FSB members’ plans to address legal barriers to reporting and accessing OTC derivatives trade data: Progress report
This progress report sets out actions being taken by FSB member jurisdictions in removing legal barriers to fully reporting, and to authorities appropriately accessing, trade reports about over-the-counter (OTC) derivatives transactions. It follows the publication by the FSB published of member jurisdictions' plans to remove such barriers in August 2016.
Trade reporting data provides important information for authorities as they seek to understand risks in OTC derivatives markets. Transparency in OTC derivatives markets is improving with a number of authorities using data from trade repositories to better monitor risk; however, where barriers to the reporting and use of this information exist, this reduces the usefulness of this data for authorities.
This progress report sets out the steps FSB member jurisdictions have taken to meet the June 2018 agreed deadline for removing trade reporting barriers. The report finds that a number of significant actions have been taken by authorities of the EU, France, Singapore and the US. However, major gaps and issues remain to be addressed across the FSB membership. It is essential FSB member jurisdictions address the remaining issues by the committed deadlines in 2018.
The FSB published a separate Annex setting out more detail on individual jurisdictions’ plans to remove legal barriers to reporting and authorities’ access to data.
The FSB will publish, ahead of the G20 Leaders’ Summit in Argentina in 2018 a report on the extent to which member jurisdictions have met their commitments to remove barriers.
Individual responses from members are available here: