Call for comments on harmonising OTC derivatives data elements

27 June 2017

Press release

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have today published for public comment a consultative report on Harmonisation of critical OTC derivatives data elements (other than UTI and UPI) - third batch.

The report is a further step towards fulfilling the Group of 20's 2009 commitment to report all OTC derivatives contracts to trade repositories (TRs), with the aim of improving transparency, mitigating systemic risk and preventing market abuse. Aggregation of the data reported across TRs will help ensure that authorities can obtain a comprehensive view 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 2012 CPSS-IOSCO report on OTC derivatives data reporting and aggregation requirements, the 2013 CPSS-IOSCO report on  Authorities' access to trade repository data and the 2014 FSB Feasibility study on approaches to aggregate OTC derivatives data.

Following the 2014 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 the Harmonisation Group's response to that mandate. It complements the consultative report on Harmonisation of key OTC derivatives data elements (other than UTI and UPI) - first batch, on Harmonisation of critical OTC derivatives data elements (other than UTI and UPI) - second batch, and on Harmonisation of the Unique Transaction Identifier, and two consultative reports on Harmonisation of the Unique Product Identifier.1 CPMI-IOSCO issued the final technical guidance on UTI in February 2017, plan to issue the one on UPI around mid-2017 and on critical data elements early 2018.

The report seeks general and specific comments and suggestions from respondents by 30 August 2017 using the dedicated response form. The completed form should be sent to both the CPMI secretariat and the IOSCO secretariat.


1 First consultative report and second consultative report

 
Notes

  1. The CPMI promotes the safety and efficiency of payment, clearing, settlement and related arrangements, thereby supporting financial stability and the wider economy. The CPMI secretariat is hosted by the BIS. More information about the CPMI, and all its publications, can be found on the BIS website.
  2. IOSCO is the leading international policy forum for securities regulators and is recognised as the global standard setter for securities regulation. The organisation's membership regulates more than 95% of the world's securities markets in more than 115 jurisdictions. 
  3. Both committees (CPMI and IOSCO) are recognised as international standard-setting bodies by the Financial Stability Board.