Requirements for OTC trades released
Tuesday 17 January 2012 - by Andrew.Hickley@gfsnews.com
As a minimum, TRs should collect transaction data relating to economics, information on both counterparties, details of the underlying products and prices, and operational and event data, a report from the Committee on Payment and Settlement Systems and the technical committee of the International Organization of Securities Commissions recommends.
To help ensure that current industry efforts to develop an international LEI involve both public and private sector input, it recommends that the industry process includes development of an LEI and issuance of LEIs "under the auspices of an organisation with international membership that develops and publishes international standards for the financial sector," it says.
Separately, it calls for the FSB to lead a standard product classification system used to categorise and describe OTC products.
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