ISDA Responds to CMPI and IOSCO Consultative Report on OTC Derivatives Data

In response to a request for comments, ISDA provided feedback on a consultative report outlining potential governance arrangements for OTC derivatives data elements other than the Unique Transaction Identifier and the Unique Product Identifier (collectively, "data"). The consultative report was part of a series conducted by the Committee on Payments and Market Infrastructures ("CPMI") and IOSCO.

As previously covered, the consultative report was commissioned as part of an effort to harmonize data reported to trade repositories to improve transparency, alleviate risk and deter market abuse. In its comments, ISDA stressed the importance of individual authorities adopting the final CPMI and IOSCO technical guidance on critical data elements ("CDE TG") in a manner that aligns with the CDE TG, and each other, in order to achieve the goal of standardized data and to reap the benefits of harmonization. ISDA also requested that the International Governance Body work with authorities to understand adoption plans and to make next steps transparent.