South African official warns about fragmentation of OTC data
Roy Havemann of the South African National Treasury is voicing concern about how regulators will handle derivatives data if they are reported to multiple trade repositories. "We are heading towards a world where there will be multiple trade repositories," Havemann said. "That does place a large burden on the regulators, because what they will have to do is have a system in place to aggregate all the information from the different repositories that the banks in their jurisdiction are reporting to." Risk.net (subscription required)
DTCC approval furthers Japan's efforts to regulate swaps
Japan has approved a data repository run by Depository Trust and Clearing, a move that brings regulation of the country's swaps market a step closer to being in line with changes worldwide. Japan's Financial Services Agency will require market participants to report over-the-counter derivatives deals directly to regulators or a third-party trade repository starting April 1. The DTCC Data Repository Japan is Asia's first repository offering reporting for OTC derivatives. The Trade News (U.K.)
Coordination on currency regulation is essential, CME says
CME Group is calling for coordination between the U.S. and Europe on rules covering currency trading. Without it, CME says, markets will become fragmented. "Nobody wants to see a regulatory regime that starts to bifurcate and create reasons, and maybe not natural reasons, to put business on less-regulated shores," CME's Derek Sammann said. Bloomberg
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