See here for a timely piece on Bloomberg View, which reminds us that now, with markets in turmoil, would be a good time foe regulators and central banks to use the data collected in repositories worldwide,  in order to become aware of any systemic risks in the derivatives market.

The intent of the various trade reporting regimes which arose out of the 2009 G20 declaration was to ensure transparency, so that systemic risk could be captured and then mitigated. As we have seen, and has been pointed out by various bodies including ISDA and BIS/IOSCO, the lack of harmonisation means that looking for such risks is not easy, given the different standards used, even within the same regime. Hopefully future initiatives will go some way towards addressing this issue, so that the large amount of work carried out will be of benefit.