The March on Washington

Regime complexity and managing financial data streams: The orchestration of trade reporting for derivatives

“…As time went by and the pitfalls of uncoordinated unilateral domestic regulatory actions became evident, the main financial jurisdictions agreed on the goal of international harmonization of data reporting (e.g. G20 2012;O'Malia 2014;Miller 2014aMiller , 2014bCoeuré 2015), but not on the specific way to do this (interviews I and J). On the one hand, policymakers realized that the different domestic rules on data formatting hindered data aggregation and analysis.…”

“…As an incentive for international coordination regarding data access and data sharing, key jurisdictions, such as the United States and the EU, realized that they needed access to data held in other jurisdictions in order to have a more complete overview of the global derivatives markets (e.g. O'Malia 2014 ;Miller 2014aMiller , 2014bCoeuré 2015;Ross 2017). For instance, the CTFC pointed out "the urgency for a holistic view of the financial markets, without borders, was underscored by how the financial crisis caught the world by surprise.…”

“…On the one hand, policymakers realized that the different domestic rules on data formatting hindered data aggregation and analysis. For instance, a senior US Treasury official, Mary Miller (2014a), argued that "While the development of trade repositories around the world to collect transaction data is significant, we have not yet achieved global standards for data aggregation and reporting. The US Treasury, the CFTC, and our international counterparts all recognize the importance of getting this right."…”