CESR launches consultation on OTC reformsThe Committee of European Securities Regulators has today (Tuesday July 20) published two consultation papers on OTC derivatives. The first, Standardisation and Exchange Trading of OTC Derivatives, discusses the benefits and limits of standardising derivatives and assesses present market-led initiatives in that area.It also discusses in some depth the feasibility of trading OTC derivatives on exchange platforms, as well as examining the level of standardisation that OTC derivatives must meet to be eligible for trading on an organised trading platform.An open hearing on the standardisation consultation will take place on August 11. All responses should be submitted online, in the section consultations, by August 16.The second, Transaction Reporting on OTC Derivatives and Extension of the Scope of Transaction Reporting Obligations, seeks consultation on potential ways to organise transaction and position reporting on OTC derivatives.It discusses two options: establishing a single reporting regime for both transaction...