A spokesman for ESMA said: "The aim of the taskforce is to facilitate access to trade repositories and harmonise the format of the data, so it can be used in a more coherent way across national authorities and at the European level. This links back to the need to have good data that can be easily exchanged and used to monitor risks."
The reports submitted by firms are based on common reporting fields but there are some differences in the way data is stored and redistributed, which makes it difficult to aggregate the information. Firms can report to any of the six repositories, which means national regulators and regional watchdogs such as the European Systemic Risk Board would have to collect data from each to look at the risks building up at any one entity or product.
Europe is not alone in facing challenges with its swaps reporting regime. The Commodity Futures Trading Commission, the lead US derivatives regulator, has also faced difficulties with its OTC derivatives trade reporting regime.
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