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.
If the transition to new arrangements, whether or not triggered by the issuance of a mandate, is to occur on an acceptable time-frame, institutions should already be making the operational and organisational changes needed to move towards greater use of centralised infrastructure.