Derivatives regulators have issued their latest progress report detailing their ongoing efforts to reform over-the-counter (OTC) market supervision.
The so-called Over-the-Counter (OTC) Derivatives Regulators Group (ODRG) — which includes derivatives regulators from Ontario and Québec, along with authorities in Australia, Brazil, the European Union, Hong Kong, Japan, Singapore, Switzerland, and the U.S. — issued their latest report Friday, which covers how they have dealt with, or intend to deal with, certain cross-border issues.
The report also examines progress on cross-border issues that were identified by the ODRG in previous reports, where they continue to work to implement the relevant agreements; and, it monitors the work of other multilateral working groups.
For Canadian authorities, the most significant recent development is the implementation of a new derivatives trade reporting regime as of Oct. 31, including the recognition of trade repositories; and, measures to allow substituted compliance for firms that report trades in the U.S. under CFTC swap data reporting rules.
Finally, the report acknowledges that additional cross-border issues could continue be identified, as the regulators implement new rules to deal with domestic and cross-border transactions. The regulators stress that they are committed to addressing cross-border issues as they emerge.