The OTC Derivatives Regulators' Forum

The OTC Derivatives Regulators' Forum (ODRF) was launched in September 2009 to provide authorities interested in OTC derivatives markets and their supporting infrastructures with a means to cooperate, exchange views, and share information on OTC derivatives central counterparties (CCPs) and trade repositories (TRs). Since its inception, the ODRF has served as a successful venue for the exchange of information on the development, across jurisdictions, of OTC derivatives regulations and market infrastructures, enhancing the participating authorities' understanding of the functioning and risks of CCPs and TRs operating on a global basis.

However, since its formation the environment in which the ODRF has been operating has changed significantly: the international standard setting bodies have created risk management standards for infrastructures serving the OTC derivatives markets; further, domestic mandatory clearing and reporting rules have resulted in the increased use of these infrastructures to meet the G20 objectives.  Authorities participating in the ODRF have noted that several of the gaps and concerns the forum was initially formed to address are now more appropriately handled by these standard setting bodies and domestic authorities. 

In 2014 the ODRF identified outstanding and emerging issues related to the practical experience in the use of TR data, TR data quality and access as an area where the group can continue to add value while avoiding duplication of work that is carried out by, or is the responsibility of, other international bodies.

The ODRF revised its framework to focus on these activities and will continue to act as a venue for the exchange of views and experiences by the participating authorities. Specifically, and in line with CPMI-IOSCO Principles for Financial Market Infrastructures and the associated Responsibilities of Authorities, continued cooperation and multilateral engagement will be important in helping each authority make efficient use of, and improve its access procedures to, data held in TRs.

The ODRF is not a formal deliberative body nor does it speak for any of its participating members. Moreover, it is not a standard setting body and does not intend to serve as a forum for the development of international standards. The ODRF acts without prejudice to each authority's statutory duties, and to national and other applicable laws.

The OTC Derivatives Regulators' Forum (ODRF) is comprised of international financial regulators including central banks, banking supervisors, market regulators, and other governmental authorities that have direct authority over OTC derivatives market infrastructure providers or major OTC derivatives market participants, or consider OTC derivative market matters more broadly. See a list of regulators and authorities currently involved in the Forum.