The Depository Trust & Clearing Corporation, the US’s biggest clearing and settlement utility, has called for greater trust among global regulators, warning that the fragmentation of financial oversight could increase risk.

Speaking during a panel session at the Sibos securities and banking conference, Michael Bodson, chief operating officer of the DTCC, said: "Can regulators co-ordinate and truly trust one another when these products become globalised? If the regulators take different views on how, for example, trades are to be reported, that is going to make the effort to create true transparency impossible."