Banks breach EU and US reporting rules to avoid privacy clash
Two dealers admit to masking customer identities to avoid a conflict of law
Two dealers have told Risk they are breaching European and US derivatives reporting rules in order to avoid a clash with some countries' privacy laws, which make it illegal to reveal customer identities.
Under the European Market Infrastructure Regulation (Emir), as well as in reporting rules from the Commodity Futures Trading Commission (CFTC), dealers are required to fill in a number of fields that allow regulators to see identifying information of the counterparty to each trade, including the
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