A fragmented market with unfinished rules – but reporting deadline looms

The Dodd-Frank Act’s new reporting regime could come into force in September, but key elements of the rules are still missing. While dealers try to fill in the gaps, they are also having to prepare for a reporting landscape fragmented across multiple data warehouses. By Clive Davidson

Dealers have half of what they wanted on swap data reporting. Top of the wish list was a single, global repository. The industry got a global repository – but not a single one. As a result, banks are now trying to work out how to cope with a market in which data is sent to multiple repositories. They are doing so in the knowledge that the US reporting deadline could arrive in a matter of months, and despite the fact that key components of the new reporting regime – the legal entity, product and