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Dodd Frank, EMIR, Mifid

IOSCO document on reporting data elements

IOSCO and the Bank of International Settlements have issued this document entitled “Harmonisation of critical OTC derivatives data elements (other than UTI and UPI)”. It looks at the data elements used to report derivatives under rule sets such as EMIR or the Dodd Frank Act, and proposes a standard format for the data elements typically used (other than for Unique Trade Identifiers, which are covered here, and Unique Product Identifiers, which are covered here).

Most of the document covers data elements, for example for party identification or trade elements such as price etc. Annex 1 starting on page 118 looks at different reporting scenarios and suggests what the elements should be set to in each one and at each step. It then looks at why the data elements support the mandated requirements of the regulations and finally looks at day count conventions.

Divergence of reporting standards across different jurisdictions is an issue for global companies that are required to report to multiple destinations. If efforts such as this one are successful in converging standards, compliance becomes less of a burden.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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