Trade reporting data provides important information for authorities as they seek to assess risks in OTC derivatives markets. However, where barriers to the full reporting of trade data and to authorities’ access to this information exist, this reduces the usefulness of this data. This document reports on FSB member jurisdictions have taken to address legal barriers to reporting and accessing trade data sets identified in a 2015 peer review. Four of these recommendations included implementation dates in 2018, while the other two did not have specific implementation dates. The progress report finds:
-
Barriers to full trade reporting: All but three of the FSB’s member jurisdictions have removed or addressed barriers to full trade reporting.
-
Masking Five FSB member jurisdictions allow masking of counterparty identifiers for some transactions. As reported by jurisdictions, the percentage of masked trades is relatively low, typically 5% or under, with several under 1%.
-
Regulators’ access to trade repository data: In twelve jurisdictions, changes have been made or are underway to address or remove barriers to access to trade repository data by foreign authorities and/or non-primary domestic authorities, including legal barriers which have only very recently been removed.
A number of supplementary recommendations have been made by the FSB. The FSB will continue to monitor implementation.