Leaders of authorities with responsibility for the regulation of the over-the-counter (OTC) derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec, Singapore, Switzerland and the United States, met on November 28, 2012 to discuss reform of the OTC derivatives market as agreed by the leaders at the G-20 Pittsburgh Summit in September 2009.

The regulators recognized that coordination among jurisdictions regarding cross-border activities is of great importance but that complete harmonization is difficult to achieve. They reached the following understandings and identified the following areas for further exploration:

1. Understanding on clearing determinations; 2. Understanding on sharing of Information and supervisory and enforcement cooperation; 3. Understanding on timing; 4. Areas of exploration- Scope of Regulation and Recognition or Substituted Compliance for Cross Border Compliance; 5. International engagement.

For the full text of the agreements:  Click Here