On 31 March 2014, the Over-the-Counter ("OTC") Derivatives Regulators Group ("ODRG"), which is made up of authorities with responsibility for the regulation of OTC derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec, Singapore, Switzerland, and the United States, issued a report that identifies the current list of remaining cross-border implementation issues related to global reform of OTC derivatives markets. The report also includes a summary of the status of such issues and a timetable for addressing them through a series of reports to the G20 Finance Ministers and Central Bank Governors over the course of 2014.
The initial report to the G20 addresses cross-border issues the ODRG is working on to develop approaches to address, namely, the treatment of branches and affiliates and the implementation of the trading commitment through organized trading platforms. The report also addresses how ODRG members are working to implement understandings reached in the areas of equivalence and substituted compliance, clearing determinations, margin requirements for non-centrally cleared derivatives transactions, and access to trade repository data.
The full text of the ODRG report is available at: http://www.cftc.gov/ucm/groups/public/@internationalaffairs/documents/file/odrgreport033114.pdf .
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