Banks to Corporates Prepare for Big Bang of EU Swaps Rules
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Companies from banks and technology firms to energy suppliers are set to face European Union swaps rules, amid warnings from some businesses that they may not have all the systems in place to meet this month’s deadline.
Starting Feb. 12, firms in the EU must begin systematic reporting of their derivatives transactions to data banks known as trade repositories. The measure marks the EU’s implementation of a global agreement targeted at preventing any repeat of the financial crisis that followed the collapse of Lehman Brothers Holdings Inc.