2015年-FSB全球金融稳定委员会_Thematic_Review_of_OTC_Derivatives_Trade_Reporting_56页_1mb

Thematic Review on OTC Derivatives Trade Reporting Summary

Core Content

This report presents the findings and recommendations of the Financial Stability Board (FSB) thematic peer review on the reporting of over-the-counter (OTC) derivatives transactions to trade repositories (TRs). The review was conducted in accordance with the FSB's mandate to assess the implementation of international financial standards and to ensure alignment with G20 commitments.

The G20, in its 2009 Pittsburgh Summit, mandated that OTC derivative contracts be reported to TRs to enhance transparency, mitigate systemic risk, and protect against market abuse. The FSB has since been tasked with evaluating the extent of reporting, legal barriers, authorities' access to data, and data quality across its member jurisdictions.

Main Findings

1. Extent of Reporting

• Most FSB member jurisdictions have implemented trade reporting requirements that cover the majority of OTC derivatives transactions.
• Some jurisdictions have not fully implemented these requirements, particularly for non-major asset classes.
• A few jurisdictions mask counterparty identifying information, which hinders comprehensive reporting.

2. Legal Barriers to Reporting

• Legal barriers to reporting to TRs or TR-like entities are minimal for domestic reporting.
• However, when reporting to foreign TRs or TR-like entities, legal barriers are widespread.
• These barriers can often be addressed through counterparty consent or authority authorisation.
• Certain jurisdictions are considering eliminating these legal barriers.

3. Authorities' Access to TR Data

• In most jurisdictions, domestic authorities have unrestricted access to TR data.
• Foreign authorities generally have limited direct access to TR data.
• Indirect access is theoretically possible in many jurisdictions, but no effective examples exist.
• Significant investment may be required to overcome data fragmentation and enable effective cross-border access.

4. Data Quality

• Data standards, both nationally and internationally, are inadequate, affecting data quality and usability.
• Lack of harmonised identifiers (such as LEI, UPI, UTI) and inconsistent data formats make it difficult for authorities to aggregate and analyse data.
• The most progress in improving data quality is seen where market participants, TRs, and authorities collaborate, and international coordination is in place.

5. Public Disclosure

• Some jurisdictions require TRs to publicly disseminate anonymised transaction-level data.
• Aggregate-level data is also publicly disclosed in many jurisdictions.
• A few jurisdictions have no public disclosure requirements.

6. Use of TR Data by Authorities

• Despite challenges, some authorities are already using TR data effectively for regulatory purposes.
• There is potential for mutual benefit through the sharing of experiences and best practices.

Key Recommendations

1. Comprehensiveness of Reporting

• Jurisdictions that have not fully implemented reporting requirements should do so promptly.
• Exemptions or limitations in reporting should be periodically reviewed to prevent risks in unmonitored parts of the market.

2. Removal of Legal Barriers

• Legal barriers preventing full reporting should be removed by June 2018.
• Jurisdictions should permit standing consent for reporting to TRs by end-2018.
• Masking of counterparty information should be discontinued once barriers are removed.

3. Authorities' Access to TR Data

• By June 2018, all jurisdictions should have legal frameworks enabling access to TR data by both domestic and foreign authorities.
• Direct access is preferred over indirect access, to ensure continuous and un-intermediated access.
• Authorities should coordinate to establish cooperative arrangements that facilitate access to TR data.

4. Improvement of Data Usability

• Authorities, TRs, and market participants should collaborate to improve data quality and validation processes.
• Support for the development and adoption of global identifiers and harmonised data standards is strongly encouraged.
• Authorities should continue to share knowledge and best practices on the use of TR data.

Conclusion

The FSB thematic review highlights that while most jurisdictions have implemented trade reporting requirements, challenges remain in ensuring comprehensive reporting, removing legal barriers, enabling authorities' access, and improving data quality and usability. The report calls for coordinated efforts to address these issues, with a focus on global harmonisation of data standards and identifiers, and the removal of legal obstacles by June 2018. FSB member jurisdictions are required to report on their actions to implement these recommendations by June 2016.