The Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published their final report on Incentives to centrally clear over-the-counter (OTC) derivatives which includes provisions addressing issues raised by WOCCU in its comment letter.
The report issued today notes that incentives available for larger firms were not always in place for other types of firms including credit unions and that this report c ould be used as a basis for possible fine-tuning some of the post-crisis regulatory reforms.
The central clearing of standardised OTC derivatives is a pillar of the G20 Leaders' commitment to reform OTC derivatives markets in response to the global financial crisis and this report evaluates how these reforms interact and how they could affect incentives.
WOCCU will continue to monitor this report to ensure that access for credit unions and other community based-financial institutions are treated fairly and proportional.
A copy of the final report can be viewed here.