The Financial Stability Board and several other standard-setters have found the post-crisis reforms to over-the-counter derivatives clearing to be achieving their effects in the “systemic core” of firms, but less so elsewhere in the system.

Changes to capital requirements, clearing mandates and margin requirements implemented after 2008 have tended to promote central clearing, especially among the most systemic firms, according to a consultation document, published by the FSB today (August 7).