Over-the-counter (OTC) derivatives markets played a crucial role in the Global Financial Crisis (GFC). Unlike exchange-traded derivatives which are traded on an organized market, OTC derivatives are negotiated bilaterally between the seller and the buyer, and were a supervisory blind spot prior to the crisis. The need for regulation, aiming at increased transparency and reduced systemic risk in the OTC derivatives market, thus became obvious after the GFC. The G20 countries agreed on an international reform of the OTC derivatives market during the 2009 Pittsburgh summit to take into account the global dimension of the market. This policy paper aims at comparing the implementation of the reform across countries and at analyzing some of the consequences on the location of global derivatives activity and their implications for Korea derivatives market regulation.