A new report from the Financial Stability Board (FSB) finds that there has been progress on OTC derivatives market reforms, but that some areas are taking longer to address, including measures to encourage more exchange trading.

The FSB’s latest semi-annual progress report finds that the implementation of OTC derivatives market reforms is continuing. It says that key international policy standards have been finalized in most areas, and that work on the remaining standards is on track to be finalized by next G20 leaders summit in November.

“Most jurisdictions have completed necessary reforms to legislative frameworks and are developing or bringing into force detailed rules where required,” it says; noting, for example, that most jurisdictions have rules to require reporting to trade repositories, and frameworks for central clearing requirements.

“Overall, there are clear signs of progress in the implementation of trade reporting, capital requirements, and central clearing,” it says, adding that jurisdictions also generally report that they expect to start the process for implementing margin requirements in late 2014 or early 2015.

However, it also finds that progress in uneven in certain areas too. In particular, it says that reforms to promote trading on exchanges or electronic trading platforms is taking longer. “Although legislative frameworks are in place to support increased use of exchanges and trading platforms for OTC derivatives contracts, where appropriate, there continues to be differences across jurisdictions in their approaches and timing of implementation in this reform area,” it says.

Additionally, the report notes that the effective implementation of reform will need satisfactory resolution of cross-border regulatory issues.

The FSB says that it will continue to monitor jurisdictions’ implementation of the OTC derivatives reforms, as well as the extent to which the implemented reforms meet the G20’s underlying goals of improving transparency, mitigating systemic risk, and protecting against market abuse. It will publish its next progress report ahead of the November G20 summit.