FSB Reports Member Jurisdiction Progress On OTC Derivatives Reforms And Trade Reporting

The Financial Stability Board ("FSB") provided an update on FSB member progress on (i) G20 reforms for the over-the-counter ("OTC") derivatives markets and (ii) legal barriers to reporting and accessing trade data sets that were identified in a 2015 peer review.

With respect to the G20's OTC reform agenda, the FSB found that:

• 21 out of 24 FSB member jurisdictions have trade reporting requirements fully implemented (up by two since June 2017);
• 18 member jurisdictions have standards for requiring clearing of standardized OTC derivatives;
• 16 jurisdictions have adopted margin requirements for non-centrally cleared derivatives;
• 23 jurisdiction impose higher capital requirements for non-centrally cleared derivatives (however, the report notes that less progress has been made in implementing the "standardised approach for counterparty credit risk" and capital requirements for CCP exposures);