"There is fear that OTC derivatives reform could result in increased workload for central counterparties. Due to the importance of these infrastructure institutions for the financial market as a whole, we propose to discuss possible repercussions of higher risk concentration within this unique structure with our G20 partners", he said.

According to Siluanov, Russia hopes that following the talks, G20 will appeal to the Financial Stability Council or the Basel Committee on Banking Supervision to perform a feasibility study of central counterparties stress testing.

Speaking on OTC derivatives market regulation, Siluanov remarked that according to the Financial Stability Council studies, the majority of G20 countries have failed to perform their obligations in full. "There are issues with forwarding mandatory derivatives trade reports to trade repositaries, derivatives trading and clearing is not entirely centralized”, he said.

The Minister pointed out that Russia supports drafting regulations for international derivatives clearing systems, and also highlights the need for joint international clearing systems oversight that would be allowed by national legislation.

Project Group №1