Authorities' access to trade repository data - consultative report issued by CPSS-IOSCO
The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have today published for public comment a consultative report entitled Authorities' access to trade repository data.
Trade repositories (TRs) are entities that maintain a centralised electronic record of over-the-counter (OTC) derivatives transaction data. TRs will play a key role in increasing transparency in the OTC derivatives markets by improving the availability of data to authorities and the public in a manner that supports the proper handling and use of the data. For a broad range of authorities and official international financial institutions, it is essential to be able to access the data needed to fulfil their respective mandates while maintaining the confidentiality of the data pursuant to the laws of relevant jurisdictions.
The purpose of the report issued today is to provide guidance to TRs and authorities on the principles that should guide authorities' access to data held in TRs for typical and non-typical data requests. The report also sets out possible approaches to addressing confidentiality concerns and access constraints. Accompanying the report is a cover note that lists the specific related issues on which the CPSS and IOSCO seek comments during the public consultation period.
Comments are invited from all interested parties and should be sent by Friday 10 May 2013, 18:00 CEST. Comments should be sent to both the CPSS secretariat (cpss@bis.org) and the IOSCO secretariat (accessdata@iosco.org). The comments will be published on the websites of the BIS and IOSCO unless commentators have explicitly requested otherwise. After the consultation period, the CPSS and IOSCO will publish a final report taking into account comments received.
Notes
Both committees (CPSS and IOSCO) are recognised as international standard-setting bodies by the Financial Stability Board.
The CPSS-IOSCO Principles for financial market infrastructures can be found on the websites of the BIS and IOSCO.