This progress report is the first since the passing of the end-2012 deadline set by G20 Leaders to fulfil commitments for reforms to global over-the-counter (OTC) derivatives markets. While progress has been made in moving these markets towards centralised infrastructure, few FSB member jurisdictions currently have the necessary legislative and regulatory frameworks in place to implement the G20 commitments. The report notes that uncertainties about the treatment of cross-border activity (whether of market participants or of infrastructure) under various jurisdictions’ regimes has become a more pressing concern as regulatory requirements take effect.