The Financial Services Authority in mid-June sent out a letter to the top brass of over 200 wealth management firms in London telling them to clean up how they store financial and background data on retail clients. Many had apparently not been making suitable investment decisions for their customers.

Last year, the U.S. adopted the Dodd-Frank Wall Street Reform Act, which requires swap traders to trade their standardized contracts through an electronic trading platform, clear them through a central clearinghouse and report them to a trade repository.

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