March 19, 2026/IOSCO

The International Organization of Securities Commissions (IOSCO) today published a Consultation Report on Good Practices concerning over-the-counter (OTC) Commodity Derivatives Markets.

This report invites comments on proposed good practices intended to support the effective implementation of IOSCO’s Principles for the Regulation and Supervision of Commodity Derivatives Markets, with a particular focus on strengthening the implementation of Principles 12, 15, and 16¹ in the context of related OTC markets. Feedback received will inform the final report, which will provide guidance to support effective implementation of the principles and strengthen the integrity and stability of global commodity markets.

Commodity market participants often hold positions across exchange-traded, OTC and physical markets. This interconnectedness can affect price formation, increase volatility, and heighten the risk of market abuse, particularly where Market Authorities lack visibility over large, concentrated positions. Effective oversight therefore depends on timely access to comprehensive information across related markets, timely intervention, and increased information sharing and cooperation between regulators.

Building on IOSCO’s Targeted Implementation Review on Principles for the Regulation and Supervision of Commodity Derivatives Markets, and informed by engagement with exchanges, market participants and trade associations, the report proposes a set of good practices to:

1. Strengthen the implementation of Principles 12, 15, and 16 in relation to the collection and aggregation of OTC derivatives data, including beneficial ownership, to support effective surveillance, alongside enhanced information-sharing and cooperation between exchanges and regulators, and among regulators, particularly in times of stress.
2. Set expectations about the timely regulatory intervention to prevent or address disorderly market conditions, particularly where risks in OTC markets may spill over into exchange-traded markets, supported by transparent intervention policies and improved information flows.
3. Promote proportionate, risk-based, and market specific approaches to OTC data collection and intervention powers.

“IOSCO is committed to promoting resilient and fair commodity derivatives markets globally. By consulting on these good practices, we are seeking to support consistent and effective implementation of the principles in a way that is proportionate to risk and adaptable to different market structures.”

–   Jean-Paul Servais, IOSCO Board Chair

“As commodity markets become more interconnected, regulators need the right tools and information to identify and respond to emerging risks. This consultation sets out practical good practices to support effective supervision of OTC markets and to safeguard market integrity.”

–   Carol McGee, Chair of the IOSCO Committee on Derivatives

Comments may be submitted using this form on or before 19 June 2026.

If you require technical assistance on completing the survey, please contact itsupport@iosco.org. If you have questions about the report or the consultation, please contact CDWG.CR@iosco.org.