Alternative Investment Management Association
The leaders of the G20 at the Pittsburgh Summit in 2009 committed to ensure that, by the end of 2012 at the latest:
· all sufficiently standardised OTC derivatives are cleared through a central counterparty;
· all sufficiently standardised OTC derivatives are traded on an exchange or electronic trading platform, where appropriate;
· all OTC derivatives are reported to trade repositories; and
· all non-cleared OTC derivatives are subject to higher capital requirements
As a result, policy makers, legislators and regulators in the EU, USA and Asia-Pacific have been developing regimes to fulfil these aims. The 31 December 2012 deadline has not been met fully, however, the relevant regimes which have been, and continue to be, developed across the globe will enter into effect increasingly during the course of 2013/2014.