OTC Derivatives Market Reforms: 2020 Note on Implementation Progress
Overall progress in implementation of the agreed G20 reforms to over-the-counter (OTC) derivatives markets is well advanced, but there has been limited additional implementation of the reforms since October 2019.
Trade reporting: 23 out of 24 FSB member jurisdictions have comprehensive requirements in force, unchanged since the last progress report. Some jurisdictions report that they have expanded the scope of their trade reporting requirements, reviewed the efficiency of their reporting regime or removed barriers for data sharing.
Platform trading: Comprehensive platform trading requirements are in force in 13 jurisdictions, unchanged for the second consecutive year. One jurisdiction postponed to 2021 the adoption of final rules, originally planned to be completed during the first half of 2020.
Central clearing: 17 jurisdictions have in force comprehensive standards for mandatory central clearing requirements, unchanged since the last report, and one adopted comprehensive standards for determining when products should be centrally cleared, which has not yet come into force. Steps have been taken in many jurisdictions and at the international level to further strengthen the resilience of central counterparties (CCPs).
Margin requirements for non-centrally cleared derivatives (NCCDs): 16 jurisdictions have in force margin requirements for NCCDs, unchanged from the last progress report. All these have adopted the one-year extension agreed by the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) for the final two implementation phases in light of COVID-19.
Capital requirements for NCCDs: Two jurisdictions adopted final capital requirements for NCCDs and one jurisdiction completed implementation since the transition period lapsed. Only eight FSB jurisdictions currently have comprehensive requirements in force.