Recent meeting of the OTC Derivatives Regulators' Forum

Press Statement: Recent meeting of the OTC Derivatives Regulators' Forum

The OTC Derivatives Regulators' Forum (ODRF) met on Tuesday, 4 October and Wednesday, 5 October 2011 in New York. The ODRF discussed its ongoing work in the context of over-the-counter (OTC) derivatives reform being put into place in different jurisdictions.  Topics of discussion during the meeting included the ODRF's work with a number of OTC derivatives trade repositories with respect to their functionality and the needs of the global regulatory community, and the development of cooperative oversight arrangements among authorities involving OTC derivatives central counterparties (CCPs) and trade repositories with wide international memberships.

During the meeting, the ODRF met with a number of OTC derivatives CCPs and trade repositories. The authorities discussed with the CCPs and trade repositories a number of issues around the practical experience of information sharing between authorities and the infrastructures, and the role of the infrastructures as regulatory reforms are implemented, along with general market developments.

The ODRF also discussed its future priorities, including its engagement with international standards-setting bodies.

"The meeting provided an opportunity for global authorities to discuss the practical oversight of vital markets infrastructure with the background of global OTC derivatives reform" said David Lawton, Head of Markets Infrastructure and Policy at the UK FSA, who chaired the meeting. "The meeting allowed for sharing of useful information between the authorities, and provided a sound basis for the continued work of the ODRF."

The ODRF is a group of over 50 financial authorities - including central banks, markets authorities and prudential supervisors - who meet periodically to exchange views and share information on OTC derivatives CCPs and trade repositories. The next in-person meeting of the ODRF will be held in Hong Kong in March 2012.

Agendas for this and previous meetings of the ODRF, a list of members, and documentation relating to the work of the group can be found at http://www.otcdrf.org/.

Original Press Statement available on the UK FSA website: http://www.fsa.gov.uk/pages/Library/Communication/Statements/2011/odrf.shtml