Carney urged to help end masking of swap counterparties
“Ambitious but realistic” deadline could be set for banks to stop hiding counterparty details – the industry’s response to a conflict between privacy and reporting rules
Twelve regulators have called for the Financial Stability Board (FSB) to make a "clear and unambiguous statement" that countries need to remove obstacles preventing derivatives users reporting their trades, such as privacy laws that prohibit the disclosure of counterparty details. Two banks told Risk in May that they are choosing to breach reporting rules where they conflict with local laws, by deliberately masking counterparty identities.
The letter represents the view of the OTC Derivatives
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