Global Correspondence
GFMA Submits Comments to BIS and IOSCO on Derivatives Data Reporting and Aggregation Requirements
The Global FX Division provides comments to the Bank for International Settlements (BIS) and the International Organisation of Securities Commissions (IOSCO) on the Consultative Report on OTC derivatives data reporting and aggregation requirements, Aug 2011. The Global FX Division notes the selection of a preferred partner for trade repository services arises from the general preference of the industry for the use of global trade repositories, rather than multiple, fragmented local repositories. This is because they provide the chief benefits of enhanced regulatory oversight and efficiency of data capture. This is particularly the case for the FX market which is characterised by vastly higher number of transactions and participants when compared to other asset classes given its position as the basis of the global payments system.
