The Committee on Payments and Market Infrastructures ("CPMI") and IOSCO provided technical guidance for derivatives regulators on harmonizing certain "critical" data elements for over-the-counter ("OTC") transactions.
The report, titled Harmonisation of critical OTC derivatives data elements (other than UTI and UPI), outlines the definition, format and usage of critical data elements, and is intended to help regulators across different jurisdictions collect these data elements in a standardized manner. Following a request for feedback on a previous harmonization proposal, the CPMI and IOSCO removed certain data elements due to complexity, revised others for clarity and added new elements.
The report provides guidance on OTC derivatives data elements related to the following:
- dates and timestamps;
- counterparties and beneficiaries;
- clearing, trading, confirmation and settlement;
- regular payments;
- valuation;
- collateral and margins;
- counterparty rating triggers;
- prices;
- notional amounts and quantities;
- payments;
- packages and links; and
- custom baskets.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.