Haphazard rulemaking could be detrimental in the creation of a safer over-the-counter derivatives market, firms involved in the implementation of G20-led reforms have warned.

During a securities regulation panel on the first morning of Sibos, panellists described new rules that require swap trades to be passed through clearing houses and reported to trade repositories as confusing for investors in some areas, while also doubting whether the reforms would protect investors in stressed market conditions.