UK regulator the Financial Services Authority has sought to distance itself from the US and European plans to reform the over-the-counter derivatives market, calling on the relevant regulators to show “caution” on a key point of their proposals.

The FSA today published a white paper that broadly backed some of the reforms detailed in May by the US Treasury and backed in October by the European Commission but outlined the UK regulator's objection to their plans to force OTC derivatives on to trading systems and exchanges.