Basel, IOSCO OTC Derivatives Data

On Oct. 9, IOSCO, Basel issued report on data elements governance.

  • Basel and IOSCO issued report on governance of key OTC derivatives data elements.
  • Report followed Aug. 2018, Basel consultation on OTC derivatives data, see #46309.
  • Follows Basel, IOSCO Feb. 2017 guidance on transaction identifiers, see #31238.
  • Follows Basel, IOSCO Jun. 2017 proposed harmonize OTC data elements, see #32866.
  • Follows Basel, IOSCO Apr. 2018 guidance on non-UTI data elements, see #42332.
  • Issued on same day as FSB report on UPI governance arrangements, see #66054.
  • Overview
  • Identifies key criteria, functions, bodies for governance arrangements re set of critical data elements for OTC derivative transactions reported to trade repositories.
  • Excluding unique transaction identifier (UTI) and unique product identifier (UPI).
  • Published by committee on payments and market infrastructures (CPMI) and IOSCO.
  • Further step re G20's commitment to report OTC derivatives contracts to repositories.
  • Aims to improve transparency, mitigate systemic risk and prevent market abuse.
  • Aggregating data reported across trade repositories will help ensure that authorities have a comprehensive overview of the OTC derivatives market and its activity.
  • Governance
  • Concludes that legal entity identifier regulatory oversight committee is best positioned to take on role of international governance body for critical data elements by H2 2020.
  • Subject to needed adjustments to own governance, in meantime FSB will perform role.
  • CPMI and IOSCO recommended jurisdictions take steps to implement governance arrangements across jurisdictions within 3 years from the report publication.
  • Background
  • Following 2014 feasibility study, FSB asked CPMI/IOSCO to develop global guidance.
  • The report is final part of CPMI and IOSCO‚Äôs response to mandate, complements technical guidance on UTI harmonization, technical guidance on UPI harmonization.
  • Guidance on harmonization of critical OTC derivatives data elements (non UTI/UPI).

Regulators Basel; CPMI; FSB; IOSCO; LEIROC
Entity Types B/D; Bank; Depo; Exch; IA; OTC
Reference RP d186, PR p191009, IOSCO/MR/28/2019, 10/9/2019
Functions Compliance; C-Suite; Financial; Legal; Operations; Reporting; Risk; Technology; Trade Reporting; Treasury
Countries Global Regulator
Products Clearing; Corporate; Derivatives; Equity; Fixed Income; Fund Mgt; Securities
Regions Global
Rule Type Final
Rule Date 10/9/2019
Effective Date 10/9/2019
Rule Id 66051
Linked to Rule :46309
Reg. Last Update 10/9/2019
Report Section International

Last substantive update on 10/10/2019