The FSB has identified a number of challenges that international cooperation among central banks and financial regulators are helping to address. One such challenge regards over-the-counter (OTC) derivatives. To reduce the systemic risk of OTC derivatives, the G-20 leaders have agreed to require that standardized OTC derivatives be cleared through a central counterparty.
Another challenge is that of cross-border resolutions, and the FSB has undertaken analytic work on how to improve the resolvability of  BIS central bankers’ speeches  3  financial firms that have a substantial international presence. The FSB has also identified and spurred cooperative work on gaps in financial data and on the so-called shadow banking system.