In opposition to last week's proposal from G20 regulators, ISDA president and former CFTC commissioner Scott O'Malia suggests that data sharing is more important than centralized regulation.
"The sharing of data can easily be resolved but it's going to take some time," said O'Malia, who last year, while at the CFTC, described swaps reporting as a "mess". He cast doubt on Tuesday 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 harmonizing the regulation and being able to share the data," O'Malia said.