As memory of the onset of the financial crisis fades, global consensus on derivatives reform is showing initial signs of weakening, according to a report by the Bank for International Settlements' Financial Stability Board (FSB).
The report examines the progress of 21 recommendations set out in the FSB’s October 2010 report for implementing reforms in a consistent way to meet G20 commitments. The FSB updates developments on a global scale and identifies issues that it feels require additional attention in the near term. As part of the analysis, it summarizes implmentation projects underway in the largest OTC derivatives markets.
In addition to emerging inconsistency, the FSB reports "that many jurisdictions may not meet the G20’s end-2012 deadline and believes that, in order for this target to be achieved, jurisdictions need to take substantial, concrete steps toward implementation immediately."
The report can be downloaded at the following link:
- Progress in the Implementation of the G20 Recommendations for Strengthening Financial Stability
