Many market participants will not be able to comply with new European derivatives reporting requirements when they take effect next month, and will have to rely on regulatory forbearance, according to Bob Pickel, chief executive of the International Swaps and Derivatives Association, who was speaking at a legal conference today in the Netherlands.
"The trade reporting deadline is coming up on February 12. Everybody has to start reporting all transactions, on both sides. It's going to be a very challenging deadline to meet. In fact, many market participants won't meet it. Now, regulators have indicated ‘That's OK, we understand', but it means we are reliant on them to forbear in the execution of their enforcement of the underlying laws," said Pickel.