Global policymakers are seeking to enhance derivatives market oversight by harmonizing the data that must be reported to trade repositories.
The International Organization of Securities Commissions (IOSCO) and the Committee on Payments and Market Infrastructures (CPMI) on Wednesday published a consultation paper on the harmonization of critical data that is reported on over-the-counter (OTC) derivatives trades.
The report aims to help global policymakers develop guidance for local authorities to define critical data elements, which would allow regulators to aggregate global data on OTC derivatives transactions.
Regulators have begun requiring that OTC derivatives contracts be reported to trade repositories in a bid to improve market transparency, mitigate systemic risk, and prevent market abuse. Policymakers are seeking to aggregate the data reported across various trade repositories to provide the authorities with a comprehensive view of the OTC derivatives market.
Comments on the report are due by Nov. 30.