A group of central bankers and regulators have agreed to create a forum to facilitate international cooperation on the development of central counterparties for over-the-counter credit derivatives.

The OTC Derivatives Regulators’ Forum is being established “to provide regulators with a means to co-operate, exchange views and share information related to OTC derivatives CCPs and trade repositories”, the group said Thursday.

Its goals include: providing mutual assistance among the regulators in carrying out their responsibilities with respect to OTC derivatives CCPs and trade repositories; promoting consistent public policy objectives and oversight approaches; adopting consistent standards in setting oversight and supervisory expectations; coordinating the sharing of information; and, encouraging communication within the regulatory community and with the industry.

The group is comprised of international financial regulators including central banks, banking supervisors, and market regulators, and other governmental authorities that have direct authority over OTC derivatives market infrastructure providers or major OTC derivatives market participants. The Bank of Canada is the only representative from Canada.

IE