On 2-3 November 2010, the OTC Derivatives Regulators' Forum ("ODRF") met in New York City, the first meeting of the group since the publication of the report of the Financial Stability Board's ("FSB") OTC Derivatives Working Group as well as the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the release in the European Union of the Market Infrastructure Regulation ("EMIR") proposal.
The group discussed its ongoing work in light of recent global regulatory developments, and reconfirmed its intent to continue coordinating on matters relating to centralised market infrastructure serving the OTC derivatives markets, and more specifically central counterparties ("CCPs") and trade repositories ("TRs"). In addition, the group met with representatives from OTC derivatives CCPs and TRs to discuss current market developments and ongoing engagement. This follows a meeting with CCP and TR representatives held in April 2009.
The current and ongoing work of the ODRF has been recognised by the FSB OTC Derivatives Working Group and supports both the Dodd-Frank Act and EMIR proposals.
About the OTC Derivatives Regulators' Forum (ODRF):
The ODRF includes central banks, banking supervisors, market regulators, standard setters, 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. The group meets periodically to exchange views and share information on developments related to OTC derivatives central counterparties and trade repositories. The last meeting of the ODRF was in Rome, Italy in June, 2010
For further information on this meeting, the agenda is available: http://www.otcdrf.org/list/otcdrf_events_meetings/index.htm