Reporting rules key for EU-US swaps trading equivalence

Market participants welcome outcomes-based approach, but need clarity where rules differ

Every which way: “The best we can say right now is that this is an agreement to agree" – Nathaniel Lalone

Market participants have welcomed the announcement by the European Commission (EC) and US Commodity Futures Trading Commission (CFTC) of a common approach to swaps trading venue authorisation, but say a final equivalence determination – expected in November – will need detail on reporting requirements to resolve uncertainty.

“The best we can say right now is that this is an agreement to agree. It sounds wonderful, it is a step forward, but we need more steps forward to get to the level of

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