The Bank of International Settlements (BIS) and IOSCO have published this paper which gives views on how data elements of OTC derivatives should be reported under different regulatory regimes worldwide. This includes rules such as EMIR, MiFID II and the Dodd Frank Act. The paper focuses on elements other than the Unique Trade Identifier and Unique Product Identifier, which have been covered in previous papers (see here).

The goal of the paper is to help harmonise the reporting schema worldwide so that the data can be aggregated and systemic risk monitored  globally. This is part of the objective set at the 2009 G20 summit in Pittsburgh to better mitigate systemic risk following the financial crisis.

The Financial Stability Board has published this report on the progress of the G20 recommendations together with this press release. The section on OTC derivatives reform on page 21 highlights that progress is being made on transparency using reported data, but that there is still progress to be made in harmonisation leading to aggregation.  This letter from Mark Carney, the Governor of the Bank of England, also notes the progress being made in the implementation of the reforms, and states that they are already leading into a likely reduction in systemic risk.