The Financial Conduct Authority is ready to crack down on institutions that fail to comply with new trade reporting rules, echoing data quality concerns flagged up last month by Europe's top financial watchdog.

Speaking at the City Week conference in London, Tom Springbett, the FCA's manager of over-the-counter derivatives and post-trade policy, said that while the well-publicised issues with trade reporting stemmed from both regulators and market participants, standards needed to rise.