Following the G20 Leaders’ agreement in September 2009 to make substantial reforms to global OTC derivatives markets, the FSB has developed a set of recommendations which address practical issues that authorities may encounter in implementing the G-20 Leaders’ commitments concerning standardisation, central clearing, exchange or electronic platform trading, and reporting of OTC derivatives transactions to trade repositories. Given the global nature of the OTC derivatives markets, continued international coordination in dealing with ongoing implementation of the G20 commitments is critical. Work should be taken forward by the relevant standard setters and authorities to achieve international consistency. Furthermore, given the continuous innovation in the OTC derivatives markets, this report identifies areas where monitoring will need to continue and exploration of additional measures is recommended.