IOSCO and BIS report on governance arrangements for critical OTC derivatives data elements

G20 Leaders agreed in 2009 that all over-the-counter (OTC) derivatives contracts should be reported to trade repositories (TRs) as part of their commitment to reforming OTC derivatives markets with the aim of improving transparency, mitigating systemic risk and preventing market abuse. Aggregation of the data reported across TRs will help ensure that authorities can obtain a comprehensive view of the OTC derivatives market and its activity.

Following the 2014  FSB Feasibility study on approaches to aggregate OTC derivatives data, the FSB asked the CPMI and IOSCO to develop global guidance on the harmonisation of data elements reported to TRs and important for the aggregation of data by authorities, including the Unique Transaction Identifier (UTI) and the Unique Product Identifier (UPI).

This report is part of the Harmonisation Group’s response to that mandate. It complements the Technical guidance on Harmonisation of critical OTC derivatives data elements (other than UTI and UPI) published in April 2018 and focuses on governance arrangements for such data elements. CPMI-IOSCO have issued the Technical guidance on Harmonisation of the UTI in February 2017 and the Technical guidance on Harmonisation of the UPI in September 2017.

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