Adding Harmony to Swap Trading Rules

October 3, 2017

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Adding Harmony to Swap Trading Rules
September 28, 2017

“However, there are a lot of unknowns about how equivalence for trading regimes will play out, Mr. Juzenas said, adding that trading requirements are more difficult because their linkages to risk are not as obvious, but they can significantly impact trading and may affect where [swap dealers] decide to make markets, and thus where end users are able to execute swaps. “Until there is trading equivalence, we are likely to see further bifurcation of swaps markets,” he said. He added that ISDA’s whitepaper does not address trading requirements specifically beyond suggesting a general principle that equivalence determinations should be based on whether regulatory regimes are “comparable”, not “identical”.

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