The trade body for the global over-the-counter derivatives market is to create four new committees designed to assist members with forthcoming regulatory change, as banks and buyside firms begin for the implementation of long-awaited reforms to the $650 trillion sector.

The changes were unveiled by Stephen O'Connor, chairman of the International Swaps and Derivatives Association, at the trade body's European conference in London yesterday. O'Connor is also global head of OTC client clearing at Morgan Stanley.