It would also be necessary to license at least one trade repository to operate in this jurisdiction. As a result, it could be well into next year before any mandate is actually in force. The effectiveness of the regime will also require a range of responses from market participants.
These lead to search for yield tendencies or a more active risk taking stance in a low interest rate  1  See White (2009). 2  This paragraph draws on Rajan (2010, ch. 5).