Dealers: narrow Japan e-trading mandate is compliance headache

Late narrowing of scope and exclusion of package trades throws up difficulties

Filtering out package trades has proved difficult in practice, conference hears

A decision by the Japan Financial Services Agency (JFSA) to narrow its electronic trading platform (ETP) mandate to initially cover only a limited portion of the country's interest rate swaps market has caused significant compliance issues, say dealers, with banks struggling to demonstrate to internal compliance teams which trades are required to trade on ETPs.

The scope of the mandate – Japan's equivalent of the US swap execution facility (Sef) regime – was narrowed just ahead of last September

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