The first three months of the year are busy ones for investment banks, trading is brisk and it’s traditionally a good time for initial public offerings. But this year, it could be more hectic than ever, as dealers grapple with the implementation of a key piece of post-crisis reform.

From February 12, European dealers and buyside firms will be required to report their over-the-counter and listed derivatives transactions to information warehouses known as trade repositories. David Clark, chairman of the Wholesale Markets Brokers' Association, described trade reporting as the Cinderella of the agenda agreed by the G20 to reduce financial risks. He said: "It was initially overshadowed by new clearing and trading rules, but now it is viewed as a key vehicle to reduce systemic risk."