In the wake of the financial crisis of 2007 – 08 the G20 leaders agreed at the 2009 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
2009 Pittsburgh summit
2009 G20 Pittsburgh summit
Central counterparty clearing