Trade Identifier Tangle

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It is more than a year since market participants began submitting reports on their swaps transactions to swap data repositories, as part of implementation of the Dodd-Frank Act in the US. Casual observers might assume that such experience would make the introduction of trade reporting requirements for derivatives in Europe earlier this year easier to manage. However, the approach taken by the European Securities and Markets Authority (ESMA) differs significantly from that adopted by the US Commo