The Financial Stability Board (FSB) have published this report on approaches to creating a form of global trade repository, that would feed from the many that have been set up worldwide to cover different implementations of the G20 transparency requirements (including EMIR TRs).

They have considered 3 options, the first of which involves creating a large new central repository, and the second a central index. The third option simply involves a querying mechanism of the current repositories, and is not the preferred option.  All of  approaches involve a solidification of the LEI (Legal Entity Identifier), UPI(Unique Product Identifier) and UTI(Unique Trade Identifier) initiatives. IOSCO and the CPMI have been mandated to push the initiative further.

This will no doubt lead to more for the energy industry to deal with, especially on the topic of UPIs. It is also hard to see how commodities data will be aggregated until some extensive rationalisation occurs.

The OTC Space have put a useful diagrammatic summary of the three options at the bottom of their posting here.