The lack of co-ordination between EU and US regulators on OTC derivatives rules is starting to have a significant impact on trading flows between dealers in each region, according to the International Swaps and Derivatives Association.

Isda, a trade body that includes many of the largest swap market participants as members, has released new research that offers a window into EU dealers' OTC derivatives trading practices in 2013 - the year when many of the G20-led reforms for derivatives markets were introduced to the US market.