Wider G-20, and beyond

Following the 2009 G20 agreement in Pittsburgh, all jurisdictions agreed to implement a series of regulations to control the OTC markets in a joint initiative. Whilst the jurisdictions outside of US and EU are less fixated on mandated trading regimes (in Japan there is a mandatory trading regime for specific trades/counterparties), a range of aligned measures have been put in place globally, including in some non-G20 countries such as Singapore.

There are subtle differences across the world, however in brief - Clearing and Reporting is mandated for OTC instruments.

Almost all jurisdictions acknowledge the use of a global repository for trade reporting, and the default is currently DTCC Global Trade Repository, which operates across three entities globally with the aim of satisfying local confidentiality requirements as well as providing a single mechanism for reporting. The GTR is then able to copy the relevant trades to local regulators for the institutions they monitor - as appropriate.

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