Last week, the Financial Stability Board issued their second annual report on the progress of global  financial reform, looking in particular at the fulfilment of the commitments made at the 2009 G20 summit in Pittsburgh and the declaration made there. The report can be found here.

While the report highlights that significant progress has been made since 2009, there are areas where concern is expressed. For example the report expresses concerns about the following points:

• Trade data quality –  In many jurisdictions, including the EU in EMIR trade repositories, there are still issues with the quality of data. In fact, it is expected that a significant change in reporting formats will be implemented in 2017 (in Q3 according to this page on the Unavista site).
• Uncleared margin  – The delay in implementing margining and clearing rules in certain jurisdictions has caused issues across the globe.

These issues and others will impact those on commodities and energy trading, in some cases immediately such as with the new reporting formats, and in some cases eventually as the uncleared margin rules start to hit smaller players and non financial counterparties.