A senior EC official has suggested that rules requiring
indemnity agreements for swap data repositories before they
share information with foreign regulators might not need to be
enforced practically if Europe and the US both have similar
"If you have similar rules on both sides of the Atlantic, is
it possible that because you have common and consistent rules
that you can actually agree on, that they don’t
need to be applied in practice?" said Patrick Pearson, head of
Financial Markets Infrastructure in the EC’s
Internal Market Directorate General, speaking at a Fordham Law
School event in London on June 10.
Pearson added: "That is a third option that cannot be
One market participant said it was the first time
they’d heard this suggested approach. They said it
might solve the US-EU issue, although it wouldn’t
apply to other foreign regulators.
"Asian regulators will...