DTCC proposes plan to harmonise derivatives trade reporting
The Depository Trust & Clearing Corporation (DTCC) has outlined a new three-pronged plan for greater global data harmonisation in derivatives trade reporting requirements. It aims to bring greater transparency and better monitoring of systemic risk to the over-the-counter (OTC) derivatives market, reflecting goals envisioned by the G20. DTCC proposes that the industry should work to eliminate cross-jurisdictional differences; fully adopt the ISO 20022 data interchange standard for reporting; and provide the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) with the resources needed for it to serve as the central governance body for critical data elements – universal product identifiers and universal transaction identifiers, as well as LEIs.
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