CPMI, IOSCO Consult on Governance of OTC Derivatives Data

New consultative document identifies key criteria, functions and bodies for the governance arrangements for critical OTC derivatives data elements data, other that UTI and UPI.

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

G20 Leaders agreed in 2009 that all OTC derivatives contracts should be reported to TRs (trade repositories) to improve transparency, mitigate systemic risk and prevent market abuse. The aggregation of the data reported across TRs helps ensure authorities can obtain a comprehensive view of the OTC derivatives market and its activity.

CPMI, IOSCO and the FSB (Financial Stability Board) have been working to harmonise key OTC derivatives data elements to enable meaningful aggregation on a global basis. Following a 2014 feasibility study on data aggregation approaches, the FSB asked CPMI and IOSCO to develop global guidance on the harmonisation of data elements reported to TRs, including the UTI (Unique Transaction Identifier) and UPI (Unique Product Identifier).

The new consultative document identifies key criteria, functions and bodies for the governance arrangements for critical OTC derivatives data elements data, other that UTI and UPI.

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, available here, seeks general and specific comments from respondents by 27 September.

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