Michel Barnier, internal-market commissioner for the EU, sent a letter to U.S. Treasury Secretary Timothy Geithner saying EU watchdogs will need "unfettered access" to data on over-the-counter derivatives trades held in repositories. Both regions are scrutinizing the OTC derivatives market, and the letter indicates that trade repositories are becoming more important. Barnier and Geithner have said a common approach to the market is needed to avoid regulatory arbitrage.

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