The Financial Stability Board has issued a report that says national authorities have made "considerable progress" on implementing reform outlined by the Group of 20 nations. FSB Chairman Mark Carney says progress is being made on processing standardized trades through central counterparties and reporting over-the-counter derivatives to repositories. However, he notes areas that need more work. "We do need some further improvement [on clearing], but the biggest issue is moving the standardized contracts onto exchanges or organized electronic platforms," said Carney, who is also governor of the Bank of England. "This has lagged the G-20 timeline and needs renewed focus."