O’Malia: Swap data fix requires global library
US regulators have produced conflicting rules on swaps reporting, and regimes also clash between jurisdictions, but these problems can be fixed, writes Scott O’Malia, chief executive of the International Swaps and Derivatives Association
The US Securities and Exchange Commission published its final rules on swaps trade reporting in February. Unfortunately, some of the rules are inconsistent with those mandated earlier by the Commodity Futures Trading Commission (CFTC), which, in the interest of full disclosure, I previously voted on as a CFTC commissioner.
Inconsistency across jurisdictions is troubling enough; inconsistency within jurisdictions greatly worsens the problem. But that is exactly the situation we now face as the
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