08.17.2018

Call For Comments On OTC Derivatives Data

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published for public comment a consultative report on governance arrangements for over-the-counter (OTC) derivatives data elements.

The document, Governance arrangements for critical OTC derivatives data elements (other than UTI and UPI), identifies key criteria, functions and bodies for the governance arrangements for critical data. It is a further step towards fulfilling the Group of 20’s commitment to report all OTC derivatives contracts to trade repositories (TRs), to improve transparency, mitigate systemic risk and prevent market abuse. Aggregating the data reported across TRs will help ensure that authorities have a comprehensive overview of the OTC derivatives market and its activity.

The CPMI, IOSCO and the Financial Stability Board (FSB) have in recent years published reports to lay the foundation for the harmonisation work on key OTC derivatives data elements for meaningful aggregation on a global basis, including the 2014 FSB Feasibility study on approaches to aggregate OTC derivatives data.

Following the feasibility study, the FSB asked the CPMI and IOSCO to develop global guidance on the harmonisation of data elements reported to TRs and important for the aggregation of data by authorities, including the Unique Transaction Identifier (UTI) and the Unique Product Identifier (UPI).

This consultative report is part of CPMI and IOSCO response to that mandate. It complements the Technical guidance on harmonisation of the UTI, the Technical guidance on harmonisation of the UPI and the Technical guidance on harmonisation of critical OTC derivatives data elements (other than UTI and UPI).

The report seeks general and specific comments from respondents by 27 September 2018 using the dedicated response form. The completed form should be sent to both the CPMI secretariat and the IOSCO secretariat.

Source: BIS

Related articles

  1. Negative Yields Vex Bond Managers

    Bill Street, SSGA's head of EMEA investing, helps clients navigate low rates, negative yields and market volat...

  2. Securing the Enterprise with 'Big Data'

    'Big data' can make detecting network breaches simpler, if implemented correctly.

  3. 'Broker Bill' Assessed

    Legislation aims to divert some industry influence from exchanges to brokers.

  4. OPR Changes May Bring ‘Upheaval’ to Bay Street

    The removal of protection for some trading venues spells complexity for Canadian market participants.

  5. Fintech in Futures

    FCMs are seeking to exploit financial technology for all it's worth.