On 10 July, ESMA issued rules on the aggregation of derivatives data.
- Follows Jun. 2012, ESMA new rules for derivatives, CCPs and repositories.
- RTS defines operational standards for aggregation and comparison of position data.
- Is to ensure that market activity in derivatives traded on and off market identified.
Derivative Data
- Rules set the frequency and timeliness of publication and how data is aggregated.
- And details of aggregation for purposes of benchmarks’, commodities thresholds.
- Adds clarification on publication of data by TRs on outstanding volumes of trades.
- To avoid double counting across different trade repositories reporting under EMIR.
- Provides ETDs reported only in cleared forms, as normally cleared in short time.
- Trade repository is to publish aggregate position data on website on weekly basis.
- Data includes CFDs, forward rate agreements, futures, forwards and spreadbets.
- Sets CO, credit, currency, equity, interest rate and other as categories of derivative.
- Venue of location is to specify if trade was off market and whether venue in the EU.
- Also sets provisions for the reporting of LEIs depending on the venue of execution.
Effectiveness
- Final RTS is sent to EC, which has three months to decide whether to endorse them.