Eleven different industry associations have endorsed that principles that ISDA put forward in a report several weeks ago, calling for standardisation of the various derivatives reporting regimes across the globe. The letter containing the endorsement can be found here.
The G20 Pittsburgh Declaration of 2009 called for trade repositories to be established, and derivatives trades sent to them, so that regulators could detect any build up of systemic risk. However, the reporting regimes across the world have not been aligned. Furthermore, even within a regime, it has proven difficult for regulators to read the data that has thus far been sent. Under EMIR for example, matching rates have been very low, indicating that the data is of a poor consistency. These rules are now under review.
The paper calls for standardisation in various areas, including the increased use of reference data standards such as LEIs and UPIs, and data standards such as FpML, as well as general standardisation of rules. Last week, the FIA also called for reform, with more specific proposals, such as one sided reporting.