*This article represents the opinion of the author and does not constitute legal advice.
The need for derivatives trade reporting came to the fore following the 2008 economic crisis. In 2009, 在20国集团(G20)匹兹堡峰会上，监管机构指出，缺乏报告基础设施和全球数据标准是发现和减轻系统性市场风险的主要障碍.
但20国集团面临着一项艰巨的挑战:如何为企业往往在多个司法管辖区报告的全球市场带来透明度和标准化?
市场参与者 and regulators have faced that challenge in the years since 2009. We have all become smarter about how, what, and when to report. Now it is time to conquer those challenges.
2020年9月，美国商品期货交易委员会(CFTC)批准了三项最终规则变更，作为其精简监管和提高质量的持续努力的一部分, accuracy and completeness of derivatives transaction reporting.
The changes to real-time reporting in part 43, ongoing reporting in part 45 and swap data repository reporting in part 49, and corresponding technical specifications requirements, 反映在采用全球衍生品数据标准和提高报告规则的清晰度和效率方面的必要举措.
交易存储库的角色
Trade repositories collect and maintain records of derivatives trades. 这些存储库的目的是让监管机构了解衍生品交易活动, thus providing a method to monitor any build-up of systemic risk.
That G20 goal took a significant step forward in the U.S. in 2010 with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the “Dodd-Frank Act.” The law established derivatives/swaps reporting to the CFTC and the U.S. Securities and Exchange Commission (SEC). Other countries adopted similar legislation. 《vnsr威尼斯城官网登入》(Dodd-Frank)和其他市场的立法规定了通过交易存储库向监管机构报告衍生品交易的要求，以提高衍生品市场的透明度. While the creation of trade repositories addressed one aspect of the G20 commitments, 跨境市场透明度的好处并没有完全实现，因为报告要求的本地执行导致了一系列零散的法规，对整个全球市场活动的可见性有限.
这些存储库的目的是让监管机构了解衍生品交易活动, thus providing a method to monitor any build-up of systemic risk.
Establishing Trade Repositories Is Just the First Step
In order to regulate the derivatives/swaps industry, 无论交易执行的位置或交易各方的位置如何，都需要标准来向交易存储库报告数据. 在每个司法管辖区，来自美国.S. 到加拿大, 欧洲和亚洲, establishing its own rules for what must be reported and how, regulators cannot get a global view of a firm’s trading activity.
Regulators soon recognized that to gain a better understanding of the global marketplace, it was necessary to move toward a more harmonized reporting network with standardized terms. 支付和市场基础设施委员会(CPMI)和国际证券委员会组织(IOSCO)成立了一个协调工作组，以创建标准化并确定互换的哪些关键数据元素(CDE)最重要, no matter where the trades are reported. 这些国际标准, along with standards for unique product identifiers and unique transaction identifiers, are recommendations that must then be adopted locally. 法律实体标识符(LEI)是另一个经过类似实践的标准，现在在大多数司法管辖区普遍用于报告.
这些努力旨在通过使用相同的术语来描述跨司法管辖区的相同交易，帮助改进衍生品和掉期报告，使其变得更加高效和透明, so regulators could have greater systemic oversight. 想象一下，一个主要的掉期市场参与者在许多司法管辖区与对手方进行衍生品交易时失败的情况. Even with memorandums of understanding or other forms of cooperation between regulators, there is no way to aggregate the data to allow meaningful analysis of market impact.
标准化的另一个好处是，在多个司法管辖区有报告义务的公司可以在更新系统时简化其基础设施，使其与使用通用数据集的现代化报告规则保持一致. 当标准化的报告元素对监管机构和市场参与者都有帮助时，这是一个双赢的局面. 最近对CFTC规则的修订和cde的采用是朝着正确方向迈出的重要一步. Further efforts by regulators to harmonize the rules and processes for reporting, 以及所需的数据元素, 是否有助于减轻报告负担并提供跨司法管辖区一致的数据. These efforts are underway in every reporting jurisdiction, 包括通过欧洲证券和市场管理局(欧洲证券与市场管理局)技术标准下的EMIR REFIT监管. 新加坡金融管理局，日本金融厅，澳大利亚证券 & 美国投资委员会(Investment Commission)和加拿大监管机构正考虑重写或更新其报告规则, adopting uniform transaction and product identifiers and incorporating CDE.
在美国这里.S., 美国证券交易委员会认识到协调的价值，最近提供了一定的有时间限制的报告救济，以帮助美国证券交易委员会和CFTC之间的报告保持一致.
The Impact on Market Participants: Implementation & 成本负担
数据要素的统一对报告方和市场基础设施构成重大挑战. This includes not only trade repositories, 还有交易平台, derivatives clearing agencies and market participants, as well as regulators consuming the data, 所有这些机构都必须协调对其内部系统进行修改，以满足现有法规的任何变化. 市场参与者, 特别是, face complex and costly implementation burdens each time the rules are revised. 如果采用标准是一步一步地进行的，或者在不同的制度之间以不一致的方式进行，那么这些昂贵的系统更新将会持续下去. The more harmonization that can be accomplished as part of the current rule changes, 对大家都好.
标准化的另一个好处是，在多个司法管辖区有报告义务的公司可以在更新系统时简化其基础设施，使其与使用通用数据集的现代化报告规则保持一致.
监管机构进展
Establishing this new reporting regimen on a global scale is a gradual undertaking.
With seven years of data collection under its belt, CFTC审查了自己的规则，以找到确保报告提供准确和完整数据的方法, culminating in the September 2020 final rule changes (which are effective over time). 从CTFC的规则重写中可以清楚地看出，监管机构认识到在多个司法管辖区报告的公司面临的挑战，以及监管机构审查来自不同司法管辖区的数据的困难. The CFTC technical specifications for reported data adopted many of the CDE.
The coordination between the CFTC and the SEC to harmonize reporting between the two U.S. regulators also took time, but, in the end, creates a more efficient U.S. reporting structure and avoids the need to maintain two reporting regimes under Dodd Frank.
Meanwhile, 欧洲证券与市场管理局 is moving to adopt a number of the CDE identified by CPMI IOSCO, as is ASIC. 商品期货交易委员会, 欧洲证券与市场管理局, 和ASIC, regulators who oversee large derivatives markets, are adopting the same CDE in exactly the same standardized 格式, 可以实现协调. But the identical adoption is occurring with only about half of the CDE. Does this mean that only half of the proposed CDE are actually common across jurisdictions? 其中定义, 格式, and allowable values in data elements are implemented differently, standardization falls short and the benefits of harmonization are unfulfilled. 监管机构不需要采用所有相同的CDE，甚至可能需要针对自己的任务或特定市场关注的CDE，这些CDE与其他监管机构选择的CDE不同. But where the elements identified as CDE are adopted, they should be implemented consistently.
接下来是什么?
We are getting close to harmonization but are not yet 100% there. Having large jurisdictions move closer is a giant step, as is harmonization of reporting rules by the CFTC and SEC in the U.S.
对衍生品市场的监管, and the reporting that is the foundation for such oversight, 继续发展. 当今世界正在发生的变化，使我们离应对10多年前二十国集团确定的挑战又近了一步, 但这还远远不够. Now is the time to close the transparency gap with adoption of standardized reporting elements.