Benoit Coeure, a member of the European Central Bank Executive Board, says reform of the swaps market remains too patchy five years after Lehman Brothers Holdings collapsed. "In fact, at the current stage, no authority has a complete overview of the risks in [over-the-counter] derivatives markets or is able to examine the global network of OTC derivatives in depth," he said. The ECB's access to international data on OTC derivatives must improve when it begins to oversee banks, Coeure says.

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