The Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO) have published a consultative report on the gathering, storing, and dissemination of over-the-counter (OTC) derivatives data by trade repositories (TRs). The consultative report was prepared in response to the October 2010 report of the Financial Stability Board, “Implementing OTC Derivatives Market Reforms,” which requested the CPSS and IOSCO to consult with other regulators to develop (i) minimum data reporting requirements and standardized formats and (ii) the methodology and mechanism for data aggregation.

The consultative report proposes requirements and data formats for both market participants reporting to TRs and for TRs reporting to regulators and the general public. In addition, the consultative report discusses issues relating to data access for authorities and reporting entities and mechanisms for the aggregation of OTC derivatives data, including the development of a system of standard legal entity identifiers.

The comment period for the consultative report ends September 23. The consultative report may be found here.