July 11, 2012

FSB Progress Score Sheet

The recent 2012 Financial Stability Board Progress Report contains tables showing the status / progress of the G20 countries in meeting the commitments to reform banking. There are seven tables, shown as columns in the chart below, the meaning of each table is this:

  1. Application of Central Clearing: Progress in implementing the central clearing commitments
  2. CCP Location Requirements: Whether the country insists on CCPs being domestically located
  3. Central Clearing: Laws requiring clearing of standard OTC products
  4. Exchange or Electronic Trading: Laws requiring trading on an exchange or other electronic platform
  5. Reporting: Laws and requirements to report trades to a central repository
  6. Standardisation: Not a move to change or modify OTC products themselves, more a requirement that 'vanilla' products are used
  7. Transparency: Single or multi-dealer platform required? Pre-trade transparency, i.e. RFQ process?

Unsurprisingly the US are at the top of the table, and same as in the previous progress report, Turkey came last. The chart below has the highest scoring and second highest scoring countries in each category highlighted in shades of green. Click the chart to see it full size. For reference, here is the FSB progress report: PDF, the tables used in this scoring process start on page 67 onwards. Previous score sheet:

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