Reforms to the OTC derivatives market are a common challenge for European banks and brokers
By John O’Hara, chief
executive officer and co-founder of Taskize
The industry’s capacity for
effective collaboration will determine the success of its
efforts to adjust to new OTC derivatives rules competitors
don’t cooperate easily and banks do it worse than
However, in every industry there are
occasions when clubbing together becomes a necessity, with
former foes uniting in a common cause.
Reforms to the OTC derivatives market
certainly count as a common challenge for the vast majority of
Europe’s banks and brokers, as well as their
buy-side clients. The incoming rules for centrally- and
bilaterally-cleared OTC derivatives - designed to increase
transparency and reduce systemic risk - have far-reaching
implications. Operationally, they demand a front-to-back-office
overhaul of internal and externally-facing processes that have
hitherto been unconnected, uncoordinated and very often carried
out via manual, proprietary and non-standardised means.
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