But MiFIR, too, will increase transparency since it requires pre-trade transparency for derivatives traded on organised trading venues. The future findings from the data gathering will be helpful for further reviews of the regulation and possibly new regulatory efforts. 5. Closing remarks  European and national legislators have made good progress in regulating the OTC derivatives markets.
But further efforts have to be taken to complete the process embarked upon in the light of the G 20 commitments. The dialogue between regulators and market participants therefore must be continued and intensified. Thank you for your attention. 2  BIS central bankers’ speeches