Dealers and buy-side firms formed a working group to study transparency before and after trades in the over-the-counter derivatives market. The group, led by Athanassios Diplas of Deutsche Bank and Bill De Leon of Pacific Investment Management, is expected to make a clear case to policymakers about what can realistically be done. "The problem for the industry is that transparency sounds like a good idea at the policy level and it is very hard to change the minds of politicians on this, even if it means higher prices or some impact on liquidity," said Simon Gleeson, partner at Clifford Chance.

Related Summaries