All Together Now.... 11 Regulators Submit OTC Derivatives Cross-Border Report To G20
by
Andrew Saks McLeod
In the worldwide quest to standardize the means by which OTC derivatives are regulated across all nations, eleven regulatory authorities submitted a report on regulatory matters to the G20 Committee on August 30.
The continuing dialog between international governmental departments concerning the reformation of OTC derivatives markets, made further progress on August 30, in the issuance of a report by a series of financial regulators across eleven jurisdictions to the G20 Finance Ministers and Central Bank Governors.
Standardization
Since the financial crisis of 2008, the world’s regulatory authorities, led to a large extent by the United States government and the Commodity Futures Trading Commission, have convened on a number of occasions at Senate-level meetings hosted by panels of law makers and senior leaders within the financial sector, in order to make efforts to reform and standardize the way in which OTC derivatives are provided regardless of borders.
Earlier this month, senior representatives on both sides of the Atlantic reached a point where they are able to announce a path forward regarding their joint understandings on a package of measures for how to approach cross-border derivatives.
The report of August 30 expands on this somewhat further, to incorporate and address common understandings to improve the cross-border implementation of OTC derivatives reforms, and has been submitted by parties responsible for financial markets Regulation in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec (Canada's regulators are provincial rather than federal), Singapore, Switzerland and the United States.
The report has been drawn up in response to an April 2013 request by the G20 Finance Ministers and Central Bank Governors, urging key OTC regulators to intensify their efforts to address and resolve remaining cross-border conflicts, inconsistencies, gaps and duplicative requirements by the St. Petersburg Summit, which will take place on September 5 and 6, 2013.
This particular report reflects a number of substantive understandings to improve the cross-border implementation of OTC derivatives reforms, including the following:
• Early and comprehensive consultation among relevant authorities when equivalence or substituted compliance assessments are being undertaken, is essential.
• A flexible, outcomes-based approach should form the basis of final assessments regarding equivalence or substituted compliance assessments.
• A “stricter-rule” approach would apply to address gaps in mandatory trading or clearing Obligations.
• Authorities have a framework for consultation on mandatory clearing determinations.
• Jurisdictions should remove barriers (1) to reporting to trade repositories by market participants and (2) to access to trade repository data by authorities.
• There should be appropriate transitional measures and a reasonable but limited transition period for foreign entities to implement OTC derivatives reforms.
The report also recognizes that challenges will continue to arise in the implementation of OTC derivatives reforms and presents a number of additional topics for further discussion, including authorities’ direct access to registrant information and the treatment of foreign bank branches and guaranteed subsidiaries.
Finally, the report recognizes that open communication is vital to ensure there is common understanding of each jurisdiction’s processes and timelines to implement OTC derivatives reforms, and that flexibility in the application of cross-border regulation will be needed to make progress toward cross-border consistency.
The continuing dialog between international governmental departments concerning the reformation of OTC derivatives markets, made further progress on August 30, in the issuance of a report by a series of financial regulators across eleven jurisdictions to the G20 Finance Ministers and Central Bank Governors.
Standardization
Since the financial crisis of 2008, the world’s regulatory authorities, led to a large extent by the United States government and the Commodity Futures Trading Commission, have convened on a number of occasions at Senate-level meetings hosted by panels of law makers and senior leaders within the financial sector, in order to make efforts to reform and standardize the way in which OTC derivatives are provided regardless of borders.
Earlier this month, senior representatives on both sides of the Atlantic reached a point where they are able to announce a path forward regarding their joint understandings on a package of measures for how to approach cross-border derivatives.
The report of August 30 expands on this somewhat further, to incorporate and address common understandings to improve the cross-border implementation of OTC derivatives reforms, and has been submitted by parties responsible for financial markets Regulation in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec (Canada's regulators are provincial rather than federal), Singapore, Switzerland and the United States.
The report has been drawn up in response to an April 2013 request by the G20 Finance Ministers and Central Bank Governors, urging key OTC regulators to intensify their efforts to address and resolve remaining cross-border conflicts, inconsistencies, gaps and duplicative requirements by the St. Petersburg Summit, which will take place on September 5 and 6, 2013.
This particular report reflects a number of substantive understandings to improve the cross-border implementation of OTC derivatives reforms, including the following:
• Early and comprehensive consultation among relevant authorities when equivalence or substituted compliance assessments are being undertaken, is essential.
• A flexible, outcomes-based approach should form the basis of final assessments regarding equivalence or substituted compliance assessments.
• A “stricter-rule” approach would apply to address gaps in mandatory trading or clearing Obligations.
• Authorities have a framework for consultation on mandatory clearing determinations.
• Jurisdictions should remove barriers (1) to reporting to trade repositories by market participants and (2) to access to trade repository data by authorities.
• There should be appropriate transitional measures and a reasonable but limited transition period for foreign entities to implement OTC derivatives reforms.
The report also recognizes that challenges will continue to arise in the implementation of OTC derivatives reforms and presents a number of additional topics for further discussion, including authorities’ direct access to registrant information and the treatment of foreign bank branches and guaranteed subsidiaries.
Finally, the report recognizes that open communication is vital to ensure there is common understanding of each jurisdiction’s processes and timelines to implement OTC derivatives reforms, and that flexibility in the application of cross-border regulation will be needed to make progress toward cross-border consistency.
Devexperts Checks Off Type 2 SOC 2 Audit for Enhanced Data Security
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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