Senior Supervisors Group Progress Report on Counterparty Data
During the crisis, national supervisory authorities observed that large financial firms had difficulty in quickly and accurately aggregating counterparty exposures at the group level. In response, the Senior Supervisors Group sponsored a new counterparty exposure data collection program - known as the "Top 20" Counterparty project. The project aimed to inform supervisors across jurisdictions of the levels of and changes in significant bilateral derivatives and other counterparty exposures as well as to enhance their ability to respond. The Top 20 project began in late 2008 and continued until March 2013, when it was transferred to a more comprehensive program administered by a new International Data Hub at the Bank for International Settlements (BIS).