August 16, 2018

CPMI and IOSCO published a consultative report on the governance arrangements for critical data elements (CDEs) of the over-the-counter (OTC) derivatives. CDEs are elements other than the Unique Transaction Identifier (UTI) and the Unique Product Identifier (UPI). The document identifies key criteria, functions, and bodies for the governance arrangements for critical data. Consultation ends on September 27, 2018.

The consultative report discusses the key criteria for the CDE maintenance and governance, the different areas of CDE governance and governance functions, and a proposed allocation of the governance functions to different bodies—that is, the Maintenance Body, the International Governance Body, and Authorities. After assessing CDE against other OTC derivatives data elements (the UTI, the UPI, and the LEI), the document discusses governance arrangements for the execution of maintenance functions by a Maintenance Body and factors relevant for the identification of the International Governance Body. Finally, the consultative report briefly mentions the approach of CPMI and IOSCO to CDE implementation.

This consultative report complements the technical guidance on harmonization of UTI, the technical guidance on harmonization of UPI, and the technical guidance on harmonization of critical OTC derivatives data elements (other than UTI and UPI). This is a further step toward fulfilling the G20's commitment to report all OTC derivatives contracts to trade repositories, to improve transparency, mitigate systemic risk, and prevent market abuse. Aggregating the data reported across trade repositories will help ensure that authorities have a comprehensive overview of the OTC derivatives market and its activity.

 

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Comment Due Date: September 27, 2018

Keywords: International, Securities, Banking, OTC Derivatives, Governance Arrangements, Critical Data Elements, Trade Repository, CPMI/IOSCO

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