Stability Board has also issued an update that summarises FSB member
jurisdictions’ planned actions to remove legal barriers to reporting complete
transaction information to trade repositories and to authorities’ access to
data held in trade repositories.
The FSB published
a thematic peer review of OTC derivative trade reporting in November 2015,
which identified a number of remaining legal barriers in FSB member
jurisdictions in this regard.
At the time FSB
members agreed as a follow up that, by June 2018, all jurisdictions should
remove barriers to full reporting of trade information and have a legal
framework in place to permit authorities’ access to data in accordance with
their mandates. The latest report provides information on their plans to
achieve this goal.
There is an immediate
challenge raised by FSB members, notably they have raised concerns that
restrictions on reporting complete data limit its usefulness to authorities in
carrying out their regulatory mandates, including monitoring and analysing
systemic risk and market activity.
authorities’ access to data held in trade repositories also limit the ability
of authorities to make full use of the data, FSB members say.
“The report…finds that
while some work is in progress to remove barriers to both reporting of, and
access to, complete OTC derivatives transaction information, significant work remains
across FSB member jurisdictions to achieve this, including that concrete plans
to address the barriers have yet to be formulated in a number of cases,” the
FSB states. “Further significant planning and implementation efforts will be
needed in order to meet the agreed June 2018 deadlines.”