The EU is set to implement new European derivatives rules this Wednesday in an attempt to begin bringing more transparency to the $700 trillion dollar market that has been blamed for being a major factor in the 2008 financial crisis.

While the EU has been working towards creating these new European derivative rules since the crisis, it seems likely that it will still be quite some time before any real results are seen.

Financial institutions in the EU will be required to report all derivative transactions to new trade repositories come Wednesday. However, many companies and financial institutions will not be ready to comply by this time, according to Reuters. An FCA spokesperson told Reuters that while responses to non-compliance will be proportionate, companies need to be aware that enforcement action is very much a possibility.

The 14 “big banks,” which account for about 65% of total derivatives market transactions are already set to comply. Companies who use the market to hedge risks (accounting for between 5-10% of total market transactions) make up the majority of trading entities behind in compliance to the new European derivative rules.

Outside of compliance, experts in the field also point to a fragmentation between the 22 repositories available to trade on as an issue for the EU.

Until the EU designs an aggregation system for all of the data that will begin to be reported on Wednesday, it will remain very difficult to get a clear picture of the entire derivatives market.