FSB全球金融稳定委员会-OTC-Derivatives-Market-Reforms_-2019-Progress-Report-on-Implementation_45页_2mb

OTC Derivatives Market Reforms: 2019 Progress Report Summary

Core Content Overview

The 2019 Progress Report on Implementation of OTC derivatives market reforms outlines the status of regulatory and supervisory measures across FSB member jurisdictions. It highlights the progress made in key areas such as trade reporting, central clearing, margin requirements, capital requirements, platform trading, and cross-border coordination. The report also details the challenges encountered and ongoing international efforts to enhance the effectiveness and resilience of the OTC derivatives market.

Main Points and Key Information

1. Overall Progress

• Limited progress was made in the implementation of OTC derivatives reforms since the 13th progress report (end-November 2018).
• Most reforms are in force in 24 out of 24 FSB member jurisdictions, with some jurisdictions showing positive changes in implementation status.
• The FSB's role is to coordinate international efforts and promote the implementation of effective regulatory, supervisory, and financial sector policies.

2. Trade Reporting

• Implementation Status: 23 out of 24 jurisdictions have comprehensive trade reporting requirements in force, an increase of one from the previous report.
• Progress:
  • Expansion of reporting scope in several jurisdictions.
  • Efforts to reduce reporting barriers and improve data quality.
  • Wider use of the Legal Entity Identifier (LEI) in trade reporting.
• Challenges:
  • Incomplete LEI coverage for counterparties in some jurisdictions.
  • Legal and operational barriers in a few countries.
  • In South Africa, no licensed TR exists to allow reporting to commence.
• International Efforts:
  • Work on data harmonisation and LEI implementation continues.
  • The FSB recommends following up on the 2018 CPMI-IOSCO Technical Guidance for critical data elements.

3. Central Clearing

• Implementation Status: 18 jurisdictions have comprehensive standards for determining when OTC derivatives should be centrally cleared.
• Progress:
  • More product types are now subject to mandatory clearing.
  • Some jurisdictions expanded the scope of entities subject to clearing.
  • Singapore and Switzerland have introduced new CCPs for specific asset classes.
• Challenges:
  • In Brazil and India, central clearing rates have decreased in some asset classes.
  • Legal and regulatory frameworks in some jurisdictions do not fully support central clearing features.
  • In Turkey, secondary regulation is pending before clearing obligations can be introduced.

4. Margin Requirements for Non-Centrally Cleared Derivatives (NCCDs)

• Implementation Status: 16 jurisdictions have comprehensive margin requirements in force for NCCDs.
• Progress:
  • Collateralisation rates are increasing, especially in credit and equity derivatives.
  • The BCBS-IOSCO Working Group released clarifications in March 2019 to address implementation challenges.
• Challenges:
  • Disputes over collateral and position valuations.
  • Need for amendments to tax policies.
• Final Capital Requirements: Only 7 jurisdictions have implemented the final standardised approach for counterparty credit risk (SA-CCR) and capital requirements for bank exposures to CCPs, which were supposed to be in place by January 2017.

5. Platform Trading and Transparency

• Implementation Status: 13 jurisdictions have comprehensive platform trading requirements in force.
• Progress:
  • Some jurisdictions expanded the scope of products subject to trading obligations.
  • Efforts to improve transparency of OTC derivatives transactions continue.
• Challenges:
  • Limited progress in some areas.
  • Ongoing work on dispute resolution and other risk mitigation measures.

6. Cross-Border Coordination

• Progress:
  • One jurisdiction started exercising deference to foreign regimes.
  • Several jurisdictions extended deference to more countries.
• International Work:
  • New initiatives launched to improve cross-border coordination.
  • The FSB continues to work on enhancing CCP resilience and resolution.

Key Reforms and Implementation Status

Summary of Challenges

• Trade Reporting: Legal and operational barriers in some jurisdictions, limited LEI coverage for counterparties, and lack of licensed TRs in certain markets.
• Central Clearing: Regulatory and legal support issues, especially in Turkey and Indonesia.
• Margin Requirements: Tax policy amendments and valuation disputes remain unresolved.
• Platform Trading: Limited progress in some areas.
• Cross-Border Coordination: Need for further international cooperation and alignment.

Conclusion

The 2019 progress report highlights that while significant progress has been made in implementing OTC derivatives reforms, challenges remain in ensuring consistency, transparency, and resilience across jurisdictions. International collaboration and continued monitoring are essential to address these issues and support the ongoing development of the OTC derivatives market.