Post-2008 financial crisis Due to the
2008 financial crisis, the
G20 leaders agreed at the
2009 G20 Pittsburgh summit that all standardised derivatives contracts should be traded on exchanges or electronic trading platforms and cleared through central counterparties (CCPs). In the United States, as part of the
Obama financial regulatory reform plan of 2009, pressure has been placed on traders of derivatives such as
credit default swaps (CDS) to make their trades on an open exchange with a clearinghouse. In June 2009,
Federal Reserve official Alfred Kohn mentioned that the largest CDS dealers were working on an exchange, and that only regulatory approval rather than legislation would be required. In March 2010, the
Options Clearing Corporation (OCC) stated that it was moving forward in backing equity derivatives. In Europe, the
European Market Infrastructure Regulation mandated central clearing. It is estimated that almost half of all outstanding interest rate swap transactions are centrally cleared. The systemic importance of CCPs is expected to increase further as the central clearing of standardized over-the-counter (OTC) derivatives becomes mandatory in line with commitments made by G20 leaders following the crisis. The Financial Stability Board reported in April 2013 that, as at the end of February 2013, around US$158 trillion of interest rate swaps and over US$2.6 trillion of OTC credit derivatives were centrally cleared, representing 41% and 12% respectively of total outstanding notional amounts. ==Securities (US)==