2011年-FSB全球金融稳定委员会_First_Progress_Report_on_Implementation_of_OTC_Derivatives_Market_Reforms_2页_145kb

FSB OTC Derivatives Market Reforms Implementation Progress Report Summary

Core Content

The Financial Stability Board (FSB) published a progress report on the implementation of Over-the-Counter (OTC) derivatives market reforms, summarising the progress made in fulfilling the G20 commitments. The report focuses on the standardisation, central clearing, exchange or electronic platform trading, and reporting of OTC derivatives transactions to trade repositories.

Main Views and Key Information

Implementation Progress

• Major projects underway: The largest OTC derivatives markets are actively implementing reforms, and international policy development is following the timetable established in the October 2010 report.
• Key initiatives:
  • The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) released a consultative report on harmonised principles for financial market infrastructures in March 2011.
  • IOSCO published a study in February 2011 evaluating the benefits and challenges of increasing exchange and electronic trading.
  • Major market participants, including the largest derivatives dealers, submitted a letter in March 2011 outlining a roadmap for achieving G20 objectives.

Concerns and Challenges

• Implementation timeline: The FSB is concerned that many jurisdictions may not meet the G20's end-2012 deadline, emphasizing the need for substantial and concrete steps now.
• Divergent approaches: Differences in regulatory approaches may weaken the effectiveness of reforms, create opportunities for regulatory arbitrage, and lead to conflicting requirements for market participants and infrastructures.
• Reporting inconsistencies: Inconsistencies in transaction data reporting to trade repositories could hinder cross-border data sharing and global data aggregation unless addressed.
• Clearing and margining practices: Potential inconsistencies in clearing requirements and margining practices across different asset classes and market participants are also noted.

FSB's Role and Next Steps

• The FSB will continue to monitor implementation through its OTC Derivatives Working Group.
• A further progress report is expected to be published by October 2011, providing more detailed insights into progress by asset class, including interest rate, credit, equity, commodity, and foreign exchange derivatives.
• The FSB encourages public feedback on the report, which should be submitted by 16 May 2011 via email or post.

Conclusion

The report highlights the ongoing efforts to implement OTC derivatives reforms in line with G20 commitments, while also identifying critical challenges that need to be addressed to ensure consistency and effectiveness across jurisdictions. The FSB remains committed to monitoring progress and facilitating international cooperation to achieve the reform objectives by the end of 2012.