The chairman of the Financial Stability Board, Mario Draghi, said on Monday the group's latest meeting was substantive and prepared the ground for leaders to take decisions at the Group of 20 meeting in Toronto later this month.

We made good progress in the area of reform of Basel II and in the area of what to do with systemically important financial institutions, especially in the area of infrastructure, market infrastructure consolidation with respect to OTC derivatives trading, he told reporters after the meeting.

(Reporting by Cameron French and Jennifer Kwan; writing by Jeffrey Hodgson; Editing by Leslie Adler)