Millennium Post

Fully committed to reforms in OTC derivatives: RBI

The Reserve Bank of India on Thursday said that India is fully committed to bring in reforms in the over-the-counter (OTC) derivatives markets, but its pace and nature will depend on the domestic market conditions.

‘India is committed to adopting over-the-counter derivatives reforms. However, the pace and scope of reform implementation depend on the domestic market conditions and characteristics,’ it said in a report on OTC Derivatives Market Reforms.

In response to the financial crisis that began in 2008, G-20 had initiated a series of reforms designed to strengthen regulation and oversight of the financial system and tasked the Financial Stability Board (FSB) with coordinating the reforms and assessing their implementation.
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