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ARTICLE · 05 DECEMBER 2016

International Bodies Publish Second Consultation On Harmonization Of Key OTC Derivatives Data Elements

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On October 19, 2016, the Committee on Payments and Market Infrastructures and IOSCO published a joint consultative report on the harmonization of a second batch of key OTC derivatives data elements.

United StatesFinance and Banking
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On October 19, 2016, the Committee on Payments and Market Infrastructures and IOSCO published a joint consultative report on the harmonization of a second batch of key OTC derivatives data elements. The report is in response to the 2009 G20 agreement that all OTC derivatives contracts would be reported to trade repositories — part of the G20's overall commitment to reforming the OTC derivatives markets to improve transparency, mitigate systemic risk and prevent market abuse. This consultation complements the consultation on Harmonization of key OTC derivatives data elements (other than UTI and UPI), published in September 2015 and other reports on the Harmonization of the Unique Product Identifier. The purpose of this consultation is to develop guidance for regulators on definitions for the second batch of critical data elements that are important for global consistency and the meaningful aggregation of trade repository OTC derivatives transactions data. The

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