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.
‘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.