CFTC's FXPB reporting rules add to regulatory confusion
Millions of trades could be incorrectly reported in US
Foreign exchange trades required to be reported under the US Dodd-Frank Act have either not been carried out or may have been duplicated since as far back as June 2013, as prime brokers (PBs) have struggled to cope with the requirements that came into force in February 2013.
These revelations imply that potentially, countless trades have not been reported or else misrepresented to regulators, therefore showing trading information that might never have happened, and swap data repositories (SDRs)
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