In its report, released on Friday, the organisation reported concerns in almost every aspect of the reforms due to the pace of implementation and interpretation of the requirements across G-20 nations.

The organisation, which was founded in 2009 to oversee the global financial system, was reporting on the results of a questionnaire it sent out to all G-20 nations to ascertain progress on the recommendations it in October.

The review found that, while some countries, such as Japan and the United States, had legislation in place to enact reform, other countries were still at the market analysis stage.

“There are a number of jurisdictions that have not yet taken threshold decisions regarding the shape of the regulatory framework for their respective markets,” the report said. “The FSB notes its concern regarding many jurisdictions likelihood of meeting the G-20 end-2012 deadline.”

The FSB highlighted concerns over the implementation of central clearing and potential inefficiencies in access to CCPs. “Ensuring fair and open access to CCPs, subject to sound risk management, is essential for the to be achieved,” it said.

Interpretations of the requirements for exchange or electronic platform trading also varied according to the research.

Argentina and Brazil said that they were not undertaking regulatory initiatives to promote exchange and electronic platform trading due to the high level of derivatives already traded on organised platforms.

Meanwhile, India has indicated that it will not enforce electronic platform trading of OTC IR derivatives as it believes that mandatory reporting through a central trade reporting platform coupled with central clearing will “provide the benefits of exchange trading while retaining the flexibility of OTC transaction”.

The FSB also indicated concerns over the establishment of Trade Repositories, which will record details of derivatives trades. The establishment of TRs is intended to allow regulators easy access to market data. However, according to the FSB, regional variations and various legal issues in different jurisdictions could result in an incomplete picture.

The report will exacerbate fears of the potential for traders to take advantage of regulatory arbitrage in the wake of the implantation of the G-20 reforms.