Global banks trading over-the-counter (OTC) derivatives with some Asian counterparties risk being in breach of US regulations or falling foul of Asian countries’ data secrecy laws as sweeping US rules on such markets take effect.
This latest hurdle to the smooth implementation of the US Dodd-Frank Act is another blow to the growth of Asian OTC markets, which could be derailed if participation becomes too difficult.
Under the act, which prescribes sweeping reform to the once-opaque OTC markets in the wake of the 2008 financial crisis, key details of most OTC derivatives trades must be reported to regulators to provide them with a transparent audit trail of trades. Those include details on the counterparties involved.
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