The FSB has designated over-the-counter (OTC) derivatives as one of the priority areas for implementation monitoring. The task of regular monitoring and detailed reporting in this area is carried out by the FSB OTC Derivatives Working Group (ODWG). Its monitoring activities include: surveying FSB member jurisdictions on regulatory reform implementation; reporting on OTC derivatives-related work streams of standard-setting bodies; and monitoring OTC derivatives market developments, such as changes in the use of market infrastructure like trade repositories and central counterparties.

The FSB published its third annual report to the G20 on the implementation and effects of the G20 financial regulatory reforms in July 2017. In addition to an update on implementation progress, the report to the G20 also included a section with the main findings from a review undertaken by the FSB on the effectiveness and broader effects of OTC derivatives market reforms. Below is an extract from the Executive Summary of the report on this review.