European transparency rules for over-the-counter derivatives have given regulators a Gordian knot of a problem: how to make sure firms understand when their off-venue trades must be publicly disclosed?

And just as, according to legend, Alexander the Great simply cut through the intricate knot, rather than try to untie it, the European Securities and Markets Authority has come up with a bold solution. Rather than try to clarify a fuzzy concept that currently governs reporting obligations, it