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International Regulators to Co-Operate on OTC Derivatives

Thirty-five global regulatory bodies have announced they are to establish the OTC Derivatives Regulators’ Forum to encourage more open communication within the industry while promoting consistent standards.

International regulators have been meeting periodically since the brginning of this year to exchange views and share information on developments related to central counterparties (CCPS) for over-the-counter credit derivatives (CDS).

They say that based on the success of this cooperation, the forum – which includes regulators from 13 countries and the European Union – has been formed to provide a means to cooperate, exchange views and share information related to OTC derivatives CCPs and trade repositories.?Its main objective is to provide mutual assistance among the regulators in carrying out their respective authorities and responsibilities.

The group says that it will seek to promote consistent public policy objectives and oversight approaches, including the development of international cooperative oversight arrangements that may be applied to individual systems.

They will also?adopt and promote consistent standards such as the CPSS-IOSCO recommendations for central counterparties (RCCPs) in setting oversight and supervisory expectations, while co-ordinating the sharing of information routinely made available to regulators or to the public by CCPs and trade repositories.

The group is comprised of international financial regulators including central banks, banking supervisors and market regulators and other governmental authorities that have direct authority over OTC derivatives market infrastructure providers or major market participants.

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