Coded swaps reporting plan delights some, but not all

Cost-busting code for swaps reporting could be tricky if banks lack internal standardisation

Like a frustrated artist seeking perfection and never content, regulators keep redesigning their derivatives reporting rules. One day, they may create the masterpiece they desire, but so far their pursuit has placed a billion dollar drag on their apprentices trying to keep up.

The apprentices – mostly derivatives dealers – now believe there is a future where they can effortlessly keep pace with their masters’ ever-changing vision. That future relies on an open-source and machine-executable code