On March 31, the OTC Derivatives Regulators Group (ODRG) issued a report that identifies remaining over the counter (OTC) derivatives cross-border implementation issues. The report indicates that ODRG, which is comprised of representatives of the regulatory authorities from 10 of the G-20 countries, including the Commodity Futures Trading Commission and the Securities and Exchange Commission, is working to: (i) develop approaches to address the treatment of branches and affiliates and the commitment to trade all standardized OTC derivatives on organized trading platforms; (ii) implement understandings regarding equivalence and substituted compliance among ODRG members, clearing determinations, risk mitigation and margin techniques for derivatives that are not centrally cleared and access to data repositories; and (iii) monitor cross-border issues related to risk mitigation techniques for OTC derivatives transactions that are not centrally cleared, access to registrants’ books and records and barriers to reporting trades to data repositories.
The ODRG report is available here.