CPSS and IOSCO Publish Consultative Report on Global Authorities’ Access to Trade Repository Data

The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have published for public comment a consultative report entitled Authorities’ access to trade repository data. The purpose of the report is to provide guidance to trade repositories (TR) and authorities on access to TR-held over-the-counter derivatives (OTCD) transaction data for typical and non-typical data requests, as well as possible approaches to addressing confidentiality concerns and access constraints. The report considers that a broad range of authorities (i.e. market regulators, central banks, prudential supervisors and resolution authorities), as well as official international financial institutions, are interested in obtaining access to data reported to TRs in order to perform their responsibilities.

The report describes the expected data access needs of authorities using a functional approach complemented by an illustrative data access mapping that aligns each function to the minimum level of access authorities would typically require in support of their mandates and responsibilities. In addition, the report proposes access guidelines that aim to provide TRs and regulators with a framework upon which to build access policies. The data access mapping table provides a means for mapping access rationales to access levels.

Since the data mapping table for each mandate describes the minimum level of access that an authority exercising that mandate would typically require, the report advises that it should not be taken as definitive. The report states that the needs of authorities will likely continue to evolve, and authorities may find that the descriptions of their respective mandates do not adequately describe the full range of their data access needs. Given the continuous evolution in the OTCD markets, TRs will need to develop data access procedures that are sufficiently flexible along different dimensions, including the composition of typical data requests and reported attributes for specific OTCD classes. The framework and guidelines should provide useful guidance in making and responding to such requests and the implementation of data access policies by TRs.

Click here to view Consultative Report (links externally to IOSCO website).