Buy-side firms and other market players want to expand the scope of transaction reporting to comply with European legislation on best execution to over-the-counter derivatives and introduce position reporting for OTC derivatives as well.

But there are some caveats: the onus should fall on broker-dealers and market makers and the reporting should be done either through trade repositories or directly to regulators, say financial firms. Depository Trust & Clearing Corp. already offers a trade repository to store data on credit default swap transactions in the U.S. and is planning one for Europe.

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