CPMI and IOSCO issued technical guidance to authorities on harmonized definitions, formats, and usage of a set of critical data elements for over-the-counter (OTC) derivative transactions reported to trade repositories, excluding the Unique Transaction Identifier (UTI) and the Unique Product Identifier (UPI). The guidance helps achieve the goal set by the Group of 20 for all OTC derivatives contracts to be reported to trade repositories, as part of a commitment to improve transparency, mitigate systemic risk and prevent market abuse.
This guidance addresses the harmonization of data elements related to dates, counterparties, regular and other payments, valuation and collateral, prices and quantities, packages, links, and custom baskets. The guidance is global in scale and takes account of the relevant international technical standards, where available. It is also jurisdiction-agnostic and enables the consistent global aggregation of OTC derivatives transaction data. The guidance is complementary to the technical guidance on harmonization of the UTI, which was published in February 2017, and guidance on harmonization of the UPI, which was published in September 2017. CPMI and IOSCO will soon develop a framework for the maintenance and governance of critical OTC derivatives data elements, other than the UTI and UPI.
Keywords: International, Securities, Guidance, OTC Derivatives, Harmonization of Data Elements, CPMI, IOSCO
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