Abstract
Abstract This chapter examines the elemental regime on the reporting of derivatives trades to repositories, including the harmonization of data format and aggregation, the politically charged issue of authorities’ access to data, and the technical issues concerning entities, products, and transactions identifiers. Initially, international standards for trade reporting were not considered as a priority and different domestic rules on trade reporting proliferated. Over time, relatively precise, stringent, and consistent international standards concerning entity, product, and transaction identifiers (i.e. the LEI, UPI, and UTI) were issued. The US was a first-mover at the domestic level and a belated pace-setter at the international level, with the support of the EU. A variety of transgovernmental networks of domestic financial regulators facilitated the harmonization of trade reporting, together with the International Standardisation Organisation (ISO) and private sector associations. The financial industry accepted the need for trade reporting, but complained about different domestic requirements that increased reporting costs.
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