At the Pittsburgh summit in 2009, G20 leaders pledged to reform over-the-counter derivatives markets to improve their transparency, prevent market abuse and reduce systemic risks. Focusing on Europe, this article recalls the objectives of the Pittsburgh reforms, reviews the progress made since their adoption, in particular with regard to trade reporting and central clearing, and identifies remaining gaps and issues for policymakers. The latter relate mainly to: (i) the resilience, recovery and resolution of central counterparties, given their growing systemic importance as a result of the reforms; (ii) the need to strengthen the stability of derivatives markets; and (iii) the still insufficient data quality and transparency of OTC derivative transactions, despite the considerable progress already made.