They decided to enhance the transparency and resilience of the OTC derivatives market by encouraging the use of more standard instruments and moving them onto electronic platforms and centralized clearing. When the reforms are finally in place, which the leaders have promised will happen by the end of this year, the OTC derivatives market will more closely resemble the futures market.
Even those instruments that could not readily be standardized will be subject to margining and reporting requirements, concepts that are already proven in the futures markets. If this were the end of the story, I would not have brought up the issue today.