June 27, 2017

CPMI and IOSCO published the third batch, consultative report on harmonization of critical OTC derivatives data elements (other than Unique Transaction Identifier, or UTI, and the Unique Product Identifier, or UPI). This report complements the consultative report on Harmonization of key OTC derivatives data elements (other than UTI and UPI)—first batch, on Harmonization of critical OTC derivatives data elements (other than UTI and UPI)—second batch, and on Harmonization of the Unique Transaction Identifier, along with the two consultative reports on harmonization of the UPI. CPMI and IOSCO issued the final technical guidance on UTI in February 2017 and plan to issue the one on UPI around mid-2017 and one on critical data elements in early 2018.

The report is a further step toward fulfilling the Group of 20's (G20) 2009 commitment to report all OTC derivatives contracts to, with the aim of improving transparency, mitigating systemic risk, and preventing market abuse. Aggregation of the data reported across trade repositories will help ensure that authorities can obtain a comprehensive view of trade repositories in the OTC derivatives market. The CPMI, IOSCO, and FSB have, in recent years, published reports to lay the foundation for the harmonization 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 harmonization of data elements reported to trade repositories and important for the aggregation of data by authorities, including the UTI and the UPI. This consultative report is part of the Harmonization Group's response to that mandate. 

 

Related Links

Press Release 

Consultative Report (PDF) 

Response Form (PDF)

Comments Due Date: August 30, 2017

Keywords: International, Trade Repository, OTC Derivatives, CPMI, IOSCO, Securities, UPI, UTI