Réforme des marchés de produits dérivés de gré à gré : la position de la Banque centrale européenne

One important element of the global agenda to strengthen the resilience of the financial system is the development of the infrastructure of the over-the-counter (OTC) derivatives markets. The ECB is particularly interested in this work, given the euro?s role as one of the two major currencies used for the denomination of OTC derivatives. The article sets out the ECB?s main concerns and priorities regarding reforms in the field of OTC derivatives and assesses the progress made, focusing on regulatory convergence, cooperation among authorities and macro-prudential safety and transparency. The article establishes that, while the infrastructure of OTC derivatives markets has been improved, further work is necessary. In particular, the regulatory uncertainty arising from delayed, conflicting or overlapping rules should be addressed as a matter of urgency. In addition, macro-prudential concerns relating to the evolving global clearing architecture and the remaining gaps in OTC derivatives markets data will require further analysis and action. Classification JEL: E61, G18.