Regulators from major financial markets are reiterating their commitment to reforming over-the-counter derivatives market oversight.
The Ontario Securities Commission hosted a meeting earlier this week in Toronto with regulators from the United States, Europe, Japan, Australia, Brazil, Hong Kong, and Singapore to discuss implementing new international standards relating to OTC derivatives markets.
The OSC reports that, at the meeting, the authorities discussed a range of issues, including: pre- and post-trade transparency, margins for uncleared derivatives, coordination of clearing mandates, access to data in trade repositories, and cross border clearing house crisis management.
This is the second time the authorities met to discuss technical issues relating to their implementation efforts, and they committed to “continue to engage in bilateral discussions as necessary” to implement new requirements for OTC derivatives.
The Canadian Securities Administrators have published a series of consultation papers on OTC derivatives markets reform, but have yet to propose new rules. Still to come this year, are papers on a variety of issues, such as central counterparty clearing, registration, exchange trading, and capital and collateral.