Banks breach EU and US reporting rules to avoid privacy clash
Esma's Maijoor says masking counterparty identities is not allowed: "There should not be exemptions for reporting the identity of counterparties as this will produce holes in the reported data"
Two dealers have told Risk they are breaching European and US derivatives reporting rules in order to avoid a clash with some countries' privacy laws, which make it illegal to reveal customer identities.
Under the European Market Infrastructure Regulation (Emir), as well as in reporting rules from the Commodity Futures Trading Commission (CFTC), dealers are required to fill in a number of fields that allow regulators to see identifying information of the counterparty to each trade, including the
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