Page 477 - Invited Paper Session (IPS) - Volume 1

IPS177 Jose-Maria S. G.

Trade repository data - access and sharing
Jose-Maria Serena Garralda
Bank for International Settlements, Basel (Switzerland)

Abstract
Derivatives data collection in trade repositories has grown as a result of the
regulatory reforms launched after the Great Financial Crisis. Ensuring that
these data are effectively used, not least to guide policy actions, constitutes a
priority for policymakers. This paper discusses access to, and sharing of, trade
repository data, leveraging on the findings of the survey conducted by the
Irving Fisher Committee in 2018 among central banks. The survey shows that
most central banks are gaining some access to data from the trade repositories
collecting them. Access to granular information in their jurisdictions is
relatively good, but access to data held by foreign trade repositories is
complex -often requiring authorization, and restricted aggregated data. Data
sharing with internal users is relatively widespread. However, the external
dissemination of trade repository data is highly restricted, being limited mainly
to indicators with a sufficient degree of aggregation. Overall the results
suggest that data sharing of trade repository data remains a challenge.
Looking ahead coordination between domestic authorities, including between
central banks and trade repositories, should be enhanced.

Keywords
Derivatives data; Trade repositories; Data access; Data sharing

1. Introduction
One important consequence for financial statistics of the reforms
undertaken after the Great Financial Crisis (GFC) of 2007–09 has been the
collection of a very large amount of Trade Repository (TR) data shedding light
on the global derivatives market. Yet a key issue for public authorities is to
ensure that these data are effectively used, not least to guide policy actions.
Data availability differs across jurisdictions, and it is widespread among the
largest ones. Progress has been particularly notable in FSB jurisdictions (as well
as in non-FSB countries subject to European regulation) in terms of reporting
requirements and richness of the information collected (eg counterparty
coverage). Since these jurisdictions host the largest market segments, the
1
coverage of the global derivatives market has significantly improved.

1 Data availability remains an important issue in several other (smaller) jurisdictions.
466 | I S I W S C 2 0 1 9