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IPS155 Manuel S. V. et al.
derivative operations was separated from the individual transaction as
collateral is generally related to a set of operations with the same counterparty
(Figure 2).
Before 2015, the template had some limitations to account precisely of the
“strategies” with derivatives operations, and these limitations sometimes
hindered the complete identification of what transactions were part of the
strategy. To close this data gap, it was created a precise way to link
transactions that form part of a “structure” or “strategy”.

Figure 2. Changes in Derivatives Information Requirements
Former Model Current Model
Counterparties characteristics characteristics Collateral Futures & Forwards characteristics characteristics
Operation
Instrument
Instrument
Operation
Collateral
Swaps
Counterparties characteristics characteristics Collateral Catalogue characteristics characteristics
Instrument
Operation
Operation
Instrument
Structure A
Counterparties
Structure B
Counterparties characteristics characteristics Collateral Options characteristics characteristics
Instrument
Operation
Instrument
Operation

Source: Banco de Mexico.

Nevertheless, to operate as a T.R. like for derivatives it is not sufficient to
improve the data model, it is also necessary to adjust the operation of
processes of data and adjust the services provided to perform the functions
of a Trade Repository in a central bank. IOSCO-CPMI define a series of best
practices established in a set of Principles for Financial Market Infrastructures
defined in the “Principles for financial market infrastructures” (BIS & IOSCO,
2012). To implement the necessary changes, it was defined a new operational
model for the functioning of the T.R. like. The idea is to pass from a model
centred on the service of the provision of information to another with three
main services: Registration of derivative transactions, the provision of
information and the design and development of information solutions.
One of the main functions of the initiative of Trade Repositories is to
increase the transparency of the OTC derivatives market, which implies the
establishment of mechanisms of data dissemination and data sharing. A T.R.
should provide information to market participants, other domestic and foreign
financial authorities and provide publications of the operation of the
derivatives market. Currently, the scope of data dissemination is done using
the schemes for data sharing at Banco de Mexico that were presented (Figure
1). The data hub and the direct access scheme to microdata can be used to

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