The Financial Stability Board (FSB) and standard setting bodies are working to enhance the transparency of OTC transactions through requirements to trade on organised platforms, to report transactions to trade repositories, by placing central counterparties (CCPs) between the two parties to a transaction, and by setting minimum capital and margining requirements.
Jurisdictions that already had these CCP and trade repository infrastructures had an immediate advantage in the timetable to compliance. Other countries, which do not have these structures in place, like South Africa, still have to establish requisite structures and appropriate rules.