This report is the seventh progress report by the FSB on implementation of OTC derivatives reforms. It finds that there has been continued progress in the implementation of OTC derivatives market reforms. Key international policy standards have been finalised in most commitment areas and work on the remaining standards is on track to be finalised by the November 2014 G20 Leaders Summit. Most jurisdictions have completed necessary reforms to legislative frameworks and are developing or bringing into force detailed rules where required. As well as detail on jurisdictional progress in each commitment area, the report also discusses some practical implementation issues that have been identified.