Allan D. Grody looks at how to overcome the challenges of fragmented Swaps Data Repositories in a global environment.
not so long ago a regulator and a financial market utility
(FMU) determined that one Swaps Data Repository (SDR) for all
the world’s swaps transactions would be good for
regulators and good for the business of the financial market
Not only would there be one SDR there would be one LEI (Legal
Entity Identifier) Utility to assign unique codes to all the
world’s financial market participants in swaps
transactions. The FMU could "own" both on behalf of the
"industry" and on behalf of all the world’s
That nearly 20
SDRs and seven LOUs (Local Operating Units for issuance of
LEIs) have been approved globally so far is not surprising.
Anyone who has been around the financial industry for any
length of time knows that one of anything centralised under the
control of a single entity does not float in international
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