The world’s largest futures brokers have taken a vital step to satisfy regulatory demands that they tackle the risks inherent in the interest rate swaps market, by launching the first reporting engine for these products.

A total of 14 of the largest investment banks started submitting data yesterday on their interest rate derivatives trades to the new facility, developed in partnership with over-the-counter derivatives specialist TriOptima, just two months after the world's main regulators set mid-January as their deadline to launch the system.