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OTC Derivatives Traders in EU Face Tougher Rules From Tomorrow

Traders in over-the-counter derivatives will face tougher disclosure rules from tomorrow as part of an EU push to regulate transactions that take place outside authorized venues.

The EU rules will require banks and other firms that conduct OTC transactions to provide more data to so-called trade repositories, including information on the value of contracts and on related collateral, according to the EU’s website.

“The complexity of these new obligations, and the short timeframe” means that “many firms just aren’t ready for this Friday’s deadline,” Crispian Lord, regulation partner at PricewaterhouseCoopers LLP in London, said in an e-mail.

Global regulators are seeking to toughen rules for the $639 trillion market for OTC derivatives, which became a target for oversight after the 2008 collapse of Lehman Brothers Holdings Inc. and the rescue of American International Group Inc., two of the largest traders in credit default swaps.

The Group of 20 nations set an end-2012 deadline for nations to adopt rules requiring standard forms of OTC derivatives to be processed through clearinghouses, and logged in trade depositories.

While the EU approved legislation last year, it was unable to adopt all the associated implementing rules before the end 2012 deadline.

The measures that take effect tomorrow are part of a package of implementing standards published by the EU last month.

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