The G20 meeting in Brisbane has led to this communique being issued. In it we see that the G20’s view is that many reforms that were required to address issues in the banking system have been “resolved”. However they note that there is still some way to go on the derivatives side, especially in terms of cross jurisdiction coordination.

One can first see this in paragraph 12. there is further discussion. The issue of financial reform is then addressed in this document starting at the bottom of page 2 but in more detail on page 1 of the annex, where a dashboard on OTC derivatives reform (top of 2nd page of annex) is shown. This shows that there is still some way to go. However, looking at it gives the impression that all trade reporting reform is complete.

While most G20 jurisdictions have some reporting in place, and many have run through all phases, it can also be said that there is some way to go before the reporting can be used in any meaningful way to reduce systemic risk.