Last week, the G20's regulatory task force, the Financial Stability Board (FSB), published proposals for a mechanism to collate and share data from repositories. Scott O'Malia, appointed chief executive of the International Swaps and Derivatives Association (ISDA) in July, said such a global plan was for the future. "Where regulators need to focus right now is working together to harmonise the convention of reporting, making sure we are doing an apples-with-apples comparison with the data," O'Malia said.
O'Malia cast doubt on some of the practicalities of setting up a mechanism as outlined by the FSB, saying there was no global legislation to make such reporting requirements mandatory across the G20 countries. "What authority would they have to compel reporting and consistency? That may be a nice vision for the future but the reality is dealing with what we have today and making that work. You can't let this dream hold us back from harmonising the regulation and being able to share the data," O'Malia said.
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