The European Union’s transparency rules for over-the-counter derivatives are widely seen as a failure, with endless problems blighting a regime that was meant to cast a new light on a notoriously opaque and complex market.

Quentin van Lidth, director of regulatory and public affairs at BNP Paribas, sums up the industry’s feeling in a single sentence: “Today, we’ve got post-trade transparency with huge scope and too much information, which is not helping anyone.”

The complaints sent regulators