The G20 has continually and consistently emphasized since 2009 that domestic derivatives legislation and regulations alone does satisfy the goals set out by leaders and that derivatives regulations need to be implemented as a harmonized way that does not add to market fragmentation. The Ministers said that it is very important that the regulation of the clearing and electronic trading of standardized OTC derivatives is not done in a non-discriminatory way.
The derivatives market has allowed financial counterparties across the globe to come together and conduct more effective risk management and support economic development. At a time of highly fragile economic growth, the Ministers believe that it is critical to avoid taking steps that risk a withdrawal from global financial markets to less efficient regional or national markets. While recognizing the need for the CFTC and other US regulators to satisfy themselves on the adequacy of derivatives regulation in non-US jurisdictions, the Ministers urged the CFTC to take the time to ensure that US rulemaking works globally as well a domestically before finalizing or enforcing any regulatory deadlines.