The Financial Stability Board (“FSB”) has issued a press release following its recent meeting in Basel at which it discussed vulnerabilities currently affecting the global financial system and its work plan for 2012 to strengthen global financial regulation. In particular, the press release states that: (i) the FSB has set up an OTC Derivatives Coordination Group to ensure coordination with different international work streams. An initial focus of the group will be on establishing adequate safeguards for a global framework for central counterparties (“CCPs”) so that, by June 2012, authorities can make informed decisions on the appropriate form of CCPs to meet the G20 commitment that all over-the-counter derivatives be centrally cleared by end 2012; and (ii) the FSB is supporting the development of a legal entity identifier (“LEI”) - a unique global identifier for parties to financial transactions. The FSB has set up an expert group to deliver proposals by April 2012 on the implementation of a global LEI system.