In an effort to keep current on the evolving requirements for central clearing in the over-the-counter (OTC) derivatives market, the International Organization of Securities Commissions (IOSCO) opened the doors to its repository of information on the rules in various countries today.
IOSCO says that the facility provides regulators and market participants with consolidated information on the clearing requirements of different jurisdictions. It sets out central clearing requirements on a product-by-product level, and any exemptions from them. The information will be updated quarterly.
The group of global regulators first launched the repository in February, but it has only been available to IOSCO members. Now, it’s open to the public too. “By providing this information, IOSCO seeks to assist authorities in their rule making and help participants comply with the relevant regulations in the OTC derivatives market,” it says.
The introduction of mandatory clearing requirements is one of the reforms being adopted in the OTC derivatives market in response to the financial crisis. Yet the reform has been slower to materialize than originally hoped, and it has created a variety of cross-border complications.