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G-20 2009 Pittsburgh Agreement
In September 2009, it was agreed at the Pittsburgh summit of the Group of Twenty (G-20) to reform the global over-the-counter (OTC) derivatives market to safeguard against a repeat of the 2008 financial crisis. G-20 leaders announced that “all standardised OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end-2012 at the latest. OTC derivative contracts should be reported to trade repositories. Non-centrally cleared contracts should be subject to higher capital requirements.”
The agreement is being implemented in different parts of the world by different authorities and acts, including Dodd-Frank in the US and the European Market Infrastructure Regulation.
* see also Dodd-Frank; European Market Infrastructure Regulation (EMIR)