From the summary of the section of the report I think this is the extent of the BIS concern - a move away from cleared to otc bilateral agreements dilutes the u

From the summary of the section of the report I think this is the extent of the BIS concern - a move away from cleared to otc bilateral agreements dilutes the utility of post financial crisis asset reporting. This is not an exciting topic, and can’t sell advertisements. “”” In the FX space, an accelerating shift towards less “visible” trading venues and bilateral trading may reduce the information content of prices and the network benefits of integrated markets. “”” They are spot on here. But there’s no doomsday coming from having prices off market or integrated markets. These issues are issues of efficiency rather than doom and gloom. My revised headline would be: “Reporting quality in FX Swaps is reduced by use of Over The Counter bilateral agreements instead of clearinghouse.” But no one will buy Herbalife with that headline.