Over the past few weeks, I spoke to eight sources about the incoming regulatory reforms for reporting over-the-counter derivatives, the global efforts to harmonize rule books, and how they will impact the industry and shape market structure. At the end of each interview, I asked them, “Could we ever see a single global trade repository?”

The consensus? “Not a hope in hell!”

Before I explain why, let me backtrack a little for some context. The need for a utility trade repository (TR)—or swaps