Clearing houses face privacy law concerns
US reporting requirements could force CCPs to break national privacy laws
Non-US clearing houses could face privacy law issues as a result of the trade reporting obligations placed on them by forthcoming US regulations – a clash that already affects some banks and prompted 12 national supervisors to write to the Financial Stability Board (FSB) last year.
A freedom of information request sent by law firm Davis Polk to the Commodity Futures Trading Commission (CFTC) recently revealed that non-US clearing houses wanting to use the US planned substituted compliance regime
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