The three or four presentations in this IPS could cover the following topics, but could be opened to further considerations:
• pairing and matching, e.g. examining quality checks based on independently reported transactions by counterparties within the same reporting framework;
• cross-framework quality checks, e.g. exploring how data reported under different regulatory requirements can be cross-verified between reporters and their counterparties;
• cross-verification using external sources, e.g. demonstrating the use of commercial data to validate financial micro-data;
• costs and benefits of dual reporting, e.g. where are the main costs of dual-reporting, what the main benefits are in terms of data coverage and quality, and how dual-sided reporting enhances regulators’ ability to perform their tasks effectively.
One or two of the presentations could draw on European financial datasets, including the Money Market Statistical Reporting (MMSR), European Market Infrastructure Regulation (EMIR), Securities Financing Transactions Regulation (SFTR), equivalent reporting frameworks in non-EU jurisdictions, and possibly other financial data sources.
In addition to the ECB, potential contributors to this session could be:
• European Union/euro area: Several National Central Banks in the euro area as well as national financial supervisors have expertise on these matters, e.g. National Bank of Belgium (NBB), Deutsche Bundesbank, Banca d’Italia, and de Nederlandsche Bank (DNB); they cooperate regularly with the ECB on these topics, and NBB and DNB have tentatively agreed to their participation already;
• United Kingdom: The Bank of England (BoE) runs several data collections aligned to those of the EU/euro area, it benefits from long-time expertise on the topics and both the ECB and BoE liaise with each other on these matters.
• Switzerland: The Swiss Financial Market Supervisory Authority also has shown in the past interest on these matters. The ECB keeps contacts with this institution.
• Although not in the regional scope of the conference, the participation of the Hong Kong Monetary (HKMA) Authority could be interesting: the HKMA is generally active in internal fora and has shown their interest on these topics. Hong Kong is also the most relevant non-European jurisdiction that decided in favour of dual-sided reporting in their derivatives reporting framework. The ECB keeps contacts with this institution.
The ECB would contact these potential contributors if the proposal for an IPS is supported.