In 2008 the financial markets experienced the near-collapse of Bear Stearns in March 2008, the default of Lehman Brothers on 15 September 2008 and the bailout of AIG. Whilst OTC derivatives were not solely the cause of these problems, they attracted a huge amount of hostile publicity and public ill feeling. In response there has been an international effort to increase stability in the financial market. G-20 leaders agreed in September 2009 that:

‘All standardised OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end-2012 at the latest. OTC derivative contracts should be reported to trade repositories. Non-centrally cleared ...

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