The report analyses the characteristics of exchanges and electronic platforms, the characteristics of OTC derivatives products relevant to exchange or electronic platform trading, the costs and benefits associated with exchange or electronic platform trading of OTC derivatives relative to the stated goals of the G-20 Leaders’ commitment, including identification of benefits that are incremental to those provided by increased standardisation, central clearing, and reporting to trade repositories, and methods of increasing the use of exchanges or electronic platforms for trading in the derivatives markets. The report concludes that it is appropriate to trade standardised derivatives contracts with a suitable degree of liquidity on “exchanges or electronic trading platforms,” provided that a flexible approach encompassing a range of platforms that would qualify as “exchanges or electronic trading platforms” for derivatives trading is taken.