January 18, 2012

CPSS / IOSCO Report on OTC Trade Reporting

The final report from the CPSS / IOSCO has been published, the original source page is here the full PDF is here. Highlights include:

  • Minimum data reporting requirements: The Task Force recommends that, at a minimum, transaction-level data be reported to TRs and that such data include at least transaction economics, counterparty information, underlier information, operational data and event data.
  • Methodology and mechanism for aggregation of data: As mechanisms for aggregation of data, the report recommends creation of a system of legal entity identifiers (LEIs), continued international consultation regarding implementation of LEIs, and international work to develop an international product classification system for OTC derivatives.
  • Development of a standard international product classification system: The Task Force recommends that CPSS-IOSCO or the FSB make a public statement calling for timely industry-led development, in consultation with authorities, of a standard product classification system that can be used as a common basis for classifying and describing OTC derivative products.
  • Annex 1:Current state of OTC derivatives reporting and access to information for the major existing Trade Repositories (TRs)
  • Annex 2: Illustrative list of potential data fields for OTC derivatives
  • Annex 3: Information regarding possible implementation of a system of legal entity identifiers (LEIs)

The report isn’t a regulatory rule or mandate, but the summation of a large group of parties from central banks and other organisations. The report doesn’t appear to say who should deliver the data to TRs – so whether a CCP or trading platform can deliver the data to a TR on behalf of parties isn’t discussed.


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