OTC Derivatives Clearing Summit: Some non-US dealers leaving buy-side trades unreported
Citadel and Fortress have found some foreign banks unwilling to accept Dodd-Frank reporting rules, conference hears
Some buy-side firms have discovered that non-US banks – particularly Scandinavian institutions – are not reporting their clients' over-the-counter swap data to repositories as required by the Dodd-Frank Act. The banks have not registered as swap dealers with the Commodity Futures Trading Commission (CFTC), and argue they are not subject to the rules. That has left their clients in a bind because buy-side firms expect their dealer counterparties to satisfy the reporting requirements.
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