2011年-FSB全球金融稳定委员会_Thematic_Review_on_Compensation_2011_2页_86kb

FSB OTC Derivatives Market Reforms Progress Report Summary

Core Content

The Financial Stability Board (FSB) released its second six-monthly progress report on the implementation of over-the-counter (OTC) derivatives market reforms, aimed at fulfilling the G20 commitments made at the Pittsburgh 2009 Summit. The report outlines the progress made toward three key objectives: trading standardised OTC derivatives on exchanges or electronic platforms, reporting them to trade repositories, and imposing higher capital requirements on non-centrally cleared contracts.

Main Viewpoints

• Deadline and Progress: With only just over one year remaining until the end-2012 deadline, the report highlights that few FSB members have implemented the necessary legislation or regulations to operationalise the G20 commitments.
• Implementation Challenges: The report acknowledges the complexity of the reforms and the challenges faced by jurisdictions in developing appropriate legal frameworks.
• Need for Aggressive Action: Despite these challenges, the FSB urges jurisdictions to push forward with reforms as aggressively as possible to meet the G20 deadline.
• Consistency Across Jurisdictions: Consistent implementation is critical for achieving the G20 reform objectives. Smaller markets are encouraged to develop their own frameworks even before the US and EU finalize theirs, to ensure a timely response once rules are set.
• Risk of Gaps and Conflicts: The FSB warns that inconsistencies, overlaps, or conflicts in regulatory frameworks could undermine the success of the reforms. It emphasizes the need to address these issues to meet the G20 goals.
• Focus on Systemic Risk Mitigation: The report clarifies that the G20 commitments must apply to all standardised derivatives, regardless of whether they are traded OTC or on exchanges, to effectively mitigate systemic risk.
• Monitoring and Coordination: The FSB will continue to monitor the consistency of implementation across jurisdictions and will highlight any issues that may hinder the reform objectives. It also encourages stronger coordination among members to address these challenges.
• Next Steps: A further progress report is planned for spring 2012, with an emphasis on collecting comprehensive data to assess implementation progress.

Key Information

• Publication Date: 11 October 2011
• FSB Secretariat: Located in Basel, Switzerland, hosted by the Bank for International Settlements
• Chair of FSB: Mario Draghi, Governor of the Bank of Italy
• Contact for Press Enquiries:
  • Email: press@bis.org
  • Phone: +41 61 280 8001
• Feedback Deadline: 30 November 2011
• Feedback Submission:
  • Email: fsb@bis.org
  • Post: Secretariat of the Financial Stability Board, c/o Bank for International Settlements, CH-4002, Basel, Switzerland

Summary of G20 Commitments

The G20 commitments focus on three main areas:

1. Trading on Exchanges or Electronic Platforms:

   • Standardised OTC derivative contracts should be traded on exchanges or electronic trading platforms where appropriate.
   • This is intended to increase transparency and reduce systemic risk.

2. Reporting to Trade Repositories:

   • All OTC derivative contracts must be reported to trade repositories.
   • This ensures better oversight and data collection for regulatory purposes.

3. Higher Capital Requirements for Non-Centrally Cleared Contracts:

   • Non-centrally cleared OTC contracts should face higher capital requirements.
   • This is meant to enhance the resilience of financial institutions against potential losses.

Conclusion

The FSB remains committed to monitoring and assessing the implementation of OTC derivatives reforms across all jurisdictions. It emphasizes the importance of timely and consistent regulatory action, particularly in light of the approaching end-2012 deadline. The report serves as a call to action for all members to continue their efforts and to address any gaps or conflicts that may arise in the implementation process.