This second report on implementation of OTC derivatives market reforms notes that, with only just over one year until the end-2012 deadline for implementing the G20 commitments, few FSB members have the legislation or regulations in place to provide the framework for operationalising the commitments. While such reforms need to be developed with due care and analysis so as not to compromise the G20’s objectives for derivatives market reform, this report concludes that jurisdictions should aggressively push forward to meet the end-2012 deadline in as many reform areas as possible. The report also notes that, in the interim, it is critical that market participants continue efforts to reform the trading, clearing and reporting of OTC derivatives.