatives should be centrally cleared to reduce systemic risk.
• Define clear criteria for determining whether a derivative is standardised and eligible for central clearing.
• Implement robust risk management practices for non-centrally cleared derivatives.
• Strengthen supervision, oversight, and regulation of central counterparties (CCPs).

3. Exchange or Electronic Platform Trading

• The International Organization of Securities Commissions (IOSCO) will conduct an analysis by end-January 2011 to identify actions needed to ensure that all standardised products are traded on exchanges or electronic platforms, where appropriate.

4. Reporting to Trade Repositories

• All OTC derivatives transactions must be reported to trade repositories (TRs).
• TR data should be comprehensive, uniform, and reliable.
• Data from multiple sources should be aggregated on a global scale to provide a complete view of OTC derivatives markets.
• Authorities must ensure full and timely access to this data to support their regulatory mandates.

Key Information

• G20 Commitments: The report is based on G20 commitments to improve transparency, mitigate systemic risk, and enhance financial stability in OTC derivatives markets.
• Regulatory Oversight: The FSB emphasizes the importance of a global view of OTC derivatives markets, which can only be achieved through comprehensive data reporting and coordination.
• Role of Trade Repositories: Trade repositories are identified as essential tools for improving transparency and data availability, but their effectiveness depends on global coordination and data accessibility.
• FSB Structure: The FSB is an international body that coordinates the work of national financial authorities and standard-setting bodies to promote financial stability. It includes 24 countries and jurisdictions, along with international financial institutions and regulatory groups.
• Chair and Secretariat: The FSB is chaired by Mario Draghi, Governor of the Bank of Italy, and its Secretariat is located in Basel, Switzerland, hosted by the Bank for International Settlements (BIS).
• Implementation Timeline: The report is the first step toward consistent global implementation of the G20 commitments, with a focus on achieving the goal of central clearing for all standardised derivatives by the end of 2012.
• Follow-up Mechanism: The working group will provide regular progress reports to the FSB, with the first report due in March 2011.

Conclusion

The FSB report highlights the importance of international cooperation in reforming OTC derivatives markets. It outlines a comprehensive set of measures to enhance transparency, reduce systemic risk, and ensure consistent regulatory practices. The implementation of these reforms is critical for maintaining financial stability and preventing future crises.