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Stuart Clark

Stuart Clark - Impendium Systems

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FSB consults on aggregation of OTC derivatives TR data

13 February 2014  |  1144 views  |  0

The Financial Stability Board (FSB) published a consultation paper to ensure that data that has been reported to multiple trade repositories (TR) can be used effectively by competent authorities globally.  The absence of standards and formats used for reporting data to TRs globally has added to the complexity of the aggregation process and as a consequence data standardisation is seen as a necessary goal.
 
The consultation paper considers three models for the aggregation of over the counter (OTC) derivatives TR data:
(i)  a physically centralised model;
(ii)  a logically centralised model; and
(iii) the collection and aggregation by authorities themselves of raw data from TRs.
 
The paper divides the considerations into two types: 
· legal considerations, including those relating to submission of data to the aggregation mechanism, access to the mechanism, and governance of the mechanism; and
· data and technology considerations, including those related to data standardisation and harmonisation, data quality, information security, and other technological considerations. 
 
Based on this analysis, the paper proposes a set of criteria to be used in order to provide a common and systematic structure for the assessment of the options in the final report.
 
Following this consultation, an FSB study group will analyse the options further and a final version of the report, including recommendations, will be submitted to the FSB in May 2014 for approval and will be published thereafter. 
 
The deadline for comments is 28 February 2014.
 
Related link:
http://www.financialstabilityboard.org/press/pr_140204.htm

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Co-founded Impendium in 2006. Previously head of Client Services for Deutsche Banks top 100 customers.

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