On 3 December 2021, the Financial Stability Board (FSB) published a report regarding the implementation progress of over-the-counter (OTC) derivatives market reforms in 2021. The report tracks the international progress in implementing G20 reforms to global OTC derivatives markets following the 2008 global financial crisis.
The following progress has been made since the previous annual report in October 2020:
- 15 out of 24 FSB member jurisdictions have higher capital requirements for non-centrally cleared derivatives (NCCDs) compared to 8 in 2020. More are expected in 2022.
- The number of jurisdictions where margin requirements for non-centrally cleared derivatives are in force remains at 16, however two jurisdictions have published draft standards.
- The number of jurisdictions where trade reporting is in force remains at 23. The remaining jurisdiction is currently working on this and other jurisdictions have been able to strengthen the functioning of trade repositories and the reporting requirements.
- The number of jurisdictions with central clearing requirements in force remains at 17. Some jurisdictions are taking steps towards implementing mandatory central clearing, including authorisation of a central counterparty.
- The number of jurisdictions with platform trading requirements in force remains at 17.
The report also notes that most jurisdictions have withdrawn or not extended measures previously introduced to alleviate the operational burden for OTC derivatives market participants due to COVID-19.