In September 2009, G-20 leaders agreed in Pittsburgh that all standardised over-the-counter (“OTC”) derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end 2012 at the latest. In June 2010, the G-20 leaders reaffirmed their commitment to achieving these goals. In its October 2010 report, Implementing OTC Derivatives Market Reforms, the Financial Stability Board (“FSB”) made 21 recommendations addressing practical issues that authorities may encounter in implementing the G-20 leaders’ commitments. The FSB’s first implementation report was published in April 2011 and expressed concern regarding many jurisdictions’ likelihood of meeting the end 2012 deadline. The FSB has now published its second progress report which notes that few FSB members had the legislation or regulations in place to provide the framework for making their commitments operational. The report also noted that consistency in implementation across jurisdictions was critical and it was understandable that smaller markets wanted to see what frameworks the US and EU put in place before developing their own. However, the report argued that it was important that all jurisdictions advance the development of their own regulatory frameworks as far as possible even before the US and EU finalise their regimes so as to be in a position to act expeditiously once the rules were finalised in these two markets.